UPM buys back power plants

3 January 2007 — Helsinki (FIN): UPM has bought the Kuusankoski, Keltti and Voikkaa hydropower plants from Varma, the mutual pension insurance company, for €126 million ($165.9 million).

UPM’s predecessor company Kymmene Corporation sold the power plants to Varma in 1988 and leased them back for long-term use.

 

UPM uses the electrical power generated by the plants, located on the Kymijoki river in Finland, in its production facilities.