UPM-Kymmene has announced the completion of its new fine paper machine at the Changshu mill in China, pushing the group’s total investment in China to over $1 billion.
The company marked the machine’s completion with a ceremony lead by Finland’s Prime Minister Matti Vanhanen. Company addresses were given by UPM CEO Jussi Pesonen and VP/general manager of the mill, Hannu Jokisalo.
The new paper machine makes UPM the biggest producer of uncoated fine papers in China, more than doubling its fine paper capacity in the region.
UPM has also announced that it will book non-recurring income of approximately €8 million ($9.7 million) in its Q3 results, which includes a capital gain of nearly €25 million on the sale of Loparex Group.
The firm further revealed that it will book about €17 million in pension costs, relating to the new labour agreement at its Miramichi paper mill in Canada.