UPM Completes Sale of Russian Businesses to Gungnir Wooden Products Trading
UPM on Monday (4-3-23) announced that it has completed its withdrawal from all of its businesses in Russia. UPM is selling all of its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading. By mutual agreement, the details of the transaction will not be disclosed.
The sale of UPM’s businesses in Russia follows the company’s suspension of its business activities—including deliveries, wood procurement, and the Chudovo plywood mill—in the country as of March 2022 following Russia’s invasion of Ukraine.
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