UPM (company)
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| UPM Oyj | |
 |
|
| Type | Public |
|---|---|
| Founded | 1996 |
| Headquarters | Helsinki, Finland |
| Key people | Vesa Vainio (Chairman of the board), Jussi Pesonen (President and CEO) |
| Industry | Paper and pulp |
| Products | Publication and fine paper, wood products |
| Revenue |  €9.348 billion (2005) |
| Employees | 33,000 |
| Website | http://www.upm-kymmene.com/ |
UPM Oyj (formerly UPM-Kymmene; NYSE: UPM) is a Finnish pulp and paper manufacturer. It has approximately 35,579 employees. UPM-Kymmene was formed by the merger of Kymmene Corporation and Repola Ltd and its subsidiary United Paper Mills Ltd in 1996. The company's oldest mill is Papeteries de Docelles located in northeastern France, which was producing traditional handpaper at the end of 15th century.
In March 2006 UPM announced a cost reduction program that includes layoffs of about 3,600 employees, nearly 3,000 of those in Finland, and possibly the closing of its Voikkaa paper mill in Kuusankoski altogether. This would be the largest single layoff ever in Finland. This is attributed to the worldwide overproduction of paper.
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