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UPM Steyrermühl and UPM Augsburg Ended

Helsinki, Finland 02 February 2017 -- UPM has decided to close 305,000 tonnes of graphic paper capacity in Europe. The company permanently closes the paper machine 3 at UPM Steyrermühl, Austria and the paper machine 2 at UPM Augsburg, Germany. The decision is based on the plan announced in November 2016.

The employee consultation processes were conducted in line with the local legislations and have now been finalised. The number of persons affected is 143 for UPM Augsburg and 125 for UPM Steyrermühl. The SC paper machine 3 in Steyrermühl will be permanently closed at the end of Q1 2017. In Augsburg the production on the SC paper machine 2 was stopped already in the end of 2016. Both mill sites continue their paper production on the remaining cost-competitive paper machines.

"We understand the disappointment of our employees in Steyrermühl and Augsburg. Due to adverse market conditions continuously challenging us, we have to adjust our operations to meet the demand and to ensure a competitive future of our remaining paper assets. We conducted constructive and fair employee consultation processes at both mills, in order to diminish the impact of the closures on the personnel," says Anu Ahola, Senior Vice President, News & Retail, UPM Paper ENA.

The closure of both machines would result in annual cost savings of approximately EUR 30 million. UPM booked charges of EUR 64 million as an item affecting comparability in Q4 2016.

About 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 activity fulfilling demanding environmental and social responsibility criteria. With headquarters in Germany, UPM Paper ENA employs approximately 8,000 people. More about UPM Paper ENA and its products at www.upmpaper.com

About 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 and UPM Plywood. Our products are made of renewable raw materials and are recyclable. We serve our customers worldwide. The group employs around 19,300 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


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