UPM has concluded co-determination negotiations and decided to restructure its sawn timber and further processing operations in Finland and renews its business strategy. UPM has made a contract to sell its Kajaani sawmill to Pölkky Oy. Pölkky will continue sawn timber operations in Kajaani and all UPM sawmill personnel in Kajaani will continue working for Pölkky as permanent employees. UPM's Aureskoski and Heinola further processing mills will be closed down by the end of 2012.
Separately, UPM reported redeeming the Myllykoski power plant from Vamy Oy in accordance with a previous commitment. The redemption is included in the reserves made in connection of the Myllykoski paper mill restructuring plans.
