UPM in talks to acquire rival company Myllykoski Group

UPM said it is engaged in discussions with the rival company, which has operations in Finland, Germany and the US.

However, it said “a number of significant issues remain unresolved”, and added there is no certainty that the discussions will result in a transaction.

Both companies confirmed the ongoing negotiations but declined to comment further.

In a statement on its website, Myllykoski said it has been in negotiations with its financiers on its debt.

It said: “The company has been engaged in negotiations with various partners regarding structural arrangements.

“Negotiations with UPM are ongoing and thus Myllykoski will not comment on this at this stage.”

Helsinki-based UPM has 23,000 staff and in 2009 recorded turnover of €7.7bn.

Family-owned Myllykoski is an international paper manufacturer that produces uncoated and coated publication papers, including newsprint.

 

It operates seven paper mills with a total annual capacity of 3 million tonnes, and employs 2,700 people.

Read the original article at www.printweek.com.

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