HELSINKI -- UPM-Kymmene Corporation says it is proceeding with the plan to change its corporate structure in Finland to better match its current business structure. UPM announced the plan on 10 December 2015.

Three new subsidiaries have been established in Finland: UPM Energy Oy, UPM Paper Asia Oy and UPM Paper ENA Oy. The personnel and assets of UPM Energy, UPM Paper Asia and UPM Paper ENA (Europe and North America) in Finland are planned to be transferred to the new companies on 1 July 2016.

UPM Raflatac and UPM Plywood operate already in their own subsidiaries in Finland. UPM Biorefining will remain in UPM-Kymmene Corporation.

The UPM business structure and operating model of businesses will remain as today. The arrangement has minor impact on day-to-day operations. The staff will transfer to the new companies with existing terms and conditions.The corporate structure change does not include personnel reductions.