UPM going for gold


UPM is to invest over 5108 million ($141 million) in the paper machines at both its French and German plants, as well as 114 million in its Finnish wood product manufacturing, in a bid to strengthen its position as one of Europe’s leading office paper suppliers.

By rebuilding the paper machines at its Docelles and Nordland paper mills, which will cost 126 million and 182 million respectively, UPM hopes to substantially improve both product quality and production efficiency. This will better enable the company to meet the challenges set by new office technologies, it said.

The Finnish firm reported improved results for its Q4, following what company president/CEO Jussi Pesonen described as a "weak" 2004, largely on the back of low paper prices.

Helsinki (FIN)