“In the past five years, we have successfully turned UPM from an integrated paper producer into a Biofore company with six separate businesses. Today we have strong market positions and competitive assets in all of our business areas. This gives us a strong basis for driving further both the financial performance and the transformation of the company", he said.

Pesonen said that the new business structure enables clear target setting and incentives in all of the six businesses: “Despite the volatile economic environment in recent years, we have been able to drive forward the changes in the UPM portfolio. At the same time UPM’s cash flow has been consistently strong and our balance sheet has continuously strengthened."