UPM sells its Russian enterprise to its own subsidiary

As Novy Prospekt Newpaper reports, Finnish UPM has changed the ownership structure of its Russian enterprises. According to SPARK, ASTRONAUT RUS HOLDINGS OY, a Finnish joint-stock company, has become the sole owner of UPM Kymmene LLC (trading in paper and cardboard) and UPM-Kymmene Chudovo LLC (producing plywood).

As the press office of UPM told Novy Prospekt Newpaper, ASTRONAUT RUS HOLDINGS OY is part of UPM itself. The newspaper was not explained the reasons for the changes in the ownership structure.

According to the press office of UPM, the plant in the town of Chudovo has been standing idle since September 2022.