HELSINKI (News release) -- UPM has completed withdrawal of its businesses from Russia by selling all its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading. The parties have agreed not to disclose the details of the transaction.

Following Russia's war of aggression in Ukraine, UPM announced in March 2022 suspension of its business activities in Russia, including deliveries, wood procurement and the Chudovo plywood mill.