UPM

Corporate brand

Finnish forest-industry and material-solutions group developing renewable fibres, advanced materials, low-emission energy and bio-based products. UPM-Kymmene is a Finnish forest-industry company producing renewable materials, pulp, paper, timber and biofuels.

Last updated October 14, 2026

Overview

UPM is a Finnish forest-industry group whose modern corporate identity dates from the 1996 merger of Kymmene Corporation with Repola Oy and Repola’s subsidiary United Paper Mills Ltd. The legal parent is UPM-Kymmene Corporation, while UPM is the group’s principal commercial name. Headquartered in Helsinki, the company has evolved from a traditional paper and forest-products producer into a diversified material-solutions business built around renewable fibres, advanced materials and decarbonisation technologies. The group’s historical activities include forestry, pulp, paper, timber, plywood, energy generation and paper converting. Its current portfolio remains anchored in forest-based products but is more differentiated than the business of the late twentieth century. UPM Fibres produces market pulp and sawn timber; UPM Energy generates and trades electricity through hydropower, nuclear and thermal assets; UPM Plywood manufactures plywood and engineered wood products; UPM Communication Papers supplies publication, newsprint and graphic papers; UPM Specialty Materials serves packaging, labelling and specialty-paper applications; and UPM Adhesive Materials supplies self-adhesive label and graphics materials. UPM also operates or develops next-generation renewable businesses involving biofuels, biochemicals and other wood-derived materials. UPM’s transformation has been driven partly by structural pressure on graphic-paper demand. During the 2000s and 2010s, the company closed or sold a number of mills, consolidated capacity and acquired assets such as Myllykoski and Rhein Papier. At the same time, it invested in businesses intended to use wood residues, cellulose, lignin and other renewable feedstocks in higher-value applications. The Lappeenranta biorefinery in Finland, which began producing wood-based renewable diesel in the mid-2010s, became a flagship example of this strategy. The BioVerno product family uses crude tall oil, a residue from pulp production, to make renewable diesel and renewable naphtha. Uruguay has become another major pillar of UPM’s fibre strategy. The Fray Bentos pulp mill began operations in 2007, and the much larger Paso de los Toros mill started up in 2023 after a multibillion-euro investment. Together with eucalyptus plantations, nurseries, logistics infrastructure and the Nueva Palmira and Montevideo port connections, the Uruguayan platform gives UPM an integrated forestry and pulp-production base outside Europe. The expansion also made UPM one of the largest private industrial investors in Uruguay and intensified public debate concerning environmental monitoring, transport infrastructure and the distribution of economic benefits. UPM’s newer materials agenda includes the Leuna biorefinery in Germany, designed to convert solid wood into wood-based chemicals such as bio-monoethylene glycol, bio-monopropylene glycol, industrial sugars and renewable functional fillers. The company has also developed wood-plastic composites under the UPM ProFi name, forming technologies for plywood under UPM Grada, and biomedical and cellulose-based materials through research-oriented businesses. In 2024, UPM announced that it had exited the biocomposites business and planned to exit biomedicals in order to concentrate its development resources. The company describes its strategic identity through the term “Biofore,” introduced in 2009 to express a forest industry based on renewable materials, technology and circularity. Its more recent purpose is “We create a future beyond fossils,” while its current corporate messaging emphasizes renewing everyday materials and value chains. UPM operates globally, with manufacturing and processing sites in Europe, China, Malaysia, the United States, Uruguay and other markets. According to its 2025 reporting, the group employed approximately 15,100 people in 42 countries and generated approximately EUR 9.7 billion in annual sales. Its shares trade on Nasdaq Helsinki, and its susta…

History

UPM’s history combines the development of the Finnish forest industry with the international consolidation of the paper and pulp sectors. The group’s oldest industrial roots reach back to paper and sawmill operations established in Finland during the nineteenth century. Early predecessor businesses expanded into pulp production in the 1880s, paper converting in the 1920s and plywood manufacturing in the 1930s. Over time, a large number of Finnish forest-industry companies, including Kymmene, Kaukas, Kajaani, Halla, Toppila, Wilh. Schauman, W. Rosenlew, Raf. Haarla and Myllykoski, became connected to the corporate lineage that eventually formed UPM. The group also inherited a much older European paper-making tradition through Papeteries de Docelles in northeastern France. The mill was associated with hand-made paper production dating to the late fifteenth century and received its first paper machine in the 1830s. UPM later closed the Docelles operation in 2014. Another important historical symbol is the griffin logo. Finnish artist Hugo Simberg’s design was purchased by Kymmene Aktiebolag in 1899 and adopted as the company emblem around the beginning of the twentieth century. A modernized version incorporating the UPM name was created after the 1996 merger. The present UPM-Kymmene Corporation was created in 1996 when Kymmene Corporation merged with Repola Oy and Repola’s subsidiary United Paper Mills Ltd. The merger created a broad forest-industry group with operations in paper, pulp, timber, plywood, energy and converting. During the following decade UPM expanded internationally, but the economics of graphic paper became increasingly difficult because of digital substitution and worldwide production overcapacity. In 2000 it acquired the Miramichi paper mill in Canada, but the site was closed in 2007. UPM also undertook a series of mill and sawmill closures during the period. A major restructuring programme was announced in 2006. The Voikkaa paper mill in Kuusankoski was closed, resulting in the loss of nearly 3,000 Finnish jobs. The site was subsequently redeveloped as a business area. In December 2008, UPM closed the Kajaani paper mill and the Tervasaari pulp mill, affecting approximately 1,100 employees. The former Kajaani premises were later converted into the Renforsin Ranta business park. These closures reflected a strategic effort to reduce capacity and protect profitability rather than a withdrawal from forest products altogether. The 2010s brought both further consolidation and the beginning of UPM’s bioeconomy transition. In 2011 the company acquired Myllykoski Corporation and Rhein Papier GmbH, adding several publication-paper mills. It subsequently closed or sold sites including Stracel in France, Docelles in France, Madison in the United States and Schwedt in Germany, while expanding specialty-paper production in China and Germany. Kaipola in Finland was closed in 2020. The company’s paper operations remained important, but its portfolio increasingly included labels, packaging materials, renewable fuels, energy and engineered wood products. UPM’s first large-scale biofuel step was the Lappeenranta biorefinery in Finland. Construction began in 2012 at the Kaukas mill site, and production began in 2015. The facility converts crude tall oil, a residue from pulp production, into advanced renewable diesel and renewable naphtha. UPM presented the business as an example of moving beyond conventional paper production by integrating refining technology with forest-industry side streams. Uruguay became a second major growth platform. UPM’s forestry research and eucalyptus-development work in the country began before the Fray Bentos mill opened in 2007. The Fray Bentos project helped establish a modern large-scale pulp industry in Uruguay, but it also triggered a serious dispute with Argentina over alleged pollution and the use of the shared Uruguay River. The International Court of Justice found that Uruguay had breached procedural obligations to consult Argentina, but did not order the mill to close on the basis of proven pollution. The issue continued to affect bilateral relations and public discussion of UPM’s environmental record. In 2019 UPM announced the Paso de los Toros pulp-mill project in central Uruguay. Construction and associated infrastructure represented one of the company’s largest investments. The mill started up in April 2023 and ultimately added approximately 2.1 million tonnes of annual eucalyptus-pulp capacity. Together with Fray Bentos, plantations, nurseries and port logistics, the Uruguayan platform became central to UPM Fibres. UPM also moved into wood-based chemicals. In 2020 it announced plans for an industrial-scale biorefinery in Leuna, Germany, initially estimated at EUR 550 million and later revised to approximately EUR 750 million. The plant was designed to produce BioMEG, BioMPG, industrial sugars and renewable functional fillers from solid wood. Commissioning began in late 2024, but the project experienced construction delays and cost overruns. UPM recorded a EUR 373 million impairment in its 2024 financial statements, while maintaining that the long-term business case for replacing fossil-based raw materials remained attractive. Labour relations became a major operational issue in Finland in 2022, when a strike at five UPM businesses lasted from January until April. The dispute concerned the replacement of a common paper-industry agreement with separate business-specific collective agreements. The settlement created five agreements and allowed production to restart. In parallel, UPM continued to optimize its traditional businesses, including the closure of Plattling and parts of Schongau, the shutdown of the Hürth paper mill, the closure of a Nordland Papier machine and the planned consolidation of Raflatac production from Kaltenkirchen. Under Massimo Reynaudo, who became President and CEO on January 1, 2024, UPM has continued to present itself as a material-solutions company rather than solely a paper producer. The company’s current portfolio combines renewable fibres, advanced adhesive and specialty materials, communication papers, energy, plywood and next-generation renewable businesses. It has also narrowed its development focus by exiting biocomposites and planning to leave biomedicals. The resulting strategy seeks to preserve the cash-generating base of the forest industry while directing capital toward products and technologies that can substitute for fossil-based materials.

2026
2025 annual reporting published
[20]2025 annual reporting publishedupm.com
UPM reported approximately 15,100 employees in 42 countries and approximately EUR 9.7 billion in annual sales for its current group profile.
2024
UPM reports full production at Paso de los Toros
[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
The mill reached full production while the Leuna biorefinery entered commissioning and UPM recorded a project impairment related to delays and cost overruns.
2024
CEO transition
[21]CEO transitionupm.com
Massimo Reynaudo became president and CEO, succeeding Jussi Pesonen.
2023
Paso de los Toros pulp mill starts operations
[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
The new Uruguayan mill began operations and expanded UPM's pulp capacity by approximately 2.1 million tonnes annually.
2022
Finnish strike ends with five business-specific agreements
[9]UPM and Paperworkers’ Union Agreementupm.com
A nearly four-month strike ended after UPM and the Paperworkers' Union accepted separate collective labour agreements for five businesses.
2020
Leuna biochemicals investment announced
[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
UPM announced plans for a large-scale wood-based biochemicals refinery in Germany.
2019
Paso de los Toros investment announced
[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
UPM announced a major eucalyptus pulp project in central Uruguay.
2015
Lappeenranta biorefinery begins production
[11]UPM Biofore and BioVerno Innovationupm.com
UPM began producing wood-based renewable diesel and renewable naphtha from crude tall oil in Finland.
2015
UPM Biofuels refinery opens in Lappeenranta
[17]UPM Biofuelsupmbiofuels.com
UPM opened an industrial-scale refinery in Finland producing renewable fuel from crude tall oil, a residue from pulp manufacture.
2011
Myllykoski and Rhein Papier acquired
[1]UPM (company)en.wikipedia.org
The acquisition expanded UPM's publication-paper network in Europe and the United States.

Showing the 10 most recent.

Products and positioning

A globally integrated forest-products and renewable-materials company combining established pulp, paper, timber and plywood businesses with biofuels, bio-based chemicals, label materials and other lower-fossil alternatives.

Pulp and timber · 1996
UPM Fibres
UPM Fibres combines market-pulp and timber operations. Its pulp platform includes Finnish mills and two large eucalyptus-pulp mills in Uruguay, while its timber operations include Finnish sawmills. The business supplies pulp for tissue, packaging and specialty-paper applications and produces sawn timber for construction and other wood-product markets.
Electricity generation and energy · 1996
UPM Energy
UPM Energy generates and trades low-emission electricity through hydropower, nuclear-power interests and thermal generation. The business is linked to UPM's ownership in Pohjolan Voima and its participation in the Finnish nuclear-power system, alongside direct ownership of Finnish hydropower plants. Energy also supports the electricity needs and operational resilience of UPM's Finnish industrial sites. UPM Energy generates and sells electricity and participates in Finland's power market. Its generation portfolio includes nuclear and hydropower as well as other energy assets and market activities. Energy also supports the electricity needs and operational resilience of UPM's Finnish industrial sites.
Communication and graphic papers · 1996
UPM Communication Papers
UPM Communication Papers supplies publication papers, newsprint, magazine paper, office paper and other graphic-paper grades. It serves publishers, printers, advertisers and office users. The business has been reshaped through mill closures, machine shutdowns and capacity optimization as digital media reduced demand for some traditional paper categories. This business supplies newsprint, magazine papers, coated and uncoated publication papers and office papers. It serves publishers, printers, advertisers and office users. The portfolio has been adjusted over time as digital media reduced demand for some traditional graphic-paper grades.
Specialty papers and packaging materials · 2015
UPM Specialty Materials
UPM Specialty Materials develops papers and materials for labelling, packaging, release liners, siliconizing and other specialty applications. The business serves customers seeking paper-based or fibre-based alternatives for packaging and industrial uses, with production in Europe and China.
Self-adhesive label and graphics materials · 1996
UPM Adhesive Materials
UPM Adhesive Materials, historically associated with the UPM Raflatac brand, produces self-adhesive label materials for food, beverage, personal care, pharmaceuticals, retail, logistics and industrial labelling. The business also supplies graphics solutions and has expanded through acquisitions including Grafityp and Metamark.
Plywood and engineered wood · 1930
UPM Plywood
UPM Plywood manufactures plywood and engineered wood products from birch and spruce for construction, transport, flooring, packaging, industrial and furniture applications. Its product development has included UPM Grada, a forming technology based on a specialized adhesive film that allows plywood panels to be shaped after manufacture. UPM Plywood produces plywood and veneer products from birch and spruce for construction, transport, flooring, packaging and industrial applications. The business serves customers that require engineered wood panels with controlled strength, dimensional stability and surface quality.
Renewable fuels · 2015
UPM BioVerno
UPM BioVerno is a family of advanced wood-based fuels made primarily from crude tall oil, a residue of pulp production. The portfolio includes renewable diesel for transport and renewable naphtha that can be used in fuel blending or as a renewable feedstock in petrochemical applications.
Wood-plastic composites · 2006
UPM ProFi
UPM ProFi was a wood-plastic composite material made largely from recycled and cellulose-based raw materials. It was used in terraces, patios, piers, playgrounds and other outdoor applications. UPM reported in 2024 that it had exited the biocomposites business, so the product is best treated as a legacy offering.
Formable plywood technology · 2012
UPM Grada
UPM Grada is a plywood technology using a thermoplastic adhesive film that enables panels to be formed after manufacture. The technology was designed for furniture and other applications requiring shaped wood components, and was promoted as recyclable or recoverable at end of life.
Wood-based chemicals · 2025
UPM Biochemicals
UPM Biochemicals is centered on the Leuna, Germany biorefinery and its planned portfolio of BioMEG, BioMPG, industrial sugars and renewable functional fillers. These materials are intended to replace fossil-based inputs in products such as packaging, textiles, PET, cosmetics, detergents, rubbers and resins. The portfolio also includes lignin-related solutions. UPM Biochemicals develops wood-based alternatives to fossil-derived chemicals and plastics. The portfolio includes renewable glycols and lignin-related solutions, with applications under development or commercialization in areas such as packaging, composites, coatings, resins and other material systems.
Biomedical materials · 2010
UPM Biomedicals
UPM Biomedicals developed wood-based cellulose materials for biomedical and life-science applications. The business formed part of UPM's broader biorefining portfolio, but UPM stated in 2024 that it planned to exit biomedicals and focus its development resources elsewhere.
Market pulp
UPM Pulp
UPM produces and sells chemical pulp for tissue, packaging, specialty papers and other paper-based applications. Its pulp platform includes eucalyptus pulp from Uruguay and pulp produced in Finland. The business is supported by wood procurement, plantation forestry, mill operations and global logistics.
Specialty papers
UPM Specialty Papers
UPM Specialty Papers supplies papers for labels, packaging, release liners, food service and other specialist applications. These products are designed for converting, printing, coating and packaging processes where performance characteristics can be more important than the volume economics of standard publication papers.
Self-adhesive label materials
UPM Raflatac
UPM Raflatac manufactures self-adhesive paper and film label materials for consumer products, logistics, healthcare, retail and industrial uses. Its offerings combine face materials, adhesives and release liners and include products marketed for recyclability, lower material use and improved compatibility with circular packaging systems.
Sawn timber
UPM Timber
UPM Timber supplies sawn softwood products for construction, furniture, packaging and other wood-processing uses. Its operations are connected to Finnish forest resources and sawmills, with products sold to industrial customers and distributors in international markets.
Renewable fuels · 2015
UPM Biofuels
UPM Biofuels produces renewable diesel and renewable naphtha from crude tall oil, a residue of the pulp-making process. The products are intended for applications including road transport, aviation-related fuel blending and replacement of fossil feedstocks in chemicals and plastics, subject to applicable specifications and markets.

Controversies

2013
Uruguay River pulp-mill dispute
UPM's Fray Bentos pulp mill became part of a prolonged dispute between Argentina and Uruguay over alleged pollution, environmental monitoring and Uruguay's authorization of increased production. The dispute followed the International Court of Justice's 2010 finding that Uruguay had violated procedural consultation obligations under the bilateral river treaty, while the court did not find grounds requiring the mill's closure. Later production increases revived diplomatic and public controversy.
Source

2023We renew the everyday
Global
UPM adopted “We renew the everyday” as a corporate communications platform emphasizing the use of renewable fibres and advanced materials in ordinary consumer and industrial products. UPM adopted "We renew the everyday" as a corporate communications platform emphasizing the use of renewable fibres and advanced materials in ordinary consumer and industrial products. The campaign reinforced UPM's repositioning as a material-solutions company rather than a paper-only group.
Outcome. The campaign reinforced UPM’s repositioning as a material-solutions company rather than a paper-only group.
Source
2018UPM Biofore – Beyond fossils
Global
UPM reframed its Biofore promise around replacing fossil-based raw materials and developing renewable alternatives across fuels, chemicals, packaging, labels, wood products and paper. The message evolved into the company's stated purpose, "We create a future beyond fossils."
Outcome. The message evolved into the company’s stated purpose, “We create a future beyond fossils.”
Source
2010Biofore
Global
UPM introduced and developed the Biofore concept to express its transformation from a conventional paper company into a forest-based renewable-materials business. The concept connected biological resources, forestry, advanced processing and products intended to reduce reliance on fossil raw materials.
Outcome. Biofore became a central corporate positioning platform used across UPM's communications, sustainability work and new-business development.
Source
2009Biofore
Global
UPM introduced the Biofore concept to communicate a transition from a conventional forest-industry identity toward renewable materials, advanced technology and new bioeconomy applications. The concept connected biological resources, forestry, advanced processing and products intended to reduce reliance on fossil raw materials, and became a long-running corporate platform incorporated into the "The Biofore Company" positioning.
Outcome. The concept became a long-running corporate platform and was incorporated into the “The Biofore Company” positioning.
Source

Brand decisions

2024
Refocus advanced-materials and biorefining portfolioStrategy
Background
UPM reviewed its portfolio amid difficult renewable-fuel markets, changing demand in paper and packaging, and the cost and schedule challenges of the Leuna project.
Action taken
UPM decided to exit the biocomposites business, planned to exit biomedicals, simplified parts of UPM Raflatac, consolidated production from Kaltenkirchen and continued to prioritize adhesive materials, specialty materials, pulp and biochemicals.
Aftermath
The decision narrowed the group’s innovation portfolio and redirected resources toward businesses with stronger strategic or commercial potential.
Source
2022
Adopt business-specific labour agreementsStrategy
Background
UPM argued that separate agreements would allow each business to respond more flexibly to its own market conditions. The Finnish Paperworkers’ Union opposed the change from the traditional sector-wide arrangement.
Action taken
After a strike lasting from January 1 to April 22, UPM and the union accepted five separate collective labour agreements covering UPM Pulp, Communication Papers, Specialty Papers, Raflatac and Biofuels.
Aftermath
Employees returned to work, and the new agreements introduced more business-level bargaining and operating flexibility.
Source
2022
Business-specific collective agreements in FinlandOther
Background
UPM and the Finnish Paper Workers' Union had been unable to agree on new terms under the previous bargaining arrangement, leading to a prolonged strike at Finnish mills.
Action taken
UPM and the union reached separate collective agreements for the company's businesses rather than one single group-wide agreement.
Aftermath
The agreements ended the strike and formalized a more business-specific labor-relations model within UPM's Finnish operations.
Source
2021
Portfolio adjustment in graphic papersStrategy
Background
Structural decline in demand for newsprint and other traditional graphic papers increased pressure on older or less competitive production assets.
Action taken
UPM continued to close, sell or restructure selected paper mills and production lines while concentrating on competitive communication-paper assets and higher-value businesses.
Aftermath
The actions reduced exposure to weaker graphic-paper markets and reinforced UPM's transition toward a diversified forest-products and renewable-materials group.
Source
2020
Develop the Leuna biochemicals refineryProduct launch
Background
UPM sought to commercialize wood-based chemicals that could replace fossil-based raw materials in packaging, textiles, PET, cosmetics and industrial products.
Action taken
UPM announced an industrial-scale refinery in Leuna, Germany, designed to produce BioMEG, BioMPG, industrial sugars and renewable functional fillers.
Aftermath
Commissioning began in late 2024, but delays and cost overruns led UPM to record a EUR 373 million impairment in 2024. Commercial production was expected to begin in the second half of 2025.
Capital expenditure estimate. EUR 550 million initial estimate → EUR 750 million revised estimate (2020–2024 project development)
Source
2019
Invest in Paso de los Toros pulp millStrategy
Background
UPM identified long-term growth potential in eucalyptus pulp and in Uruguay's plantation-based forestry and export infrastructure.
Action taken
UPM approved construction of a new eucalyptus pulp mill near Paso de los Toros in central Uruguay, together with related logistics and infrastructure investments.
Aftermath
The mill started up in April 2023 and reached full production in 2024, substantially increasing UPM’s pulp output and strengthening its Uruguayan operations. The project became one of UPM's largest strategic investments and began operations in 2023, expanding the company's global pulp platform.
Total investment. USD 2.7 billion initial estimate → USD 3.47 billion revised estimate (2019–2023 project development)
Source
2015
Launch of industrial-scale renewable-fuel productionProduct launch
Background
UPM sought to create higher-value products from residues generated by its pulp operations and to expand beyond conventional paper and pulp.
Action taken
The company opened a refinery in Lappeenranta, Finland, producing renewable diesel and renewable naphtha from crude tall oil.
Aftermath
The refinery established UPM Biofuels as one of the company's principal businesses focused on renewable alternatives to fossil-derived fuels and feedstocks.
Source
2012
Build the Lappeenranta biorefineryProduct launch
Background
UPM aimed to create higher-value products from residues generated by pulp production and to enter advanced renewable fuels.
Action taken
UPM constructed a biorefinery at its Kaukas mill site to convert crude tall oil into renewable diesel and renewable naphtha.
Aftermath
The facility was completed in 2014 and production began in 2015, establishing BioVerno as a flagship example of UPM’s bioeconomy strategy.
Total investment. EUR 179 million (2014 completion)
Source
2011
Acquire Myllykoski and Rhein PapierM&A
Background
UPM sought to consolidate its publication-paper platform while the graphic-paper market continued to face overcapacity.
Action taken
UPM acquired Myllykoski Corporation and Rhein Papier GmbH, adding multiple paper mills in Europe and the United States.
Aftermath
The transaction expanded UPM’s paper footprint but was followed by additional capacity optimization and site closures as market demand continued to weaken.
Source
2006
Restructure graphic-paper capacityStrategy
Background
Global paper overcapacity and weak economics in some graphic-paper grades pressured UPM’s profitability and led management to pursue capacity reductions.
Action taken
UPM closed the Voikkaa paper mill and announced a broader cost-reduction programme, with nearly 3,000 Finnish employees affected at Voikkaa.
Aftermath
The site was redeveloped as the Voikkaa business area, while further mill closures and restructuring followed in Finland and overseas.
Source

Recent events

2026
UPM publishes 2025 annual report[20]2025 annual reporting publishedupm.com
Other
UPM reported approximately 15,100 employees, operations in 42 countries and approximately EUR 9.7 billion in annual sales in its 2025 corporate reporting.
2024
UPM reports full production at Paso de los Toros and Leuna commissioning[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
Product launch · Other
UPM reported that Paso de los Toros had reached full production and that commissioning of the Leuna biorefinery had begun, while also recording delays, cost overruns and a EUR 373 million impairment related to Leuna.
2024
UPM acquires Grafityp[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
M&A
UPM Raflatac acquired Belgian graphics-solutions company Grafityp to strengthen its position in graphics materials and broaden the advanced-materials portfolio.
2024
Massimo Reynaudo appointed President and CEO of UPM[21]CEO transitionupm.com
Leadership change
UPM appointed Massimo Reynaudo as president and chief executive officer, succeeding long-serving CEO Jussi Pesonen.
2023
UPM Paso de los Toros pulp mill starts up[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
Product launch
The Paso de los Toros pulp mill in Uruguay began operations, adding approximately 2.1 million tonnes of annual eucalyptus-pulp capacity and expanding UPM’s South American platform.
2022
UPM Finnish mill strike ends after 112 days[9]UPM and Paperworkers’ Union Agreementupm.com
Lawsuit · Other
A strike by the Finnish Paperworkers’ Union at five UPM businesses ended after the parties accepted separate business-specific collective labour agreements.
2022
UPM and the Finnish Paper Workers' Union reached a new collective agreement[26]Business-specific collective agreements in Finlandupm.com
Other
Following an extended labor dispute and strike affecting Finnish mills, UPM and the Paper Workers' Union concluded business-specific collective agreements.
2021
UPM completed the sale of its Shotton newsprint mill[27]UPM完成其Shotton新闻纸厂的出售upm.com
M&A
UPM completed the divestment of its Shotton paper mill in the United Kingdom as part of continued portfolio adjustment in declining graphic-paper markets.
2019
UPM announces Paso de los Toros pulp-mill investment[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
Product launch
UPM announced a large eucalyptus pulp-mill investment in central Uruguay, later raising the estimated total investment to approximately USD 3.47 billion.
2015
UPM Lappeenranta biorefinery begins renewable-fuel production[11]UPM Biofore and BioVerno Innovationupm.com
Product launch
UPM began commercial production of wood-based renewable diesel and renewable naphtha at its Lappeenranta biorefinery in Finland, using crude tall oil from pulp production.

Showing the 10 most recent.

Sources27 sources

Cite this profile: Cite the canonical profile. /brand-wiki/upm · Editorial policy · How profiles are compiled

Overview

History

2026
2025 annual reporting published
[20]2025 annual reporting publishedupm.com
UPM reported approximately 15,100 employees in 42 countries and approximately EUR 9.7 billion in annual sales for its current group profile.
2024
UPM reports full production at Paso de los Toros
[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
The mill reached full production while the Leuna biorefinery entered commissioning and UPM recorded a project impairment related to delays and cost overruns.
2024
CEO transition
[21]CEO transitionupm.com
Massimo Reynaudo became president and CEO, succeeding Jussi Pesonen.
2023
Paso de los Toros pulp mill starts operations
[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
The new Uruguayan mill began operations and expanded UPM's pulp capacity by approximately 2.1 million tonnes annually.
2022
Finnish strike ends with five business-specific agreements
[9]UPM and Paperworkers’ Union Agreementupm.com
A nearly four-month strike ended after UPM and the Paperworkers' Union accepted separate collective labour agreements for five businesses.
2020
Leuna biochemicals investment announced
[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
UPM announced plans for a large-scale wood-based biochemicals refinery in Germany.
2019
Paso de los Toros investment announced
[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
UPM announced a major eucalyptus pulp project in central Uruguay.
2015
Lappeenranta biorefinery begins production
[11]UPM Biofore and BioVerno Innovationupm.com
UPM began producing wood-based renewable diesel and renewable naphtha from crude tall oil in Finland.
2015
UPM Biofuels refinery opens in Lappeenranta
[17]UPM Biofuelsupmbiofuels.com
UPM opened an industrial-scale refinery in Finland producing renewable fuel from crude tall oil, a residue from pulp manufacture.
2011
Myllykoski and Rhein Papier acquired
[1]UPM (company)en.wikipedia.org
The acquisition expanded UPM's publication-paper network in Europe and the United States.

Showing the 10 most recent.

Products and positioning

Pulp and timber · 1996
UPM Fibres
UPM Fibres combines market-pulp and timber operations. Its pulp platform includes Finnish mills and two large eucalyptus-pulp mills in Uruguay, while its timber operations include Finnish sawmills. The business supplies pulp for tissue, packaging and specialty-paper applications and produces sawn timber for construction and other wood-product markets.
Electricity generation and energy · 1996
UPM Energy
UPM Energy generates and trades low-emission electricity through hydropower, nuclear-power interests and thermal generation. The business is linked to UPM's ownership in Pohjolan Voima and its participation in the Finnish nuclear-power system, alongside direct ownership of Finnish hydropower plants. Energy also supports the electricity needs and operational resilience of UPM's Finnish industrial sites. UPM Energy generates and sells electricity and participates in Finland's power market. Its generation portfolio includes nuclear and hydropower as well as other energy assets and market activities. Energy also supports the electricity needs and operational resilience of UPM's Finnish industrial sites.
Communication and graphic papers · 1996
UPM Communication Papers
UPM Communication Papers supplies publication papers, newsprint, magazine paper, office paper and other graphic-paper grades. It serves publishers, printers, advertisers and office users. The business has been reshaped through mill closures, machine shutdowns and capacity optimization as digital media reduced demand for some traditional paper categories. This business supplies newsprint, magazine papers, coated and uncoated publication papers and office papers. It serves publishers, printers, advertisers and office users. The portfolio has been adjusted over time as digital media reduced demand for some traditional graphic-paper grades.
Specialty papers and packaging materials · 2015
UPM Specialty Materials
UPM Specialty Materials develops papers and materials for labelling, packaging, release liners, siliconizing and other specialty applications. The business serves customers seeking paper-based or fibre-based alternatives for packaging and industrial uses, with production in Europe and China.
Self-adhesive label and graphics materials · 1996
UPM Adhesive Materials
UPM Adhesive Materials, historically associated with the UPM Raflatac brand, produces self-adhesive label materials for food, beverage, personal care, pharmaceuticals, retail, logistics and industrial labelling. The business also supplies graphics solutions and has expanded through acquisitions including Grafityp and Metamark.
Plywood and engineered wood · 1930
UPM Plywood
UPM Plywood manufactures plywood and engineered wood products from birch and spruce for construction, transport, flooring, packaging, industrial and furniture applications. Its product development has included UPM Grada, a forming technology based on a specialized adhesive film that allows plywood panels to be shaped after manufacture. UPM Plywood produces plywood and veneer products from birch and spruce for construction, transport, flooring, packaging and industrial applications. The business serves customers that require engineered wood panels with controlled strength, dimensional stability and surface quality.
Renewable fuels · 2015
UPM BioVerno
UPM BioVerno is a family of advanced wood-based fuels made primarily from crude tall oil, a residue of pulp production. The portfolio includes renewable diesel for transport and renewable naphtha that can be used in fuel blending or as a renewable feedstock in petrochemical applications.
Wood-plastic composites · 2006
UPM ProFi
UPM ProFi was a wood-plastic composite material made largely from recycled and cellulose-based raw materials. It was used in terraces, patios, piers, playgrounds and other outdoor applications. UPM reported in 2024 that it had exited the biocomposites business, so the product is best treated as a legacy offering.
Formable plywood technology · 2012
UPM Grada
UPM Grada is a plywood technology using a thermoplastic adhesive film that enables panels to be formed after manufacture. The technology was designed for furniture and other applications requiring shaped wood components, and was promoted as recyclable or recoverable at end of life.
Wood-based chemicals · 2025
UPM Biochemicals
UPM Biochemicals is centered on the Leuna, Germany biorefinery and its planned portfolio of BioMEG, BioMPG, industrial sugars and renewable functional fillers. These materials are intended to replace fossil-based inputs in products such as packaging, textiles, PET, cosmetics, detergents, rubbers and resins. The portfolio also includes lignin-related solutions. UPM Biochemicals develops wood-based alternatives to fossil-derived chemicals and plastics. The portfolio includes renewable glycols and lignin-related solutions, with applications under development or commercialization in areas such as packaging, composites, coatings, resins and other material systems.
Biomedical materials · 2010
UPM Biomedicals
UPM Biomedicals developed wood-based cellulose materials for biomedical and life-science applications. The business formed part of UPM's broader biorefining portfolio, but UPM stated in 2024 that it planned to exit biomedicals and focus its development resources elsewhere.
Market pulp
UPM Pulp
UPM produces and sells chemical pulp for tissue, packaging, specialty papers and other paper-based applications. Its pulp platform includes eucalyptus pulp from Uruguay and pulp produced in Finland. The business is supported by wood procurement, plantation forestry, mill operations and global logistics.
Specialty papers
UPM Specialty Papers
UPM Specialty Papers supplies papers for labels, packaging, release liners, food service and other specialist applications. These products are designed for converting, printing, coating and packaging processes where performance characteristics can be more important than the volume economics of standard publication papers.
Self-adhesive label materials
UPM Raflatac
UPM Raflatac manufactures self-adhesive paper and film label materials for consumer products, logistics, healthcare, retail and industrial uses. Its offerings combine face materials, adhesives and release liners and include products marketed for recyclability, lower material use and improved compatibility with circular packaging systems.
Sawn timber
UPM Timber
UPM Timber supplies sawn softwood products for construction, furniture, packaging and other wood-processing uses. Its operations are connected to Finnish forest resources and sawmills, with products sold to industrial customers and distributors in international markets.
Renewable fuels · 2015
UPM Biofuels
UPM Biofuels produces renewable diesel and renewable naphtha from crude tall oil, a residue of the pulp-making process. The products are intended for applications including road transport, aviation-related fuel blending and replacement of fossil feedstocks in chemicals and plastics, subject to applicable specifications and markets.

Controversies

2013
Uruguay River pulp-mill dispute
UPM's Fray Bentos pulp mill became part of a prolonged dispute between Argentina and Uruguay over alleged pollution, environmental monitoring and Uruguay's authorization of increased production. The dispute followed the International Court of Justice's 2010 finding that Uruguay had violated procedural consultation obligations under the bilateral river treaty, while the court did not find grounds requiring the mill's closure. Later production increases revived diplomatic and public controversy.
Source

Marketing campaigns

2023We renew the everyday
Global
UPM adopted “We renew the everyday” as a corporate communications platform emphasizing the use of renewable fibres and advanced materials in ordinary consumer and industrial products. UPM adopted "We renew the everyday" as a corporate communications platform emphasizing the use of renewable fibres and advanced materials in ordinary consumer and industrial products. The campaign reinforced UPM's repositioning as a material-solutions company rather than a paper-only group.
Outcome. The campaign reinforced UPM’s repositioning as a material-solutions company rather than a paper-only group.
Source
2018UPM Biofore – Beyond fossils
Global
UPM reframed its Biofore promise around replacing fossil-based raw materials and developing renewable alternatives across fuels, chemicals, packaging, labels, wood products and paper. The message evolved into the company's stated purpose, "We create a future beyond fossils."
Outcome. The message evolved into the company’s stated purpose, “We create a future beyond fossils.”
Source
2010Biofore
Global
UPM introduced and developed the Biofore concept to express its transformation from a conventional paper company into a forest-based renewable-materials business. The concept connected biological resources, forestry, advanced processing and products intended to reduce reliance on fossil raw materials.
Outcome. Biofore became a central corporate positioning platform used across UPM's communications, sustainability work and new-business development.
Source
2009Biofore
Global
UPM introduced the Biofore concept to communicate a transition from a conventional forest-industry identity toward renewable materials, advanced technology and new bioeconomy applications. The concept connected biological resources, forestry, advanced processing and products intended to reduce reliance on fossil raw materials, and became a long-running corporate platform incorporated into the "The Biofore Company" positioning.
Outcome. The concept became a long-running corporate platform and was incorporated into the “The Biofore Company” positioning.
Source

Brand decisions

2024
Refocus advanced-materials and biorefining portfolioStrategy
Background
UPM reviewed its portfolio amid difficult renewable-fuel markets, changing demand in paper and packaging, and the cost and schedule challenges of the Leuna project.
Action taken
UPM decided to exit the biocomposites business, planned to exit biomedicals, simplified parts of UPM Raflatac, consolidated production from Kaltenkirchen and continued to prioritize adhesive materials, specialty materials, pulp and biochemicals.
Aftermath
The decision narrowed the group’s innovation portfolio and redirected resources toward businesses with stronger strategic or commercial potential.
Source
2022
Adopt business-specific labour agreementsStrategy
Background
UPM argued that separate agreements would allow each business to respond more flexibly to its own market conditions. The Finnish Paperworkers’ Union opposed the change from the traditional sector-wide arrangement.
Action taken
After a strike lasting from January 1 to April 22, UPM and the union accepted five separate collective labour agreements covering UPM Pulp, Communication Papers, Specialty Papers, Raflatac and Biofuels.
Aftermath
Employees returned to work, and the new agreements introduced more business-level bargaining and operating flexibility.
Source
2022
Business-specific collective agreements in FinlandOther
Background
UPM and the Finnish Paper Workers' Union had been unable to agree on new terms under the previous bargaining arrangement, leading to a prolonged strike at Finnish mills.
Action taken
UPM and the union reached separate collective agreements for the company's businesses rather than one single group-wide agreement.
Aftermath
The agreements ended the strike and formalized a more business-specific labor-relations model within UPM's Finnish operations.
Source
2021
Portfolio adjustment in graphic papersStrategy
Background
Structural decline in demand for newsprint and other traditional graphic papers increased pressure on older or less competitive production assets.
Action taken
UPM continued to close, sell or restructure selected paper mills and production lines while concentrating on competitive communication-paper assets and higher-value businesses.
Aftermath
The actions reduced exposure to weaker graphic-paper markets and reinforced UPM's transition toward a diversified forest-products and renewable-materials group.
Source
2020
Develop the Leuna biochemicals refineryProduct launch
Background
UPM sought to commercialize wood-based chemicals that could replace fossil-based raw materials in packaging, textiles, PET, cosmetics and industrial products.
Action taken
UPM announced an industrial-scale refinery in Leuna, Germany, designed to produce BioMEG, BioMPG, industrial sugars and renewable functional fillers.
Aftermath
Commissioning began in late 2024, but delays and cost overruns led UPM to record a EUR 373 million impairment in 2024. Commercial production was expected to begin in the second half of 2025.
Capital expenditure estimate. EUR 550 million initial estimate → EUR 750 million revised estimate (2020–2024 project development)
Source
2019
Invest in Paso de los Toros pulp millStrategy
Background
UPM identified long-term growth potential in eucalyptus pulp and in Uruguay's plantation-based forestry and export infrastructure.
Action taken
UPM approved construction of a new eucalyptus pulp mill near Paso de los Toros in central Uruguay, together with related logistics and infrastructure investments.
Aftermath
The mill started up in April 2023 and reached full production in 2024, substantially increasing UPM’s pulp output and strengthening its Uruguayan operations. The project became one of UPM's largest strategic investments and began operations in 2023, expanding the company's global pulp platform.
Total investment. USD 2.7 billion initial estimate → USD 3.47 billion revised estimate (2019–2023 project development)
Source
2015
Launch of industrial-scale renewable-fuel productionProduct launch
Background
UPM sought to create higher-value products from residues generated by its pulp operations and to expand beyond conventional paper and pulp.
Action taken
The company opened a refinery in Lappeenranta, Finland, producing renewable diesel and renewable naphtha from crude tall oil.
Aftermath
The refinery established UPM Biofuels as one of the company's principal businesses focused on renewable alternatives to fossil-derived fuels and feedstocks.
Source
2012
Build the Lappeenranta biorefineryProduct launch
Background
UPM aimed to create higher-value products from residues generated by pulp production and to enter advanced renewable fuels.
Action taken
UPM constructed a biorefinery at its Kaukas mill site to convert crude tall oil into renewable diesel and renewable naphtha.
Aftermath
The facility was completed in 2014 and production began in 2015, establishing BioVerno as a flagship example of UPM’s bioeconomy strategy.
Total investment. EUR 179 million (2014 completion)
Source
2011
Acquire Myllykoski and Rhein PapierM&A
Background
UPM sought to consolidate its publication-paper platform while the graphic-paper market continued to face overcapacity.
Action taken
UPM acquired Myllykoski Corporation and Rhein Papier GmbH, adding multiple paper mills in Europe and the United States.
Aftermath
The transaction expanded UPM’s paper footprint but was followed by additional capacity optimization and site closures as market demand continued to weaken.
Source
2006
Restructure graphic-paper capacityStrategy
Background
Global paper overcapacity and weak economics in some graphic-paper grades pressured UPM’s profitability and led management to pursue capacity reductions.
Action taken
UPM closed the Voikkaa paper mill and announced a broader cost-reduction programme, with nearly 3,000 Finnish employees affected at Voikkaa.
Aftermath
The site was redeveloped as the Voikkaa business area, while further mill closures and restructuring followed in Finland and overseas.
Source

Recent events

2026
UPM publishes 2025 annual report[20]2025 annual reporting publishedupm.com
Other
UPM reported approximately 15,100 employees, operations in 42 countries and approximately EUR 9.7 billion in annual sales in its 2025 corporate reporting.
2024
UPM reports full production at Paso de los Toros and Leuna commissioning[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
Product launch · Other
UPM reported that Paso de los Toros had reached full production and that commissioning of the Leuna biorefinery had begun, while also recording delays, cost overruns and a EUR 373 million impairment related to Leuna.
2024
UPM acquires Grafityp[8]UPM Annual Report 2024 and Financial Statements Releaseupm.com
M&A
UPM Raflatac acquired Belgian graphics-solutions company Grafityp to strengthen its position in graphics materials and broaden the advanced-materials portfolio.
2024
Massimo Reynaudo appointed President and CEO of UPM[21]CEO transitionupm.com
Leadership change
UPM appointed Massimo Reynaudo as president and chief executive officer, succeeding long-serving CEO Jussi Pesonen.
2023
UPM Paso de los Toros pulp mill starts up[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
Product launch
The Paso de los Toros pulp mill in Uruguay began operations, adding approximately 2.1 million tonnes of annual eucalyptus-pulp capacity and expanding UPM’s South American platform.
2022
UPM Finnish mill strike ends after 112 days[9]UPM and Paperworkers’ Union Agreementupm.com
Lawsuit · Other
A strike by the Finnish Paperworkers’ Union at five UPM businesses ended after the parties accepted separate business-specific collective labour agreements.
2022
UPM and the Finnish Paper Workers' Union reached a new collective agreement[26]Business-specific collective agreements in Finlandupm.com
Other
Following an extended labor dispute and strike affecting Finnish mills, UPM and the Paper Workers' Union concluded business-specific collective agreements.
2021
UPM completed the sale of its Shotton newsprint mill[27]UPM完成其Shotton新闻纸厂的出售upm.com
M&A
UPM completed the divestment of its Shotton paper mill in the United Kingdom as part of continued portfolio adjustment in declining graphic-paper markets.
2019
UPM announces Paso de los Toros pulp-mill investment[10]Decades in the Making: UPM’s Uruguay Pulp Expansionupm.com
Product launch
UPM announced a large eucalyptus pulp-mill investment in central Uruguay, later raising the estimated total investment to approximately USD 3.47 billion.
2015
UPM Lappeenranta biorefinery begins renewable-fuel production[11]UPM Biofore and BioVerno Innovationupm.com
Product launch
UPM began commercial production of wood-based renewable diesel and renewable naphtha at its Lappeenranta biorefinery in Finland, using crude tall oil from pulp production.

Showing the 10 most recent.

Overview

History

Products and positioning

Controversies

Marketing campaigns

Brand decisions

Recent events

Related entries

Sources27 sources

Overview

History

Products and positioning

Controversies

Marketing campaigns

Brand decisions

Recent events

Related entries

Sources27 sources