- Founded: 1996 (merger of Kymmene Corporation and United Paper Mills)
- 2024 Revenue: EUR 10.34 billion
- 2024 Employees: 15,827 (end of year)
- Market Cap: Approximately EUR 12.5 billion (January 2026)
- Headquarters: Helsinki, Finland
UPM-Kymmene Oyj ranks among the largest forest industry companies in the world. The Finnish company produces paper, pulp, plywood, label materials, biofuels, and generates electricity from renewable sources.
UPM operates through six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers, and UPM Plywood. The company maintains production plants in 11 countries and sells products worldwide.
UPM holds the distinction of being the only paper company listed in the global Dow Jones Sustainability Index. The company also owns the Verla mill, a UNESCO World Heritage Site since 1996.
UPM-Kymmene History
UPM-Kymmene Co-founders
UPM-Kymmene formed through the merger of established Finnish forest industry companies rather than through individual founders. The key predecessor companies included:
UPM-Kymmene Competitors
UPM competes with major forest and paper companies worldwide. Key competitors include Stora Enso, Metsä Group, and Mondi in the European market.
| Company | Headquarters | Primary Business |
|---|---|---|
| Stora Enso | Helsinki, Finland | Packaging, Biomaterials, Wood Products |
| Metsä Group | Espoo, Finland | Forest Products, Pulp, Paperboard |
| International Paper | Memphis, USA | Packaging, Pulp, Paper |
| Mondi | London, UK / Vienna, Austria | Packaging, Paper Products |
| Nippon Paper Industries | Tokyo, Japan | Paper, Pulp, Packaging |
| Holmen | Stockholm, Sweden | Paperboard, Paper, Wood Products |
| Sappi | Johannesburg, South Africa | Dissolving Pulp, Paper, Packaging |
| BillerudKorsnas | Solna, Sweden | Packaging Materials, Paper |
| Ahlstrom | Helsinki, Finland | Fiber-based Materials |
| Metsä Board | Espoo, Finland | Paperboard, Pulp |
UPM-Kymmene Acquisitions
UPM has grown through strategic acquisitions that expanded its production capacity and geographic reach. The company has also divested operations as market conditions changed in the graphic paper industry.
In 2001, UPM acquired the Haindl Group from Germany. This acquisition strengthened UPM’s position in the European market for graphic papers and added recycled fiber capabilities to its portfolio.
The 2011 acquisition of Myllykoski Corporation and Rhein Papier GmbH marked one of UPM’s largest deals. The approximate enterprise value reached EUR 900 million. The transaction included seven publication paper mills in Germany, Finland, and the United States with total annual production capacity of 2.8 million tonnes. UPM financed the deal through a directed share issue of 5 million shares and EUR 800 million in long-term debt.
In 2009, UPM increased its stake in Metsä-Botnia to 91%, gaining control of the Fray Bentos pulp mill in Uruguay. This move positioned UPM as a major pulp producer in South America.
More recently, in 2024, UPM Raflatac acquired Grafityp in Belgium to accelerate growth in graphics solutions. The company has also sold underperforming assets, including the Steyrermühl site in Austria and closed mills in Germany and Finland to optimize its production network.
UPM-Kymmene Marketcap
UPM-Kymmene maintains a market capitalization of approximately EUR 12.5 billion as of January 2026. The company trades on the NASDAQ OMX Helsinki stock exchange under the ticker UPM.
UPM-Kymmene Revenue
UPM-Kymmene generated EUR 10.34 billion in revenue for fiscal year 2024. This represents a slight decrease of 1.16% compared to 2023’s EUR 10.46 billion.
FAQs
When was UPM-Kymmene founded?
UPM-Kymmene was established in 1995 through the merger of Kymmene Corporation and Repola Ltd with its subsidiary United Paper Mills Ltd. Operations officially started on May 1, 1996.
What does UPM-Kymmene produce?
UPM produces paper, pulp, plywood, label materials, specialty papers, biofuels, and biochemicals. The company also generates electricity through hydropower and nuclear power plants.
Where is UPM-Kymmene headquartered?
UPM-Kymmene is headquartered in Helsinki, Finland. The company maintains production plants in 11 countries and sells products worldwide through its six business areas.
What is the UPM griffin logo?
The griffin logo was designed by Finnish artist Hugo Simberg in 1899 for Kymmene Aktiebolag. It represents a mythical creature and is the oldest continuously used corporate logo in Finland.
How many employees does UPM-Kymmene have?
UPM-Kymmene employed 15,827 people at the end of 2024. The average number of employees during 2024 was 16,282, down from 17,109 in the previous year.