Jussi Pesonen, president and ceo of UPM, comments on the company’s results for the first quarter of 2008: "Our timely and continued cost savings measures were a good response to the heavy challenges posed by the steeply increasing cost of wood and the strengthening euro. On the positive side, the demand for most paper grades remained good. Our delivery volumes in paper were about the same as last year despite our considerable capacity reductions."
However, he continues: "The profitability of the Label Division was disappointing. The label business is early cyclical to the weakening economy. UPM has already initiated measures to improve cost efficiency and increased prices to cope with the increased costs. I expect the situation to improve clearly once the on-going investment programme is completed."
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