UPM sells all of its Russian business operations

In March 2022, UPM announced to the market its intention to withdraw its operations from Russia, following the country’s invasion of Ukraine. The company had employees, suppliers and customers in both countries.

With the outbreak of war, the company ceased deliveries to Russia and continued to monitor the course of the conflicts, which have lasted more than a year. The company has been providing humanitarian aid to Ukraine and supporting its employees in the affected areas. “Our main concern is the people who suffer from the war,” the company declared.

This year, UPM followed up on its earlier announcement and sold all of its business operations in Russia, including the plywood mill in Chudovo, to Gungnir Wooden Products Trading. The company also suspended the acquisition of wood in the country.

The parties have agreed not to disclose the details of the transaction.