Production to gradually resume today at the Bruck paper mill

Twin Rivers Paper Company has announced the promotion of Tyler Rajeski to President and Chief Financial Officer. In the new role, Rajeski will oversee all functions of the business, including finance, procurement, operations, customer supply chain, sales and human resources. Rajeski continues to report to the Chief Executive Officer of Twin Rivers Paper, Debabrata ‘Deba’ Mukherjee. “Tyler has done a spectacular job leading several significant initiatives for Twin Rivers Paper, including a major refinancing of the business that has provided Twin Rivers with a strong working capital position, and the recent sale of the company’s Plaster Rock softwood lumber operation that benefits Twin with a long-term supply agreement,” stated Mukherjee. “Tyler’s impressive accomplishments in a relatively short timeframe have created strategic value for the business that will help ensure its long-term success.”

On 21.5.2018, the Helsinki Court of Appeal rendered its judgment in a case in which Metsähallitus claims damages from Metsäliitto Cooperative, Stora Enso Oyj and UPM-Kymmene Corporation based on their conduct on the wood market in 1997–2004. In its judgment, the Court of Appeal rejected the claims made by Metsähallitus and ordered Metsähallitus to compensate the defendants’ legal costs. The total amount of the joint and several claim for damages made by Metsähallitus in the Court of Appeal was 124.9 million euros. Metsäliitto Cooperative’s share of the capital of the claimed damages was 39.1 million euros. In addition, Metsähallitus claimed compensation for indirect damages, VAT, interest and compensation for legal costs. Click Read More below for additional information.

As a result of Russian aggression against Ukraine, the geopolitical situation in Europe has permanently changed. This has wide-reaching human, political and economic implications in Europe and the situation is evolving rapidly. Our primary concern are the people suffering from the war. UPM is providing support to its employees in the affected areas. We have also started providing humanitarian and material support to Ukraine this week. UPM will cease its deliveries to Russia for the time being. UPM businesses will keep the Russian customers and suppliers informed of the situation. While the forest industry is not directly targeted by the international sanctions at the moment, sanctions against the financial sector may impact UPM’s or its customers’ businesses and transactions in Russia. The full impact of the current and possible new sanctions and counter-sanctions will be known only as the situation evolves. UPM monitors the situation closely and makes decisions accordingly. UPM has employees, customers and suppliers in both countries but UPM’s exposure to Russian and Ukranian markets is limited. UPM Raflatac has a distribution terminal in the Kyiv region with 13 employees. The terminal operations have been closed until further notice. In Russia, UPM employs 800 persons most of whom work at the Chudovo plywood mill. The operations are currently running as usual. UPM’s sales to Russia and Ukraine combined was approximately 2 % of UPM’s total sales in 2021. Assets in Russia are less than 1 % of the group total. In 2021, less than 10 % of UPM’s wood sourcing to Finland originated from Russia.