UPM-Kymmene and Sappi to form a joint venture in a €1.42bn deal.

UPM-Kymmene, a material solutions company, and Sappi, a global diversified woodfibre company, agreed to form a joint venture to manage the structural decline of the graphic paper market in a €1.42bn deal. UPM-Kymmene and Sappi will each own 50%. "The proposed Joint Venture represents a decisive response to the structural changes in the European graphic paper industry. It would offer a path to strengthen the resilience of the industry and provide long-term commitment and supply security to graphic paper customers," Massimo Reynaudo, UPM President and CEO.