UPM plans to reduce its uncoated paper capacity to safeguard competitiveness in Europe
(UPM, Helsinki, 10 September 2019 at 11:35 EET) - UPM plans to permanently close a SC paper machine in Rauma, Finland and sell its Chapelle newsprint mill in Grand-Couronne, France. If realized, the measures would result in a reduction of 265,000 tonnes of SC capacity and 240,000 tonnes of newsprint capacity in UPM’s portfolio.
UPM is committed to maintaining its profitability and actively manages production capacity in line with the structural decline of the graphic paper demand. Both paper machines are the least cost competitive UPM assets in their respective product segments. The measures would help safeguard the overall competitiveness and support the long term performance of the business.
The closure of PM 2 at UPM Rauma is planned to be completed by end of 2019. The consultation processes will start today. Production on the remaining two paper machines in Rauma will continue as before. Estimated reduction of personnel is 179 persons.
As for UPM Chapelle, the company will open a bidding process for the sale of the mill. The sales process would not impact the deliveries to the customers. In case no credible offer is received by mid-January 2020, a consultation process for a potential closure of the mill would be started while the search for a potential buyer would still continue. The target is to close the processes by the end of Q2 2020. Currently 236 people are employed by the Chapelle mill.
“The graphic paper demand in Europe has declined structurally for more than 10 years. This year the decline has been accentuated by the adverse economic development. The plans announced today are therefore a necessary step to ensure profitable paper production on the remaining, competitive uncoated publication paper assets. They are supporting our commitment to remaining a high-performing and reliable partner for our customers in the graphic paper industry also in the long run,” says Winfried Schaur, Executive Vice President UPM Communication Papers.
“The planned steps announced today will lead to a healthier capacity utilization and help improve our overall cost structure and competitiveness. We are aware that these plans will have an impact on our committed employees, and we aim at respecting their interests in a socially responsible manner. Naturally, we will honor our commitments to our customers throughout the process.”, says Anu Ahola, Senior Vice President News and Retail Business at UPM Communication Papers.
At the same time UPM plans to establish a new Business Services Hub located in Wroclaw, Poland bringing together various customer and supplier facing services and related finance services. In total 168 positions in 11 different locations would be affected. UPM Finance & Control, UPM Communication Papers and UPM Raflatac plan to be the first users of the new Business Services Hub. The hub is planned to be in full operation by the end of Q3 2020.
UPM will realise restructuring charges of approximately EUR 33 million (EUR 19 million cash impact and EUR 14 million as write-offs) as items affecting comparability in its Q3 2019 results, mainly related to the planned closure of Rauma PM2. The planned actions would result in annual savings of approximately EUR 20 million.
For information, please contact:UPM Communication Paper Stakeholder Relations, tel. +49 821 3109 225, email@example.com
For information related to Chapelle, please contact: Jean Kubiac, General Manager, UPM Chapelle, (through Pyksis: tel. +34 6 14 88 85 77 or +34 6 63 67 75 11)
For local information related to Rauma, please contact: Timo Suutarla, General Manager, UPM Rauma, tel. +358 204 14 3100
For investor information or information related to the Business Services Hub, please contact:
UPM, Media Relations
Mon-Fri 9:00-16:00 EET
tel. +358 40 588 3284
About UPM Chapelle
UPM Chapelle manufactures newsprint papers with an annual capacity of 240,000 tonnes. Situated in Grand Couronne, France the mill currently employs 236 people, operating one paper machine.
About UPM Rauma
UPM Rauma manufactures coated and uncoated graphic papers with an annual capacity of approximately 935,000 tonnes. Situated in Western Finland, the mill currently employs 601 people, operating three paper machines.
About UPM Communication Papers
UPM Communication Papers is the world's leading producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses. The high performing papers and service concepts of UPM add value to our customers' businesses, while actively fulfilling demanding environmental and social responsibility criteria. With headquarters in Germany, UPM Communication Papers employs approximately 8,000 people. More about UPM Communication Papers and its products at www.upmpaper.com
We deliver renewable and responsible solutions and innovate for a future beyond fossils across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. We employ around 19,000 people worldwide and our annual sales are approximately EUR 10.5 billion. Our shares are listed on NASDAQ OMX Helsinki. UPM Biofore – Beyond fossils. www.upm.com
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
The Nomination Committee's proposal regarding Board of Directors and auditor of Oasmia Pharmaceutical AB for AGM 201915.9.2019 21:00:00 CEST | Press release
Oasmia's Nomination Committee has informed the company of its proposal regarding Board of Directors and auditor ahead of the Annual General Meeting September 26, 2019. The Nomination Committee proposes Hege Hellström and Anders Härfstrand as new board members. In addition, the nomination committee proposes re-election of the current Board members Jörgen Olsson, Peter Zonabend, Gunilla Öhman and Sven Rohmann. Jörgen Olsson is proposed to be re-elected as Chairman of the Board. Hege Hellström has worked at the biotechnology company Sobi since 2013 and was president for EMENAR (Europe, Middle East, North Africa and Russia). Prior to that, she was globally responsible for the Cardiovascular business area within Sanofi, VP Renal Europe and Head of Regional Liaisons, Sanofi, VP Renal and Endocrine Europe, Genzyme, General Manager Benelux Genzyme. Before Genzyme, she was 13 years at Baxter. Hege Hellström is 54 years old and has a degree in Bioengineering from Ullevaal School of Bioengineerin
Valberedningens förslag till styrelse och revisor för Oasmia Pharmaceutical AB inför årsstämman 201915.9.2019 21:00:00 CEST | Pressemelding
Oasmias valberedning har informerat bolaget om sitt förslag avseende styrelse och revisor inför årsstämman den 26 september 2019. Valberedningen föreslår Hege Hellström och Anders Härfstrand till nya styrelseledamöter. Därutöver föreslås omval av de nuvarande styrelseledamöterna Jörgen Olsson, Peter Zonabend, Gunilla Öhman och Sven Rohmann. Jörgen Olsson föreslås bli omvald som styrelsens ordförande. Hege Hellström har sedan 2013 arbetat på bioteknikbolaget Sobi som chef för EMENAR (Europa, Mellanöstern, Nordafrika och Ryssland). Dessförinnan har hon varit globalt ansvarig för affärsområdet Cardiovascular inom Sanofi, VP Renal Europa och Head of Regional Liaisons på Sanofi samt VP Renal and Endocrine Europe och General Manager Benelux på Genzyme. Innan Genzyme var hon 13 år på Baxter. Hege Hellström är 54 år och har utbildning i Bio-engineering från Ullevaal School of Bioengineering, Oslo, Norge samt en utbildning i marknadsföring och finansiering vid BI, Norwegian Business School. And
SFL - Change of name to SFL Corporation Ltd. approved13.9.2019 22:55:00 CEST | Press release
SFL Corporation Ltd. (the “Company”) today announced that its 2019 Annual General Meeting resolved to change the name of the Company from “Ship Finance International Limited” to “SFL Corporation Ltd.”. The Company’s common shares will continue to trade under the ticker “SFL” on the New York Stock Exchange. ISIN and instrument ID for the Company's listed securities remain unchanged. September 13, 2019 The Board of Directors SFL Corporation Ltd. Hamilton, Bermuda Investor and Analyst Contacts: Aksel Olesen, Chief Financial Officer, SFL Management AS +47 23 11 40 36 André Reppen, Senior Vice President, SFL Management AS +47 23 11 40 55 Media Contact: Ole B. Hjertaker, Chief Executive Officer, SFL Management AS +47 23 11 40 11 About SFL SFL has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company’s fleet of more than 90 vessels is split between tankers, bulkers, container vessels and offshore assets, and SF
SFL - 2019 Annual General Meeting13.9.2019 22:10:00 CEST | Press release
SFL Corporation Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:30 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. 3. To re-elect Harald Thorstein as a Director of the Company. 4. To re-elect Bert M. Bekker as a Director of the Company. 5. To re-elect Gary Vogel as a Director of the Company. 6. To re-elect Keesjan Cordia as a Director of the Company. 7. To re-elect James O’Shaughnessy as a Director of the Company. 8. To approve
FRO – 2019 Annual General Meeting13.9.2019 19:27:00 CEST | Press release
Frontline Ltd. (the “Company”) advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on September 13, 2019 at 10:00 a.m. at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. In addition, the following resolutions were passed: To set the maximum number of Directors to be not more than eight. To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorised to fill such vacancies as and when it deems fit. To re-elect John Fredriksen as a Director of the Company. To re-elect James O’Shaughnessy as a Director of the Company. To re-elect Ulrika Laurin as a Director of the Company. To re-elect Ola Lorentzon as a Director of the Company. To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Director
Presentation och videointervju med Arcomas VD från Bolagsdagen den 12:e september.13.9.2019 19:04:00 CEST | Pressemelding
Arcomas VD Jesper Söderqvist presenterade Arcoma på Bolagsdagen på Erik Penser Bank den 12:e september 2019. Nu finns presentation och videointervju tillgänglig. Se presentationen här Se videointervjun här Om Arcoma Arcoma, med lång erfarenhet av branschen, är en ledande leverantör av integrerade digitala röntgensystem med hög kvalitet och avancerad teknik. Arcomas produkter erbjuder den senaste digitala bildtekniken kombinerat med tekniskt avancerade rörliga positioneringssystem, vilket tillsammans med ergonomisk skandinavisk design, erbjuder kunden kompletta, konfigurerbara och funktionella digitala röntgensystem. Bolagets produkter säljs via återförsäljare samt via OEM-kunder och det finns idag över 3 500 av Arcomas röntgensystem installerade i hela världen. Arcoma är listat på Nasdaq First North Growth Market. Certified Adviser är Erik Penser Bank (tel: 08-4638300, e-mail: firstname.lastname@example.org) För mer information om bolaget besök www.arcoma.se