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Finnish Firm Launches Large Paper Project in China
A Finland-based company has invested 600 million US dollars in China's paper sector, the largest single investment made by a Finnish company in China to date.
UPM-Kymmene Corporation, one of the world's largest wood processing companies, marked its take-over of 600 million US dollars paper mill in east China's Jiangsu Province by officially changing its name to UPM-Kymmene Paper.
The company, UPM-Kymmene (Suzhou) Paper Industry Co. Ltd, has its headquarters in Suzhou Industrial Park in Suzhou city and its production plant in Changshu city, both in east China's Jiangsu province.
UPM-Kymmene acquired 49 percent of the shares in the paper mill in Changshu in 1998, and on August 30, 2000, the Finnish paper giant became the mill's sole owner by acquiring the remaining 51 percent.
"The move shows our commitment to the Chinese market," said Juha Niemela, UPM-Kymmene's president and chief executive officer.
He said the acquisition was a strategic decision on UPM-Kymmene's part, designed to position this paper mill as a major platform for the development of the company's businesses in China and other areas within the Asia-Pacific region.
The mill produces 350,000 tons of uncoated and slightly coated fine paper annually, which is mainly used in printing and offices.
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