contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


metsa-board-oyj-metsa-boards-change-negotiations-concluded-in-finland

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Metsä Board is a manufacturing company active in the paper and pulp industry. The company is a manufacturer of cartons made of forest fiber. The products are used for consumer and food products. In addition to the production of cartons, the company offers services related to technical analysis and design development. The company is most active in the European market. Metsä Board´s head office is located in Espoo, Finland.

Thanks for the observations. I wondered about those figures and thought that UPM, based on them, would immediately reduce its investment in graphic paper in the arrangement. However, UPM brings about 3.7 Mt of annual capacity to the JV, while SAPPI brings about 2.0 Mt. It’s unlikely that Sappi’s mills are in much better shape than UPM’s. They also contribute a couple of single-machine sites, which are likely to be the first in the firing line. Of course, UPM has them too.

It’s good to note that those enterprise values include debts and pension liabilities. Sappi’s press release makes it clearer that the arrangement is actually completely symmetrical from the companies’ perspective; both are net contributing €127-128m to the company (net assets - received cash). https://www.sappi.com/en-us/about-us/news-and-events/sappi-and-upm-propose-combining-their-european-based-graphic-paper “The Sappi business is valued at €320 million which, based on an FY2025 EBITDA of €64 million represents a 5x multiple. Sappi will transfer pension and other liabilities of €53 million and net assets valued at €267 million to the Joint Venture. In return Sappi will receive cash of €139 million and 50% shareholding in the Joint Venture. The UPM business is valued at €1,100 million, which represents a 4.6x multiple of the last reported 12 months to September 2025 EBITDA. UPM will transfer pension and other liabilities of €360 million and net assets of €740 million to the Joint Venture. In return UPM will receive cash of €613 million and 50% shareholding in the Joint Venture.”

That slide in UPM’s presentation today tells how strong UPM’s desire is to get rid of graphic papers. UPM’s contribution to the company is 3.43 times more valuable than SAPPI’s. Still, the ownership stakes are 50/50, as UPM wants to get much more cash out of the arrangement immediately than SAPPI. They will probably try to sell the entire burden immediately after 3-4 years, when the contract terms allow it, if a buyer can be found. By then, the graphic paper market will have shrunk by another 20%, so there will be plenty to restructure. It’s likely that about 20% of the capacity will indeed be cut immediately when the JV starts. What will the JV be named? Kymmene? Or Roskapankki (Junk Bank)

Yes, this seems like a sensible move! Plywood could now be kept within UPM ”According to CEO Massimo Reynaudo, UPM would benefit from the arrangement by receiving cash, transferring pension liabilities to the joint venture, and owning half of the new company.\n\nThe arrangement would improve UPM’s profitability and balance sheet. The forest company would also no longer operate directly in the declining European and North American paper markets.\n\nThe joint venture is expected to bring annual savings of approximately 100 million euros through the streamlining of production, product portfolio, and logistics.”\n\nMetsäjätti muuttaa suuntaa – UPM:n avaukseen on selvät syyt | Kauppalehti

If the merger goes through, then 2-3 of those 12 mills transferring to the new unit will likely be closed quite quickly. It will be a repeat of the UPM-Myllykoski merger. Such a large entity is easier to restructure in a declining end-product market. A lot will happen within 2-3 years. As for whether Jämsänkoski’s PK6 will continue, I cannot comment on that.

So Jämsänkoski would produce products for two different companies: Speciality Papers for UPM and the rest for the newly created joint venture?

News Powered by Cision              UPM suunnittelee keskittyvänsä kasvuun fokusoidummalla liiketoimintaportfoliolla    (UPM, Helsinki, 4.12.2025 klo 12.00) – UPM on materiaaliratkaisujen yhtiö, jolla on                             UPM is a material solutions company with world-class businesses in growing markets. With the planned joint venture for graphic papers announced today between UPM and Sappi, UPM aims to position the Communication Papers business to continue creating customer value in a way that promotes UPM’s shareholder value. The realization of the joint venture would positively impact UPM’s profitability margins (EBIT percentage of sales), balance sheet, and indebtedness, and UPM would no longer have direct sales to the declining European and North American graphic papers markets. Focused Material Solutions Company with a Strong Growth History If the joint venture were established, the future UPM would have an attractive business portfolio focused on renewable fibers, advanced materials, and carbon emission reduction solutions. All the aforementioned businesses operate in growing markets, and UPM has grown faster than GDP in these areas: sales growth has been approximately 4.4% (CAGR) over the last decade (2014–2024). These businesses are leaders in their respective fields and aim for world-class performance. UPM operates globally, which allows the businesses to seize opportunities in faster-growing markets, utilizing competitive production. Renewable Fibers: Maximizing Value Creation with Current Capital UPM Fibres globally offers sustainable, high-quality short and long-fiber pulp and sawn timber. Strong production platforms and capabilities provide opportunities for improving capital efficiency and generating effective cash flow. Fibres South forms a world-class pulp production platform with competitive mills, productive wood plantations, and efficient logistics infrastructure. It enables value creation through cost optimization and debottlenecking production with minimal investments. Fibres North expands the customer offering with long-fiber pulp, and its well-maintained mills and flexible operating model enable competitiveness. Advanced Materials: Targeted Capital-Efficient Growth Advanced materials businesses offer technically demanding materials for growing end-uses. These businesses are less capital-intensive compared to UPM’s other businesses, enabling targeted growth in the coming years. UPM Adhesive Materials offers high-quality self-adhesive paper and film products globally and has established a strong foothold in graphic solutions. UPM Specialty Papers offers specialty packaging materials for flexible packaging, labels, and industrial release papers globally, as well as fine papers in the Asia-Pacific region. Carbon Emission Reduction Solutions: Long-Term Growth Potential with Unique Solutions Carbon emission reduction solutions address the growing need to reduce climate emissions, offering means from the electrification of society to low-emission transport and bio-based chemicals. UPM Energy offers carbon-free electricity for growing consumption needs with stable nuclear power and flexible, value-adding hydropower. UPM Biorefining offers innovative solutions for reducing carbon emissions in transport and aviation, as well as renewable, bio-based chemicals. The business offers significant long-term growth potential. The business has established a strong position in the European advanced renewable fuels markets. UPM is launching an exciting new renewable chemicals business, and the first-of-its-kind biorefinery in Leuna, Germany, is expected to start customer deliveries in the last quarter of 2025. Strategic Review of Graphic Paper Joint Venture and UPM Plywood Business Expected to Conclude During 2026 The planned joint venture for UPM Communication Papers business is currently expected to take place by the end of 2026, subject to regulatory approvals and other conditions being met. For more information, see the release. A strategic review is underway at UPM Plywood to maximize the long-term potential and value creation of the business. The strategic review of UPM Plywood is expected to be completed by the end of 2026. During the strategic review of UPM Plywood and until the potential realization of the planned UPM Communication Papers and Sappi European graphic paper joint venture, UPM will continue to operate and develop these businesses with a commitment to its customers. Short-Term Focus on Competitiveness, Targeted Growth, and Balance Sheet In addition to the aforementioned strategic portfolio projects, UPM is focusing on further enhancing competitiveness, improving capital efficiency, and strengthening its balance sheet. Following last year’s investments, the company has a strong asset base, enabling targeted growth projects in a capital-efficient manner. UPM aims to allocate capital in a balanced way by developing the company with targeted investments, distributing an attractive dividend, and maintaining a strong balance sheet. UPM’s Financial Key Figures Assuming the Planned Graphic Papers Joint Venture The tables below present UPM’s key financial figures as reported and excluding UPM Communication Papers. The figures do not include the effects of establishing the joint venture, transaction costs, synergies or dis-synergies, or project costs.

Metsä Board

Metsä Board Corporation Investor news 12 November 2025On 31 July 2025, Metsä Board announced the launch of a cost savings and profitability improvement programme worth approximately EUR 200 ...

<div class="abstract">Metsä Board Corporation Investor news 12 November 2025</div>On 31 July 2025, Metsä Board announced the launch of a cost savings and profitability improvement programme worth approximately EUR 200 million. The aim of the programme is to adjust the company's cost structure, enhance operational efficiency, and strengthen the foundation for sustainable growth. As part of the programme, the company initiated change negotiations on 7 October 2025 involving its entire personnel across its operating countries.The estimated need for personnel reductions in the change negotiations was up to 315 employees, of which 155 were in Finland. &nbsp;The change negotiations in Finland have now concluded, resulting in a total reduction of 150 positions. In addition, the company will implement reorganisations of roles and functions to improve operational efficiency and strengthen competitiveness. As a result of the change negotiations held in Finland, Metsä Board will record approximately EUR 12 million in one-off costs in its comparable operating result for the fourth quarter of 2025.Change negotiations continue in Metsä Board's other operating countries in accordance with local legislation. The outcomes of these negotiations will be communicated at a later stage.In addition, the change negotiations concluded that in 2026, the company may implement temporary layoff periods in multiple phases at its production sites in Finland, to adjust production to potentially continued low demand for paperboard. At the sites in Kemi, Kyröskoski, Simpele and Äänekoski, any potential layoffs may last up to 90 days, whereas in Kaskinen and Joutseno, they may exceed 90 days. The scope and allocation of any potential layoffs will be decided separately based on the situation.METSÄ BOARD CORPORATION<div></div>