# UPM KYMMENE

Summary updated: 2026-03-20T00:01:15.631228Z
Canonical: https://finbar.com/research/companies/upm-kymmene

## Overview

UPM-Kymmene is a materials-focused forest industry company that says it has transformed into a material solutions company, using renewable feedstocks to renew materials and value chains. Its business is organized around renewable fibres, advanced materials, decarbonisation solutions and communication papers, giving it exposure to products such as pulp and timber, self-adhesive label materials, specialty and graphic papers, plywood, electricity, and renewable fuels and biomaterials. [1](https://app.finbar.com/go?id=P-235e20d36c1b4e69b8e0235e4e284f73)[2](https://app.finbar.com/go?id=P-e8c8142491a3482194736b9c1a44ce20)[3](https://app.finbar.com/go?id=P-3f9f8afc61fe49e59552ea21f50699bf)[4](https://app.finbar.com/go?id=P-99d430630e1f4588b2ac2448353d9069)

The company describes its purpose as creating a future beyond fossils and uses the slogan “We renew the everyday,” reflecting a strategy centered on replacing fossil-based materials with renewable alternatives. UPM has a broad international footprint, with about 15,800 employees in 43 countries and production plants in 11 countries; in 2024 it reported sales of EUR 10,339 million, and 46% of sales came from outside Europe, indicating a globally diversified customer base and operating presence. [5](https://app.finbar.com/go?id=P-8010eab68f9344ee9eed1c936e5a50f6)[6](https://app.finbar.com/go?id=P-be0847ec9ecc45b0bd352e53559a29bf)[7](https://app.finbar.com/go?id=P-6b90f42286544021acd42bec0d11298d)[8](https://app.finbar.com/go?id=P-69c33b159a4448cc848d00b4fdd75149)[9](https://app.finbar.com/go?id=P-0977b40b58c24e86a8c8cf11c43348d7)[1](https://app.finbar.com/go?id=P-235e20d36c1b4e69b8e0235e4e284f73)
[1](https://app.finbar.com/go?id=P-235e20d36c1b4e69b8e0235e4e284f73)[2](https://app.finbar.com/go?id=P-e8c8142491a3482194736b9c1a44ce20)[3](https://app.finbar.com/go?id=P-3f9f8afc61fe49e59552ea21f50699bf)[4](https://app.finbar.com/go?id=P-99d430630e1f4588b2ac2448353d9069)[5](https://app.finbar.com/go?id=P-8010eab68f9344ee9eed1c936e5a50f6)[6](https://app.finbar.com/go?id=P-be0847ec9ecc45b0bd352e53559a29bf)[7](https://app.finbar.com/go?id=P-6b90f42286544021acd42bec0d11298d)[8](https://app.finbar.com/go?id=P-69c33b159a4448cc848d00b4fdd75149)[9](https://app.finbar.com/go?id=P-0977b40b58c24e86a8c8cf11c43348d7)

## Products & services

UPM Kymmene’s product portfolio spans pulp, timber, papers, labels, plywood, biofuels, biochemicals and energy-related services. In fibres, UPM Pulp offers a range of pulp grades, while UPM Timber sells certified sawn timber; the fibre platform is built around eucalyptus hardwood pulp and coniferous softwood pulp. In communication papers, the company sells magazine papers, newsprint and fine papers for advertising, publishing, and home and office use, with reported annual capacity of 2.3 million tonnes of magazine papers, 0.5 million tonnes of newsprint and 1.5 million tonnes of fine papers. UPM Raflatac supplies self-adhesive paper and film products, including label materials, graphics solutions and removable self-adhesive products, while UPM Specialty Papers offers specialty packaging materials for flexible packaging, labelling and industrial release liners, plus office and graphic papers in Asia-Pacific. [10](https://app.finbar.com/go?id=P-1d9b4152baa744e7931815dcaa12f60b)[11](https://app.finbar.com/go?id=P-e54fab907f424e55aa60250f3bc819a4)[12](https://app.finbar.com/go?id=P-4a84aae2099c4257bb764f915acfb12e)[13](https://app.finbar.com/go?id=P-1e1a7fdcc8da478486da104c4e25f179)[14](https://app.finbar.com/go?id=P-0078f29b8b184ad0a08bcb6f89de0b17)[15](https://app.finbar.com/go?id=P-403020572f4041b8a50600a1dd40c256)[16](https://app.finbar.com/go?id=P-6206b25b69164a3498f1e1901ce878bc)

In engineered wood, UPM Plywood markets WISA plywood and veneer products for construction, vehicle flooring, LNG shipbuilding, parquet manufacturing and other industrial uses; WISA-Birch is identified as the market leader in LNG cargo containment systems, and the proprietary WISA BioBond gluing technology replaces half of the fossil-based phenol with wood-based lignin. In renewable fuels, UPM Biofuels produces UPM BioVerno renewable diesel and renewable naphtha from crude tall oil; the diesel is suitable for all diesel engines, and the Lappeenranta biorefinery has annual capacity of 130,000 tonnes of renewable diesel and naphtha. In biochemicals, the Leuna biorefinery is designed for 220,000 tonnes of annual output including bio-monoethylene glycol, bio-monopropylene glycol, renewable functional fillers and industrial sugars. UPM Energy also sells zero-carbon electricity together with physical electricity and financial portfolio management services for industrial customers. [17](https://app.finbar.com/go?id=P-dd3e20baf7d840478f21f80d81b54beb)[18](https://app.finbar.com/go?id=P-89573570a52f41739ab1be0a893055aa)[19](https://app.finbar.com/go?id=P-fcf4c3d9ff464d6887a695effb2301e3)[20](https://app.finbar.com/go?id=P-f3c7194eed8844ceae377acf84b6fe13)[21](https://app.finbar.com/go?id=P-a961072b5eaf4eb99f0e50c6d40e0923)[22](https://app.finbar.com/go?id=P-84bf0d83f26749afa40640ad9145e7c9)[23](https://app.finbar.com/go?id=P-869c8d38e712409380d5a4f43cccbb73)[24](https://app.finbar.com/go?id=P-40dc9759023a44508cdfba5b5763a9bf)[25](https://app.finbar.com/go?id=P-6932805408ef48c6b5341fa56ec46c5e)

By 2024 external sales, the largest product groups were UPM Fibres at about 30% of sales, Communication Papers at about 28%, Raflatac at about 15%, Specialty Papers at about 12%, Energy at about 5% and Plywood at about 4%; biofuels and biochemicals are included in other operations. [26](https://app.finbar.com/go?id=T-d244c97bfa5f463b9c39496b3a02757a)
[10](https://app.finbar.com/go?id=P-1d9b4152baa744e7931815dcaa12f60b)[11](https://app.finbar.com/go?id=P-e54fab907f424e55aa60250f3bc819a4)[12](https://app.finbar.com/go?id=P-4a84aae2099c4257bb764f915acfb12e)[13](https://app.finbar.com/go?id=P-1e1a7fdcc8da478486da104c4e25f179)[14](https://app.finbar.com/go?id=P-0078f29b8b184ad0a08bcb6f89de0b17)[15](https://app.finbar.com/go?id=P-403020572f4041b8a50600a1dd40c256)[16](https://app.finbar.com/go?id=P-6206b25b69164a3498f1e1901ce878bc)[17](https://app.finbar.com/go?id=P-dd3e20baf7d840478f21f80d81b54beb)[18](https://app.finbar.com/go?id=P-89573570a52f41739ab1be0a893055aa)[19](https://app.finbar.com/go?id=P-fcf4c3d9ff464d6887a695effb2301e3)[20](https://app.finbar.com/go?id=P-f3c7194eed8844ceae377acf84b6fe13)[21](https://app.finbar.com/go?id=P-a961072b5eaf4eb99f0e50c6d40e0923)[22](https://app.finbar.com/go?id=P-84bf0d83f26749afa40640ad9145e7c9)[23](https://app.finbar.com/go?id=P-869c8d38e712409380d5a4f43cccbb73)[24](https://app.finbar.com/go?id=P-40dc9759023a44508cdfba5b5763a9bf)[25](https://app.finbar.com/go?id=P-6932805408ef48c6b5341fa56ec46c5e)[26](https://app.finbar.com/go?id=T-d244c97bfa5f463b9c39496b3a02757a)

## Geographic presence

UPM-Kymmene is headquartered in Helsinki, Finland, and describes its main markets as Europe, Asia and North America.[27](https://app.finbar.com/go?id=P-691a5be9302f4121a53b7ce4783cc137)[28](https://app.finbar.com/go?id=P-abbdb3cadeea44a3b07345eee86db62a) In 2024, sales by market were 54% in Europe, 25% in North America, 15% in Asia and 6% in the rest of the world.[29](https://app.finbar.com/go?id=P-540b1ec8cdca4d3b8fb6252af29c6d1f)[30](https://app.finbar.com/go?id=P-a892b35df6d2460cbb4be023be80db61) The group reported 54 production plants in 11 countries and about 15,800 employees in 43 countries.[8](https://app.finbar.com/go?id=P-69c33b159a4448cc848d00b4fdd75149)[7](https://app.finbar.com/go?id=P-6b90f42286544021acd42bec0d11298d)[31](https://app.finbar.com/go?id=P-f145bd41522347ae8b5e7701c2c23fc1)

Its industrial footprint is concentrated in Europe and the Americas. Communication paper mills are listed in Finland, Germany, the United Kingdom and the United States; specialty paper mills in China, Finland and Germany; and pulp mills in Finland and Uruguay, including Fray Bentos and Paso de los Toros in Uruguay and Kaukas, Kymi and Pietarsaari in Finland.[32](https://app.finbar.com/go?id=P-435765642d4c42c3a06b9e43b4216739)[33](https://app.finbar.com/go?id=P-195673afc060429f93fe393353548d72)[34](https://app.finbar.com/go?id=P-afb57c916000498bac55a15b09f4d100) UPM also reports three pulp mills and four sawmills in Finland.[35](https://app.finbar.com/go?id=P-f86ef4fcb32146f998284f18f963900a) Forest ownership is centered in Finland, Uruguay and the United States, with about 522,000 hectares owned in Finland, about 318,000 hectares in Uruguay and 76,000 hectares in the US, plus about 174,000 hectares leased in Uruguay.[36](https://app.finbar.com/go?id=P-aca94987dc634f21a01032f744fbf890)

Employee concentration is strongest in Finland and Germany: the largest country headcounts were Finland 6,222, Germany 3,390, China 1,513, Poland 1,270, Uruguay 874, the United States 745 and the United Kingdom 445, and these seven largest operating countries accounted for about 91% of employees in 2024.[37](https://app.finbar.com/go?id=T-6ce32620f5864558a33da845ece07180)[38](https://app.finbar.com/go?id=P-9024e2b229704afda9917cc39f9b636b) In addition to the Helsinki head office, the report lists business hub locations in Tampere, Finland, and Wrocław, Poland.[27](https://app.finbar.com/go?id=P-691a5be9302f4121a53b7ce4783cc137)[39](https://app.finbar.com/go?id=P-71d422325021492184ba267d05ca0217)[40](https://app.finbar.com/go?id=P-9697f84748c74e83a4b3c3e18c919b39)
[27](https://app.finbar.com/go?id=P-691a5be9302f4121a53b7ce4783cc137)[28](https://app.finbar.com/go?id=P-abbdb3cadeea44a3b07345eee86db62a)[29](https://app.finbar.com/go?id=P-540b1ec8cdca4d3b8fb6252af29c6d1f)[30](https://app.finbar.com/go?id=P-a892b35df6d2460cbb4be023be80db61)[8](https://app.finbar.com/go?id=P-69c33b159a4448cc848d00b4fdd75149)[7](https://app.finbar.com/go?id=P-6b90f42286544021acd42bec0d11298d)[31](https://app.finbar.com/go?id=P-f145bd41522347ae8b5e7701c2c23fc1)[32](https://app.finbar.com/go?id=P-435765642d4c42c3a06b9e43b4216739)[33](https://app.finbar.com/go?id=P-195673afc060429f93fe393353548d72)[34](https://app.finbar.com/go?id=P-afb57c916000498bac55a15b09f4d100)[35](https://app.finbar.com/go?id=P-f86ef4fcb32146f998284f18f963900a)[36](https://app.finbar.com/go?id=P-aca94987dc634f21a01032f744fbf890)[37](https://app.finbar.com/go?id=T-6ce32620f5864558a33da845ece07180)[38](https://app.finbar.com/go?id=P-9024e2b229704afda9917cc39f9b636b)[39](https://app.finbar.com/go?id=P-71d422325021492184ba267d05ca0217)[40](https://app.finbar.com/go?id=P-9697f84748c74e83a4b3c3e18c919b39)

## Business segments

UPM-Kymmene reports six main business segments: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood; “Other operations” are disclosed separately rather than as a core operating segment.[41](https://app.finbar.com/go?id=P-89e61c4621cc45589e6c0a9f468d850c)

Using 2024 group sales of EUR 10,339 million as a base, the largest segment by sales was UPM Fibres at about 36%, focused on pulp and timber businesses.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[43](https://app.finbar.com/go?id=T-363d9b08baad4a7887da7d6e438124ba)[44](https://app.finbar.com/go?id=P-dde4bc8125494cc08805d725f33e9d34) UPM Communication Papers contributed about 29% of sales and centers on graphic papers for advertising, publishing, home and office uses.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[45](https://app.finbar.com/go?id=T-5162ef5f540744b6bd4ec2a9625f0ffc)[46](https://app.finbar.com/go?id=P-76c13c05df084ef2855998af057f4314) UPM Specialty Papers represented about 15% of sales and focuses on label and packaging materials as well as office and graphic papers.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[47](https://app.finbar.com/go?id=T-3262b0b278e645809db4214acf00d4ba)[48](https://app.finbar.com/go?id=P-58e0fe447bbc44b4b77eb37ea61948c8) UPM Raflatac contributed about 14% of sales and is focused on self-adhesive paper and film products, including label materials and graphics solutions.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[49](https://app.finbar.com/go?id=P-35314e1d08db47c6bd15d9c766dd3f83)[14](https://app.finbar.com/go?id=P-0078f29b8b184ad0a08bcb6f89de0b17) UPM Energy accounted for about 6% of sales and produces cost-competitive, zero-carbon electricity through hydropower, nuclear and thermal assets.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[50](https://app.finbar.com/go?id=T-39849c6d88244f98a710a75f56c756c6)[25](https://app.finbar.com/go?id=P-6932805408ef48c6b5341fa56ec46c5e) UPM Plywood made up about 4% of sales and supplies plywood and veneer products for construction, transport and industrial uses.[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[51](https://app.finbar.com/go?id=T-645781f9f12144088abb83c8838628c4)[52](https://app.finbar.com/go?id=P-aefb5534176248ae8066639ba86afe95)

On a profitability basis, 2024 comparable EBIT for the group was EUR 1,224 million, with UPM Fibres contributing about 44% of segment EBIT, Communication Papers about 22%, Energy about 15%, Raflatac and Specialty Papers about 11% each, and Plywood about 3%.[53](https://app.finbar.com/go?id=P-e9416184022041c68fef510222ab733d)[43](https://app.finbar.com/go?id=T-363d9b08baad4a7887da7d6e438124ba)[45](https://app.finbar.com/go?id=T-5162ef5f540744b6bd4ec2a9625f0ffc)[50](https://app.finbar.com/go?id=T-39849c6d88244f98a710a75f56c756c6)[49](https://app.finbar.com/go?id=P-35314e1d08db47c6bd15d9c766dd3f83)[54](https://app.finbar.com/go?id=P-f0adc47cc83c47a695d440038ed97a13)[51](https://app.finbar.com/go?id=T-645781f9f12144088abb83c8838628c4)
[41](https://app.finbar.com/go?id=P-89e61c4621cc45589e6c0a9f468d850c)[42](https://app.finbar.com/go?id=T-50c3454d47c9491086b2c0b61229a743)[43](https://app.finbar.com/go?id=T-363d9b08baad4a7887da7d6e438124ba)[44](https://app.finbar.com/go?id=P-dde4bc8125494cc08805d725f33e9d34)[45](https://app.finbar.com/go?id=T-5162ef5f540744b6bd4ec2a9625f0ffc)[46](https://app.finbar.com/go?id=P-76c13c05df084ef2855998af057f4314)[47](https://app.finbar.com/go?id=T-3262b0b278e645809db4214acf00d4ba)[48](https://app.finbar.com/go?id=P-58e0fe447bbc44b4b77eb37ea61948c8)[49](https://app.finbar.com/go?id=P-35314e1d08db47c6bd15d9c766dd3f83)[14](https://app.finbar.com/go?id=P-0078f29b8b184ad0a08bcb6f89de0b17)[50](https://app.finbar.com/go?id=T-39849c6d88244f98a710a75f56c756c6)[25](https://app.finbar.com/go?id=P-6932805408ef48c6b5341fa56ec46c5e)[51](https://app.finbar.com/go?id=T-645781f9f12144088abb83c8838628c4)[52](https://app.finbar.com/go?id=P-aefb5534176248ae8066639ba86afe95)[53](https://app.finbar.com/go?id=P-e9416184022041c68fef510222ab733d)[54](https://app.finbar.com/go?id=P-f0adc47cc83c47a695d440038ed97a13)

## Company history

UPM-Kymmene’s history is rooted in the development of Finland’s forest industry: its predecessor companies began operating sawmills, pulp mills and paper mills in the 1870s, and United Paper Mills dates back to 1920.[55](https://www.upm.com/about-us/company-history/)[56](https://www.upm.com/news-and-stories/articles/2015/09/upm---a-long-tradition-within-forest-industry/) The modern company was created in 1996, when Kymmene Corporation merged with Repola Ltd. and its subsidiary United Paper Mills Ltd., forming UPM-Kymmene Corporation.[55](https://www.upm.com/about-us/company-history/)[57](https://www.upm.com/investors/share-information/share-history/)

In the following decades, UPM evolved through consolidation and restructuring from a traditional integrated paper company into a broader, more market-driven forest products group; UPM’s 2015 investor materials describe this progression as moving from an “integrated paper company” in 2003 toward “market-driven businesses” in 2008 and to “six separate businesses” by 2014.[58](https://www.upm.com/siteassets/asset/investors/2015/investor-presentation---december-2015.pdf) A notable milestone in that transformation was the completion of the Myllykoski acquisition in August 2011, which added publication paper mills in Germany and Finland as well as a 50% share of a paper mill in the United States.[59](https://app.finbar.com/go?id=P-0b2d735d25ba4188a331017332b617f0)[60](https://app.finbar.com/go?id=P-b7251109783f4e258325c2047aebf65a)[61](https://app.finbar.com/go?id=P-4264f7a9f69944e39d0a3d3ea03b34b1)
[59](https://app.finbar.com/go?id=P-0b2d735d25ba4188a331017332b617f0)[60](https://app.finbar.com/go?id=P-b7251109783f4e258325c2047aebf65a)[61](https://app.finbar.com/go?id=P-4264f7a9f69944e39d0a3d3ea03b34b1)[55](https://www.upm.com/about-us/company-history/)[56](https://www.upm.com/news-and-stories/articles/2015/09/upm---a-long-tradition-within-forest-industry/)[57](https://www.upm.com/investors/share-information/share-history/)[58](https://www.upm.com/siteassets/asset/investors/2015/investor-presentation---december-2015.pdf)

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1. [UPM KYMMENE — Full financial report (2024 Y), p3](https://app.finbar.com/go?id=P-235e20d36c1b4e69b8e0235e4e284f73)
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55. [www.upm.com](https://www.upm.com/about-us/company-history/)
56. [www.upm.com](https://www.upm.com/news-and-stories/articles/2015/09/upm---a-long-tradition-within-forest-industry/)
57. [www.upm.com](https://www.upm.com/investors/share-information/share-history/)
58. [www.upm.com](https://www.upm.com/siteassets/asset/investors/2015/investor-presentation---december-2015.pdf)
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