UPM sells Chudovo plywood mill to close operations in Russia

The Finnish forest industry company UPM has completed withdrawal of its businesses from Russia by selling all its Russian operations, including the Chudovo plywood mill, said UPM in a press release on Monday.

Chudovo plywood mill was sold to Gungnir Wooden Products Trading.

The details of the transaction, however, was not disclosed as per the agreement between the parties.

Following Russia's war of aggression in Ukraine, UPM announced in March 2022 suspension of its business activities in Russia, including deliveries, wood procurement and the Chudovo plywood mill.