Valmet will supply an extensive rebuild for Sappi North America at its Somerset paper manufacturing facility in Skowhegan, Maine, USA. As a result of the rebuild, the paper machine (PM1) will be able to produce both coated paper and a variety of consumer packaging products.  The start-up of the rebuilt machine is scheduled for early 2018.

The order is included in Valmet's first quarter 2017 orders received. The value of the order will not be disclosed. The value of an order of this type is typically EUR 60-70 millions.

The happy sales and project teams from both companies

"Valmet has been a long-standing technical resource and solutions-oriented equipment supplier to Sappi. Working together, we recognized the manufacturing potential of PM1 at Somerset and, with Valmet's collaborative technical support, will further advance Sappi North America's diversification into packaging,"comments Mark Gardner, President and CEO of Sappi North America. 

"We are very happy to have been selected by Sappi North America for this important project. In many ways this project represents the strong and mutual commitment that has been established between Sappi and Valmet based on the good results achieved together during the previous projects. We look forward to strengthening our relationship further while working hard to help Sappi reach their project goals and business objectives," comments Valmet's Dave King, Area President, North America.

Technical information about the project

Paper machine (PM1), currently producing woodfree coated paper grades (WFC), will be rebuilt using some of the most advanced packaging manufacturing technology to produce a variety of both packaging and coated paper products.

Valmet's delivery will include a number of modification and new machine parts in the existing machine to meet the requirements of the new packaging grades.

Information about the customer Sappi North America

Sappi North America is a subsidiary of Sappi Limited, a global company headquartered in Johannesburg, South Africa. It has more than 12,000 employees and manufacturing operations on three continents in seven countries. Sappi North America has three mills and over 2,100 employees, and it produces printing and packaging papers, release paper and dissolving wood pulp.

Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.

Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.

Valmet's net sales in 2016 were approximately EUR 2.9 billion. Our 12,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.

Paper and board production in CEPI countries shows a small decline from 2015
CEPI member countries paper and board production has decreased by 0.1% in 2016 compared to the previous year, according to preliminary figures. Total production in 2016 was around 91 million tonnes. Machine closures in Europe in 2016 were compensated by new capacities or upgrading of existing ones.

United States and Canadian production are expected to be down by 1.0% and 1.8% respectively. Output slightly increased in South Korea (+0.5%), whilst it was unchanged in Japan and Brazil compared to 2015. The highest growth rates in paper and board output appear to have been recorded by Russia (+3.8%), India (+2.9%) and China (+2.9%).

According to very first estimates, world paper and board production will be up by 0.8% in 2016 to reach 410 million tonnes.

The decline in output of graphic grades persists whilst production of packaging grades continues to rise
The picture by sector maintains the situation witnessed in recent years with a continuation of the decline in the production of graphic grades and further growth in the output of packaging grades.
Weak printing and publishing activities continue to have an impact on the overall production of graphic grades, which fell by around 3.7%. Output of newsprint - used mainly for daily newspapers - is expected to fall around 6.4%. The production of graphic papers for other communication needs - magazines and catalogs, direct mail, directories, etc. - have recorded different developments. The decline in the output of coated mechanical paper and coated woodfree grades reach 7.1% and 5.0% respectively, while uncoated mechanical paper output increased by1.9%. The production of uncoated woodfree grades - mainly office paper - is estimated to have decreased by 1.4%.

The production of packaging grades is estimated to have increased by around 2.3% compared to 2015. Within the packaging grades, case materials - mainly used for transport packaging and corrugated boxes - recorded an increase in production of 2.2%. The output of carton board plus other packaging board - such as small goods packaging or book covers - grew by 2.8%, and the production of wrapping grades - used for paper bags production - showed an increase of around 1.2%. Production is impacted by the ongoing trend towards light-weighting and resource efficiency as it is measured in tonnes. The share of packaging grades accounted for 50.1% (49.0% in 2015) of the total paper and board production, with graphic grades accounting for 37.3% (38.8% in 2015).
Sanitary and household manufacturers are estimated to have seen an increase in output of about 1.8% compared to 2015 and accounted for 8.1% of total production. Output of all other grades of paper and board - mainly for industrial and special purposes - increased by 2.8% (4.5% of total production).

Paper and board deliveries by CEPI countries are expected to be down by 0.7%
Based on the cumulative data up to the end of the third quarter of 2016 it is expected that total paper and board deliveries for the year were down by 0.7% compared to 2015, whilst internal deliveries were stable. By the end of September 2016, deliveries of graphic grades had decreased by 5.6% whilst deliveries of packaging grades rose by 2.9%.
Exports had fallen by 2.9% by the end of September 2016 with the main markets for exports being other European countries, which accounted for about 37% of all exports (36% in the same period of 2015), with deliveries to Asian countries accounting for about 25% (26% in 2015), 12% being exported to North America (11% in 2015), 8% to Latin America and 18% to all other countries.
Preliminary indications are that imports of paper and board into the region have increased by around 6% compared to 2015. Imports from other European countries accounted for 44% of all imports in the first three quarters of 2015 (46% in the same period 2015) and imports from North America had a share of 30% (29% in 2015), with the remaining 26% split between the other regions - Asia 11%, Latin America 6%, and the Rest of the World 9%.

Overall paper and board consumption estimated to increase by 1%
It would appear that the overall consumption of paper and board in CEPI countries in 2016 increased by 1% compared to 2015, based on the latest data available.
The latest macroeconomic projections for the euro area foresee annual real GDP increasing by 1.7% in 2016 and 1.5% in 2017; 1.8% and 1.6% respectively for the EU. Growth in emerging market and developing economies is expected to pick up in 2017.
Weak investment and productivity growth are, however, weighing on medium-term prospects across most of these countries. Downside risks to global growth include increasing policy uncertainty in major advanced economies and some emerging countries, financial market disruptions and weakening potential growth.

Total pulp production increases by 0.7% and market pulp output rises by around 2.5%
It is estimated that the production of pulp (integrated + market) has increased by 0.7% compared to the previous year, with total output of approximately 35.6 million tonnes. Output of mechanical pulp has increased by around 1.4% and production of chemical pulp has increased by about 0.5% compared to 2015. It is estimated that the output of market pulp increased by around 2.5%.

Utilisation of paper for recycling falls by around 0.3% when compared to 2015
It is estimated that utilisation of paper for recycling by CEPI members, at 43.2 million tonnes, decreased by around 0.3% compared to 2015.

Download here

Clearwater Paper Corporation (NYSE:CLW) has just announced plans to build a new tissue machine and related converting equipment for producing premium and ultra-premium grades of private label tissue products at a site adjacent to the company's existing facility in Shelby, North Carolina.

"Clearwater Paper's customers are requiring more premium and ultra-premium products, which we are addressing with the new capacity. These high growth segments have increased 3.5 times faster than the overall tissue market, and we are committed to growing with our strategic customers and positioning ourselves to add new customers," said Linda K. Massman, president and CEO. "We believe this new capacity will reinforce our leadership in the private label tissue business and will be a significant driver of operating earnings growth while strengthening the quality of our manufacturing assets."

After an extensive analysis of the anticipated market growth, costs and financial returns of a new paper machine, the company will install a 200-inch Valmet NTT tissue machine and related converting equipment. The new tissue machine will produce a variety of high-quality private label premium and ultra-premium bath, paper towel and napkin products. At full production capacity, the new tissue machine is expected to produce approximately 70,000 tons of tissue products annually.

The estimated cost for the project includes approximately $283 million for the tissue machine, converting equipment and buildings, and approximately $57 million for the purchase and expansion of an existing warehouse that will consolidate all southeastern warehousing in Shelby. Clearwater Paper projects that the construction of the new facility will be completed in early 2019 and fully operational in 2020. Assuming the paper machine is fully sold out, it is expected to contribute an incremental $55 to $65 million of EBITDA based on $38 to $48 million of estimated operating income and approximately $17 million of estimated depreciation. The expected internal rate of return (IRR) for this project is 11 percent.

"Companies like Clearwater Paper know that North Carolina is a wonderful place to do business thanks to our skilled workforce, strong infrastructure and prime location," said North Carolina Governor Roy Cooper. "We want companies looking to expand to come to North Carolina because there's no better place to invest and grow."

"We expect the new tissue facility will be built on time and within budget, consistent with our first Shelby facility that was announced in June 2010 and commenced operations in late 2012. Our experience in Shelby, North Carolina, has been exceptional and we continue to enjoy the region's outstanding transportation infrastructure, business-friendly community, and overall quality of life," said Pat Burke, group president. "For those same reasons and a competitive incentive program from the City of Shelby, Cleveland County and the State of North Carolina, we are pleased to announce the company's newest state-of-the-art tissue machine will be built in Shelby."

The company expects to fund the project with cash flow from operations and its revolving line of credit. It is expected that capital will be deployed over the next 30 months with approximately one-third deployed in 2017, approximately two thirds in 2018 and any remaining amount in 2019.

Clearwater Paper intends to start construction during the second quarter of this year. Converting and warehouse operations are expected to be completed during the second half of 2018, and the tissue machine is expected to be completed during the first quarter of 2019.

ABOUT CLEARWATER PAPER

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, parent roll tissue, bleached paperboard and pulp at manufacturing facilities across the nation. The company is a premier supplier of private label tissue to major retailers and wholesale distributors, including grocery, drug, mass merchants and discount stores. In addition, the company produces bleached paperboard used by quality-conscious printers and packaging converters, and offers services that include custom sheeting, slitting and cutting. Clearwater Paper's employees build shareholder value by developing strong customer partnerships through quality and service.

Source: Clearwater Paper Corporation

Sappi Limited has just announced a range of projects in Europe and the United States to support its growth strategy and 2020Vision and in particular to be the lowest cost producer and best service provider in graphic papers and to increase its global product offering to packaging and speciality papers customers.

Range of projects launched for period 2017 to 2019 including:

• Expanded lightweight packaging and speciality paper capacity at Alfeld Mill
• Conversion of Maastricht Mill to produce high quality solid bleached board
• Transition Lanaken Mill PM8 over three years to support coated woodfree business

A number of projects related to equipment upgrades and production efficiencies at its Alfeld, and Ehingen Mills in Germany, its Lanaken Mill in Belgium and its Maastricht Mill in The Netherlands will be undertaken over the next three years.

Sappi Europe will take a further decisive step in growing its packaging and speciality papers business by converting its Maastricht Mill to a high quality solid bleached board facility and by expanding the lightweight packaging and speciality papers capacity of its Alfeld Mill by 10,000 tpa. It is expected that the SBB business at Maastricht Mill will grow to 150,000 tpa in the next three years. The displaced graphic paper volumes will be assigned to other mills.

The rapid growth of Sappi Europe’s packaging and speciality papers capacity will also be supported by Sappi Ehingen Mill, whilst Sappi Lanaken Mill PM8 will progressively transition to coated woodfree production over the next three years in line with the expected decline in the coated mechanical market. 

Berry Wiersum, CEO Sappi Europe, said: “We are delighted to have received strong support from Sappi’s Board. These projects will enable us to make better use of our assets to drive growth in speciality papers, as well as to reduce by 2020 our coated graphic papers capacity by about 200,000 tons”.

Commented Steve Binnie, CEO of Sappi Limited: “Our focus has always been to build and strengthen competitive advantage. Taken as a whole, these investments take advantage of our manufacturing base and the skills and knowledge of our people to enhance the potential of the mills, setting us on a strong course for the future”.

About Sappi
Sappi Europe SA is the leading European producer of coated fine paper used in premium magazines, catalogues, books and high-end print advertising. Headquartered in Brussels, Belgium, Sappi Europe is recognised for innovation and quality. Its graphic paper brands include Magno™, Quatro™, Vantage™, Royal, Galerie™ and GalerieArt™ ranges. Algro®, Leine®, Parade®,  Fusion® and atelier™ are the brands for innovative solutions of packaging and speciality papers.

Sappi papers are produced in mills accredited with ISO 9001, ISO 14001 and OHSAS 18001 certification and EMAS registration for all our mills in the EU. Sappi European mills hold chain-of-custody certification under the Forest Stewardship Council (FSC®) and/or the Programme for the Endorsement of Forest Certification (PEFC™) schemes.
Sappi Europe SA is a division of Sappi Limited (JSE), a global company headquartered in Johannesburg, South Africa, with 12,000 employees and manufacturing operations on three continents in seven countries, sales offices in 50 countries, and customers in over 100 countries around the world.

Learn more about Sappi at www.sappi.com

Bekaert Solaronics supplied Kingdecor (Zhejiang) with two hoods of 6-rows infrared UniDryer® for drying of laminating papers on its Paper Machine 1.

Thanks to its high energy efficiency and flexibility, the UniDryer^® will achieve a uniform total drying after the size press while maintaining the high-quality levels of the specialty paper.

The system UniDryer^® consists of high velocity air flotation nozzles for an optimal convective heat transfer, high performance gas infrared emitters and integrated blowing fans. The combination of these features results in a fast heat-up, a high evaporation rate and ultimately in better paper quality. The system will be equipped with Gem12E, the latest generation of Bekaert Solaronics emitters that allow an increased drying efficiency by approximately 10 % compared to the regular Gem12 emitters.

About Kingdecor (Zhejiang) Co., LTD

Founded in 2004, Kingdecor (Zhejiang) Co., Ltd. is a joint venture established by Schattdecor AG from Germany and Zhejiang Special Paper Co. Ltd from China, with a registered capital of 32.6 M$. The paper mill has an annual production capacity of 180.000 tons of decor base paper, which is being exported to Asia, North America and Australia. 

About Bekaert and Bekaert Solaronics

Bekaert is a world market and technology leader in steel wire transformation and coating technologies. We pursue to be the preferred supplier for our steel wire products and solutions by continuously delivering superior value to our customers worldwide. Bekaert (Euronext Brussels: BEKB) is a global company with almost 30 000 employees worldwide, headquarters in Belgium and € 4.4 billion in annual revenue.

Founded in 1967, Bekaert Solaronics supplies customized drying and heating systems based on gas and electrical infrared technology to a wide range of industries. Today, more than 1 000 systems have been installed worldwide. The company also provides maintenance services and is available to assist on upgrades or improved energy efficiency of existing systems

Enterprises of the Belarusian timber, woodworking, pulp and paper industry concern Bellesbumprom will invest more than Br650,000 in the development of new technologies in 2017, Bellesbumprom Concern Chairman Yuri Nazarov said during the Bellesbumprom Concern Council meeting on 1 February, BelTA has learned.

“Today further development of the pulp-and-paper industry is possible only through the implementation of brand new technologies, the expansion of the product assortment and increasing the production volume. Bellesbumprom enterprises are expected to invest more than Br650,000 in the development of resource-saving, import-substituting and eco-friendly technologies in the pulp-and-paper and wood chemical industries during the Year of Science,” said Yuri Nazarov.

In his words, wide research in various areas is planned in cooperation with scientists of the Belarusian State Technological University. “In line with the agreement that we signed with the Belarusian State Technological University, Spartak and Krasnaya Zvezda will get products of improved quality this year,” the Bellesbumprom chairman said.

Yuri Nazarov stressed that improved quality, expanded production of innovative goods and competitive prices would promote competitive ability of products of the Bellesbumprom enterprises.

British master papermaker James Cropper recently showcased a number of its products and services at international trade fair Paperworld.

Offerings highlighted at the exhibition – which took place from 28 to 31 January in Frankfurt – included the company’s new Tailor Made service, its new range of food contact-approved papers and its Kendal Manilla collection.

Tailor Made was launched to allow brands to work with James Cropper to develop unique, custom-made paper solutions for brand presentation and packaging. The extensive variables available through the service range from the individual fibres used to make paper to the ways they’re engineered, coloured, embossed and converted.

Andy Smith, director of export sales at James Cropper, said: “We’ve always worked with brands to create personalised solutions for them but now, with Tailor Made, we’re taking this service to the next level.

“It’s absolutely vital for brands to stand out, and a lot of that comes down to expressing their individuality through the materials they use – whether that be the use of post-consumer waste in production to champion sustainability, or using unique shades of soft-touch papers to evoke sophistication.”

Meanwhile, Dolcelicious – a range of premium food contact-approved papers – has been developed to help food and drink brands elevate the packaging experience and is suitable for contact with dry, moist and fatty foodstuffs. The range is available in 11 eye-catching colours, including Lemon Drizzle, Liquorice, Silver Spoon and Kiwi Fizz.

Norbert Spiegel, sales manager for the DACH region, adds: “With the launch of the Dolcelicious collection, we have another string to our bow. We’re now able to widen our service to German brands in the food and drink industry, allowing them to benefit from the range’s diverse colours and textures – from subtle and natural to glamorous and bold.”

In addition, James Cropper will feature Kendal Manilla, the papermaker’s range of high-quality boards established as a benchmark for outstanding performance within the filing and stationery markets.

Norbert added: “Kendal Manilla is one of our core ranges of papers and has been a go-to product for business folders and files for many years. With its versatility and wide range of weights and colours, we were thrilled to bring this stationery stalwart to Paperworld.”

For more information about Dolcelicious or to request a sample, visit www.dolcelicious.com. For more information about Tailor Made, Kendal Manilla or the James Cropper brand, visit www.jamescropper.com.

About James Cropper

James Cropper are prestige paper innovators based in the English Lake District, supplying distinct, custom-made paper products to many of the world’s leading luxury brands, art galleries and designers. Celebrating 170 years of high quality paper production in 2015, the business has been carefully stewarded and nurtured by six generations of the Cropper family and is renowned globally for individual expertise in colour, dedicated responses to the most challenging custom projects and award-winning commitment to the highest standards of sustainability.

A network of global sales and production facilities from Europe to the Far East provides local customer service to international clients, while its historic base in the village of Burneside retains nearly two centuries worth of papermaking expertise.

About Technical Fibre Products (TFP)

As well as paper products, James Cropper plc also incorporates Technical Fibre Products (TFP),manufacturers of non-woven materials from carbon, glass and polymer fibres, which play a key part in production of composites in the automotive, energy and aerospace sectors.

About James Cropper 3D Products

With James Cropper 3D Products, James Cropper plc has created the next generation of sustainable moulded paper packaging. Available in a wide variety of colours and with a naturally tactile finish, the product has a clear focus on quality and is design-engineered to suit all packaging needs. Features to improve product value and packaging integrity, such as personal embossing, natural hinges and cut-outs, enhance brand impact. All packaging products are recyclable and made from 100 per cent renewable natural fibres.

For further information visit: www.jamescropper.com , www.jc3dp.com and www.tfpglobal.com

BillerudKorsnäs has awarded Voith with another two orders. One is for the rebuild of the existing PM7 in Skärblacka, Sweden, and the other one is for the relocation of PM7 of BillerudKorsnäs from Tervasaari, Finland to Sweden. The relocated production line will become the PM10 at the Skärblacka mill.

Voith will equip the PM7 in Skärblacka with a film press unit for surface treatment of the MG papers. The scope of supply for the PM7 also includes a steam-heated hot air dryer for contactless drying following the surface treatment as well as a drying-hood in the new after-dryer section.

The relocation of the production line for MG paper from Tervasaari to Skärblacka will be project managed by Voith, which will also be responsible for the entire logistics, the basic and detail engineering and the disassembly, installation and commissioning of the production line. Under the contract, Voith will carry out a safety audit on the existing machine, prepare a master plan for preserving and repairing parts to be moved and refurbish corroded components. Voith will also deliver a new soft calander and steam box for PM10.

About Voith Paper
Voith Paper is a corporate division of Voith and is one of the leading partners and pioneers in the paper industry. Through constant innovations, Voith Paper is optimizing the paper manufacturing process, focusing on developing resource-conserving products to reduce the use of energy, water and fibers. Furthermore, Voith Paper offers a broad service portfolio for all sections of the paper manufacturing process.

About the company
For 150 years, Voith’s technologies have been inspiring customers, business partners and employees around the world. Founded in 1867, Voith today has around 19,000 employees, sales of €4.3 billion and locations in more than 60 countries worldwide and is thus one of the largest family-owned companies in Europe. Being a technology leader, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & automotive.

To improve the product range and to meet the requirements of today's customers, Stora Enso is introducing a new product, Multicopy Zero. Multicopy Zero is carbon-neutral, which means that Multicopy offsets the emissions generated from distribution.

"This carbon-neutral paper brings a clear and credible testimony to the action that Multicopy has taken to address the issue of climate change. In 2017 we celebrate 40 years on the market by launching a new product range based on direct customer feedback and on the results of an extensive customer survey,” says Jonathan Bakewell, VP Office Paper Segment at Stora Enso Paper division.
 
Multicopy is a brand working well at every occasion. It fulfils two specific needs that we are eager to meet: the need for a super-sustainable alternative and for a product capable to reproduce nuances and details with outstanding sharpness.
 
The new product range comprises: Multicopy - the sustainable premium paper for all office machines. Multicopy Zero - a carbon-neutral paper for all office machines and Multicopy Presentation - a super smooth premium paper for all office machines. The highly appreciated paper quality, the high sustainability standards and the excellent runnablility will remain the same. All three products in the Multicopy family have environmental certifications and in addition to this, Multicopy Zero comes with the Carbon Neutral certificate.
 
“Multicopy's refreshed look supports our aspiration to improve the products and revitalize the brand by giving it a look and an atmosphere meeting the requirements of today's customers,” says Jennie Åkesson, Brand Manager, Stora Enso Paper division.

http://www.storaenso.com/multicopy

Stora Enso is a leading provider of renewable solutions in packaging, biomaterials, wooden constructions and paper on global markets. Our aim is to replace fossil based materials by innovating and developing new products and services based on wood and other renewable materials. We employ some 26 000 people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion. Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs (SEOAY). storaenso.com

Updated Statement - Fatality at UPM Shotton, 6th February 2017

(Shotton, Deeside, 07/02/17, 16.00hrs)  Following the fatality yesterday at UPM Shotton, further details on the incident are now available for release.

The deceased was a contract worker within the inbound recovered fibre warehouse. The man was struck at 11.30am. by a large bucket loader driven by another contract worker. The bucket loader is designed to move waste paper from the floor to the recycling lines inside of the warehouse as per standard operations. He was declared dead at the scene.

As per protocol, the Police were informed along with the Health and Safety Executive (HSE). North Wales Police subsequently arrested the driver of the bucket loader, who assisted them with their enquiries. The driver has now been released without further charge.

The HSE has concluded interviewing of witnesses and reviewed materials relating to the incident. North Wales Police has handed the case to HSE for sole investigation. UPM will continue to fully support.

Mr David Ingham, General Manager, UPM Shotton said:

“We are all deeply shocked by this tragic incident. We made the decision to close the whole mill overnight as a mark of respect for the deceased and his family.
Staff affected by the incident will be offered support going forward, including counselling as required.”

He added: “We will continue to work closely with all parties to identify the cause of the incident. As this remains a live investigation by HSE we are unable to provide further comment.”

UPM Shotton is part of UPM Paper ENA which is a member of the UPM-Kymmene Corporation. The paper mill produces 100% recycled newsprint from recovered newspapers and magazine from the UK domestic recycling supply chain. The mill started operations in 1985 and has a single paper production line, a renewable power plant and a £17m materials recovery facility. It employs approximately 200 persons.

UPM Paper ENA Boilerplate

UPM Paper ENA

UPM Paper ENA (Europe and North America) is the world's leading producer of graphic papers, offering an extensive product range for advertising and publishing as well as home and office uses. The high performing papers and service concepts of UPM add value to our customers’ businesses, while actively fulfilling demanding environmental and social responsibility criteria. With headquarters in Germany, UPM Paper ENA employs approximately 9,000 people. To learn more about UPM Paper ENA visit: www.upmpaper.com 

UPM

Through the renewing of the bio and forest industries, UPM is building a sustainable future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Paper ENA (Europe and North America) and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,600 people and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM – The Biofore Company – www.upm.com