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UPM completes withdrawal of businesses from Russia

April 4, 2023  By CFI staff

Finnish forestry company UPM said this week it has sold all its Russian operations to Gungnir Wooden Products Trading.

The details of the transaction are not being disclosed.

UPM suspended its business activities in Russia, including deliveries, wood procurement and the Chudovo plywood mill, in March last year, citing “Russian aggression against Ukraine.”

The company said then they employed 800 people in Russia, most of whom worked at the Chudovo plywood mill.


UPM noted its assets in Russia in 2021 were less than one per cent of the group total, and approximately two per cent of their total sales in 2021 were to Russia and Ukraine.  Less than 10 per cent of UPM’s wood sourcing to Finland originated from Russia in 2021, the company said.

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