Finland's UPM sells business in Russia, including Chudovo plywood mill

MOSCOW. April 3 (Interfax) - Finnish forestry group UPM, which suspended operations in Russia a year ago, has completed the sale of its Russian assets to Gungnir Wooden Products Trading.

"UPM has completed withdrawal of its businesses from Russia by selling all its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading. The parties have agreed not to disclose the details of the transaction," UPM said in a press release on Monday.

UPM halted deliveries of its products to Russia in March 2022, but did not halt operations at its only production facility in the country, the plywood mill in Chudovo, Novogord Region (UPM-Kymmene) with production capacity of 155,000 cubic meters per year.

UPM said earlier that its assets in Russia made up less than 1% of the group's assets. In 2021, Russia accounted for less than 10% of the timber UPM shipped to Finland; Russia almost completely banned timber exports in 2022.