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April 3 (Reuters) – Finnish forestry firm UPM-Kymmene (UPM.HE) said on Monday it has sold of all its operations in Russia to Gungnir Wooden Products Trading.
“The parties have agreed not to disclose the details of the transaction”, the Finnish company said in a statement.
UPM-Kymmene put its business in Russia on hold and ceased delivery of its products to the country in March 2022 after the war in Ukraine began.
The assets in Russia accounted for less than 1% of the group’s total operations, it said last year.
Sales to Russia and Ukraine generated less than 2% of UPM’s revenue in 2021.
Reporting by Boleslaw Lasocki in Gdansk; editing by Louise Heavens and Jason Neely
Our Standards: The Thomson Reuters Trust Principles.
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