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Earnings

Finland's UPM to invest $3 billion in Uruguay

(Reuters) - Finnish pulp and paper maker UPM UPM.HE said on Tuesday it has decided to go ahead with plans to build a pulp plant in Uruguay, which will start in the latter half of 2022, and it will invest around $3 billion in the project.

“The highly competitive mill investment of $2.7 billion will grow UPM’s current pulp capacity by more than 50%, resulting in a step change in the scale of UPM’s pulp business as well as in UPM’s future earnings,” the company said in a statement.

Additionally, UPM will invest $350 million in port operations in Montevideo and local facilities in Paso de los Toros.

Reporting by Tarmo Virki in Tallinn; editing by Louise Heavens

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