Home Intelligence Intelligence Paper UPM CFO says deal for Shotton mill in Wales is “proceeding”

UPM CFO says deal for Shotton mill in Wales is “proceeding”

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UPM Shotton
UPM Shotton

UPM’s chief financial officer Tapio Korpeinen has said that a deal for selling its UPM Shotton mill in Wales is “proceeding”.

In a question and answer session with investors following publication of its Q1 2021 results, UPM was questioned over the sale of the mill.

Tapio Korpeinen said: “The Shotton process is proceeding. And obviously, we will then communicate it when we have a result out of it, but it is sort of in progress as planned.”

With UPM revealing that it had made €130 million (£113 million) in savings, he said that the sale of Shotton was not included in these savings but would be a new item when it is sold.

UPM put the 250,000 tonnes per year mill up for sale in August 2020 with the suggestion that it should be converted for containerboard production.

The newsprint mill currently includes a materials collection and recycling facility, deinking plant, paper machine line and energy infrastructure.

In its Q1 results, UPM revealed that pre-tax profits were €279 million (£243 million) and were largely in line with the same period in 2020 despite sales falling to €2.234 billion (£1.942 billion) in Q1 2021 from €2.287 billion (£1.988 billion) in Q1 last year.

UPM said this fall in revenue was due to lower prices for graphic papers and unfavorable changes in currencies.

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