UPM is to adopt a completely new business structure. With effect from December 1, 2008, the company’s five divisions will be consolidated into three Business Groups: Energy and Pulp, Paper, and Engineered Materials.
"Changes in the business environment have continued and intensified," says president and CEO Jussi Pesonen. “UPM responds to these challenges with a new business structure which improves our capability to leverage the company's competitive advantages. Our target is to create a structure and leadership model which sets the basis for strong, market driven operations in all the three business groups.”
The Energy and Pulp Business Group will consist of pulp mills in Finland, hydro power assets, and shares of associated pulp and energy companies. The group will also have responsibility for forests and wood sourcing, and the timber and biofuels businesses. Tapio Korpeinen has been appointed president of the business group.
The Paper Business Group will comprise the magazine, fine and speciality paper, and newsprint businesses, with Jyrki Ovaska as president.
The Engineered Materials Business Group will consist of the self-adhesive labelstock, plywood, wood plastics composite and RFID business areas, headed by Jussi Vanhanen.
UPM will report its results for 2008 according to the new structure on February 5, 2009, whilst comparable figures for Q107–Q308 will be published in December 2008.
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