UPM and Tornator PLC have signed a letter of intent on forestry land sales and long-term wood supply. Tornator will annually sell a significant volume of wood from their forests to UPM mills in Eastern Finland.
Additionally, the companies have agreed on forestry land sales covering 23,000 hectares of UPM-owned forest estates in North Karelia to be sold to Tornator. The forests are located in the municipalities of Ilomantsi, Juuka, Lieksa and Polvijärvi and they are both PEFC(TM) and FSC® certified. The parties have agreed not to disclose the value of the agreements.
As part of the real estate portfolio development UPM has for several years regularly sold forest assets located far from its mills.
Tornator is a leading company specialised in responsible forestry with own forests in Finland, Estonia and Romania.