Update: Finnish Stevedores' Strike Closes UPM's Paper Mills in Finland

UPM's Finnish paper mills employ altogether about 4,300 persons. If all of UPM paper machines in Finland will be closed due to the strike it would mean that production work at paper machines would end impacting about 3,000 persons. In line with the Finnish Contracts of Employment Act UPM will suspend salary payment 7 days after the end of paper machine production work.

HELSINKI, FINLAND—March 3, 2010—The Finnish Transport Workers' Union strike which started on Tuesday, March 2, will stop transportation of raw materials to UPM-Kymmene's Finnish mills and seriously impede the transportation of products from mills to its customers. The strike will have an immediate impact on the operations of all UPM mills in Finland.

If the strike expands to cover the stevedores of the Finnish ports, this will in effect shut down all of the company's paper machines in Finland within a few days. The impact of the strike in its financial result is estimated to exceed EUR 3 million a day.