Finnish paper and forestry group UPM to invest in Russia

Recycling

Finnish paper and forestry group UPM-Kymmene on Wednesday said it planned to form a joint venture with the Sveza Group of Russia.

The two groups have inked a letter of intent and were to conduct a feasibility study of a forest industry facility in the Vologda region, north-west Russia. The envisaged complex included a modern pulp mill with the capacity to produce 800,000 tons, a sawmill and building panels mill in Sheksna, a joint statement said. The investment was estimated at some €1 billion (about $1.4 billion) and the facilities would employ some 650 people, the groups said. Sveza Group owner Alexey Mordashov said the groups hoped to „get support from the state.”

Jussi Pesonen, UPM chief executive, said the group had been looking for „new openings in Russia” for the past three years. UPM, with production in 15 countries, is a leading producer of printing paper, specializing in magazine paper, newsprint, fine and specialty paper, converting materials and wood products. (m&c.com)

ADVERTISEMENT

Sharp Rise in Energy Costs Putting Strain on Competitiveness Analysis

Sharp Rise in Energy Costs Putting Strain on Competitiveness

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim... City

3 Downtown Districts Planning to Introduce 30 km/h Speed Lim...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.