UPM-Kymmene Oyj (0NV5.L)
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- Globe Newswire
Capital Markets Day: UPM delivers value through transformative growth projects and strong focus on performance
(UPM, Helsinki, 9 September 2020 at 17:00 EET) – UPM's Capital Markets Day focused on the company’s spearheads for growth, sustainability as a value driver and actions to ensure performance. “UPM is in a unique position today. We have truly transformative growth projects in Uruguay and in Germany under construction, proceeding at full speed. These will have a significant impact on our future earnings and returns, as well as the positioning of the whole company. The long-term demand growth fundamentals remain strong for most of UPM businesses even in the context of the COVID-19 pandemic. In fact, the increasing demand for sustainable alternatives and the search for climate positive solutions add to our business opportunities. Our transformation progresses into a new and exciting era of growth”, says CEO Jussi Pesonen.“Over the past 10 years we have developed the technology and business concepts for our biofuels business and for the new biochemicals business. We have built the foundation for a highly competitive new pulp operation in Uruguay. We have also developed new sustainable higher value-added products in our specialty packaging materials businesses. All these will offer our customers unique value, and the concepts are hard to replicate”, Pesonen emphasised.At the same time with the execution of transformative growth investments UPM continues to ensure performance and drive cost competitiveness.Lockdowns related to the COVID-19 pandemic have negatively impacted short term graphic paper demand, on top of the long-term end-use decline. The effects of the lockdowns have weakened the economic outlook which affects the outlook for demand for graphic paper.“These developments underline the need for uncompromising cost competitiveness, particularly in UPM Communication Papers, where we have already announced plans to improve our cost efficiency. Continuous improvement of performance in all businesses and maintaining a strong balance sheet are the best foundation for business success now, and in the long term.UPM’s value creation today and in the future is based on offering sustainable products and solutions to consumers and businesses. We are confident with our Biofore strategy and committed to growing businesses for a future beyond fossils,” says Pesonen.Presentations and webcast recording of UPM's Capital Markets Day are available on UPM's web site.For further information, please contact: Tapio Korpeinen, Chief Financial Officer, UPM, tel. +358 2041 50004 Mika Mikkola, Vice President, IR, UPM, tel. +358 40 595 3202UPM, Media Relations Mon-Fri 9:00-16:00 EET tel. +358 40 588 3284 media@upm.comUPM We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.comFollow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | UPM biofore beyondfossils
- Globe Newswire
UPM plans restructuring and streamlining to ensure performance
UPM-Kymmene Corporation Stock Exchange Release (Inside Information) 26 August 2020 at 13:00 EETUPM plans restructuring and streamlining to ensure performanceTo ensure future competitiveness of UPM Communication Papers, UPM announces plans for permanent closing of UPM Kaipola paper mill in Finland, sale of UPM Shotton paper mill in Wales and streamlining Communication Papers business function teams. In addition, UPM Biorefining and UPM Specialty Papers announce plans for reorganising and streamlining activities in Finnish pulp mills, UPM Forest and UPM Tervasaari mill in Finland. The planned actions would result in annual cost savings of EUR 75 million. Decisions on the final plans will be made after the co-determination procedures have been concluded.Planned actions in UPM Communication PapersContinued long-term decline in graphic paper demand combined with weakened economic outlook require prompt actions to ensure performance in UPM Communication Papers. In a declining market, competitiveness in company operations as well as local operating environment is of utmost importance.In 2020, the COVID-19 pandemic related lockdown measures have caused a short-term demand disruption in the graphic paper market. While there are early signs of normalisation in paper demand after lockdowns, the ensuing economic outlook has deteriorated globally.UPM is committed to maintaining competitive operations under all circumstances. It means adapting capacity to customer demand and increasing the efficiency of operations. Consequently, UPM Communication Papers plans to permanently close its Kaipola mill in Finland latest by the end of 2020. The planned closure of UPM Kaipola’s three paper machines would impact approximately 450 positions and lead to a permanent reduction of 720,000 tonnes of graphic paper capacity, thereof 450,000 tonnes of newsprint and 270,000 tonnes of coated mechanical paper.“This is devastating news to Kaipola. While Kaipola has competent teams and well operated machines, external factors such as high logistics costs, regulatory and tax burden, high cost of labour and increasing fibre costs make it the least competitive among UPM’s paper mills,” says Winfried Schaur, Executive Vice President of UPM Communication Paper.Further, UPM Communication Papers plans to reorganise and streamline its business function teams across Europe and North America. These plans would affect approximately 170 positions in more than 10 countries.“We in UPM are very committed to the paper business and to serving our customers. With our assets, people and strategy, we are confident that we can run a profitable business for years to come. It is good to bear in mind that the world markets for graphic papers still exceed 70 million tonnes, whereof more than 20 million tonnes in Europe. Even if declining, these markets offer profitable business and good cash flow for mills with a competitive cost structure.”“In a mature business, it needs relentless efforts to look after cost competitiveness and to make sure that our assets are in efficient use in all circumstances. Also, the operating environment does have a significant impact on the future success of each operating location. Long-term predictability of the regulatory environment is elemental to attracting investment and maintaining jobs,” says Schaur.UPM also announces its intention to sell its UPM Shotton paper mill for conversion purposes. Current production capacity of the mill is 250 000 tonnes of newsprint in Deeside, Wales. The mill assets include the materials recollection and recycling facility, deinking plant, paper machine line and energy infrastructure as well as established access to the UK recycled paper market.“UPM Shotton is well positioned to serve the UK market. However, we look for outside opportunities for alternative long-term use of the mill as the newsprint consumption continues to decline. The paper machine is technically flexible to support conversion especially into containerboard production,” says Schaur.Planned actions in UPM Biorefining and UPM Specialty papersTo strengthen the competitiveness and long-term performance of its businesses, UPM Biorefining aims to further increase the efficiency of its pulp and forest operations in Finland. The planned measures focus on streamlining the operating model, optimising the cost-structure and advancing digitalisation.UPM will begin employee consultation process at its Kymi, Kaukas and Pietarsaari pulp mills regarding planned changes in the mill and support organisation. The planned changes aim to increase flexibility and efficiency in the areas of mill maintenance, production and administration. At most, these plans would lead to a reduction of 110 positions.In the Finnish forest organisation, the planned measures focus on improving cost-efficiency by streamlining the organisation and increasing the use of digital systems and services. The plans would affect maximum 60 positions.UPM Specialty Papers plans to reorganise and optimise the cost structure at the UPM Tervasaari mill, Finland to improve competitiveness. The planned measures would impact approximately 50 positions at the mill.Financial impactIn total, the plans announced today are estimated to impact approximately 840 positions, most of which are based in Finland.UPM will recognise restructuring charges of approximately EUR 115 million (EUR 55 million cash impact and EUR 60 million as write-offs) as items affecting comparability in its Q3 2020 results, mainly related to the planned actions in UPM Communication Papers. The planned actions would result in total annual cost savings of approximately EUR 75 million.UPM has earlier this year announced the closure of Chapelle paper mill in France, Jyväskylä plywood mill and streamlining in UPM Raflatac. These actions result in annual cost savings of approximately EUR 45 million.UPM has a strong track record of continuous improvement in cost efficiency and the company will continue to implement measures to decrease fixed and variable costs in all businesses and functions, as needed.Invitation to a press conference in KaipolaUPM will arrange a press conference in Finnish language at the UPM Kaipola mill at 15:30 EET where Anu Ahola, Senior Vice President of News & Retail unit of UPM Communication Papers, and Antti Hermonen, General Manager of UPM Jämsä River mills will be present and available for questions. The press conference also can be attended by a live webcast where questions can be asked via chatbox. Winfried Schaur, Executive Vice President of UPM Communication Papers, is available for international enquiries.Sign up through this link to participate in the UPM Kaipola press conference (sign up by 15:00 EET) and webcast. Instructions for arriving at the UPM Kaipola and accessing the webcast will be sent only to those signed up. Strict safety procedures are followed at the mill with social distancing. Also face masks are available for participants.For further information and requests for call-back, please contact:UPM, Media Relations Mon-Fri 9:00-16:00 EET tel. +358 40 588 3284 media@upm.comUPM-Kymmene Corporation Pirkko Harrela Executive Vice President, Stakeholder RelationsUPM We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.comFollow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | UPM biofore beyondfossils
- Globe Newswire
UPM brings its first clinical product to market – FibDex® wound dressing
(UPM, Helsinki, 20.8.2020 at 10:00 EET) FibDex® wound dressing – made from nanofibrillar cellulose by UPM Biomedicals – has taken a significant step in its path to market, as leading medical device distributor Steripolar Oy now sells the product in Finland. FibDex is the first clinical product of renowned forest-based bioindustry company UPM and shows promising signs for future developments, such as cell therapy. ”We are excited to offer this Finnish product, made from Finnish raw material, first in the world to Finnish healthcare professionals and patients,” said Johana Kuncova-Kallio, Director of UPM Biomedicals. “Nanofibrillar cellulose has proven its potential both in the development of cell therapies and in clinical applications, and we are committed to further innovation.”Kaj Dahlström, CEO of Steripolar, added: “We were attracted to the ingenuity of FibDex. We are always looking for products and solutions that offer diverse and pain-free healing, while minimizing damage to the environment.”UPM Biomedicals products are made from Finnish birch traceably sourced from sustainably managed forests. FibDex was developed in collaboration with researchers from the University of Helsinki and surgeons and nursing staff from the Helsinki Burn Centre. The research and development began in 2007 and has so far led to three commercial products; including the GrowDex® and GrowInk™ hydrogels used in drug development and 3D cell culture.FibDex was granted the CE-marking in May 2019. This approval was a significant milestone, allowing the marketing and sale of the wound dressing in the EU. Registration with the US Food and Drug Administration (FDA) is also pending and will open the doors to US markets in due time.FibDex wound dressings have been tested by plastic surgeons and found to offer optimal conditions for wound healing. The dressings gradually peel away as wounds heal, eliminating the need for dressing changes and avoiding damage to the new skin. This is highly convenient for patients and cost efficient for hospitals or health centres.”Even after small-scale testing, I hold nanocellulose in high regard. We are very keen to continue these experiments, as long-term use will highlight the differences,” said plastic surgeon Jyrki Vuola from the Helsinki Burn Centre.The biomedical research of nanocellulose has produced more than dozen patents in over 80 countries. The research has been led by Professor Marjo Yliperttula from the University of Helsinki, who stated: “Nanocellulose has surprised the researchers time and time again. Several new treatments are being studied, promising faster healing and discharge of patients.”“The big thing going forward is that medicines, antibacterial agents, and even stem cells, can be placed into the nanocellulose membrane. The fact that nanocellulose appears to be applicable to freeze-drying of biological materials for biobanks also offers significant growth prospects,” Yliperttula added.UPM is continually strengthening its role and patent portfolio in the biomedicals sector, one of the fastest growing fields, the significance of which has only been underlined during the past few months. This year, UPM Biomedicals’ team has grown by several professionals, the latest addition being Kaija Ojala, who specialises in clinical sales and product development.For further information please contact: Johana Kuncova-Kallio, Director, UPM Biomedicals, tel. +358 40 612 6300UPM, Media Relations Mon-Fri 9:00-16:00 EET tel. +358 40 588 3284 media@upm.comUPM Biomedicals UPM Biomedicals is the forerunner in producing high quality nanofibrillar cellulose for medical and life science applications. More than 300 patents protect the existing and future products that rely on the Finnish birch pulp. We actively collaborate with universities, research centers and key industrial partners on innovations and products in the field of high throughput drug screening, personalized medicine, advanced cell therapies, 3D bioprinting, tissue engineering and wound dressing.UPM We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As the industry leader in responsibility we are committed to the UN Business Ambition for 1.5°C and the science-based targets to mitigate climate change. We employ 18,700 people worldwide and our annual sales are approximately EUR 10.2 billion. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.comFollow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | UPM biofore beyondfossils
