UPM has taken another step towards separating its plywood operations into an independent listed company after Finland's Financial Supervisory Authority approved the demerger and listing prospectus for WISA Group Plc. The approval marks a key milestone in the transaction, which is expected to create one of Europe's largest dedicated plywood manufacturers.<\/p>\n
The spin-off, first announced in April, remains subject to shareholder approval at an Extraordinary General Meeting scheduled for 31 August. If approved, the partial demerger is expected to become effective on 31 October, with trading in WISA shares on Nasdaq Helsinki anticipated to begin on 2 November or shortly thereafter.<\/p>\n
UPM intends to transfer all assets and liabilities associated with its plywood business into the newly established company. Following the separation, WISA will operate independently, focusing exclusively on plywood and veneer products for industrial and construction markets.<\/p>\n
The new company will manage seven production units located across five sites in Finland and Estonia, with a combined theoretical production capacity of approximately 785,000 cubic metres of plywood and veneer products annually. Its product portfolio serves a broad range of end markets, including construction, building distribution, transport flooring, LNG vessel manufacturing, parquet production and other industrial applications.<\/p>\n
Alongside the regulatory approval, UPM confirmed the leadership team that will guide WISA after the separation. Tuija Suur-Hamari, currently a member of UPM's Group Executive Team, will become President and Chief Executive Officer once the demerger is completed. She will leave UPM's executive management as part of the transition, while the remaining members of WISA's management team will continue in their current UPM positions until the transaction becomes effective.<\/p>\n
UPM has also outlined long-term financial objectives for the future company. By 2030, WISA aims to generate more than \u20ac550 million in annual sales, achieve a comparable EBIT margin of 13%, and maintain net debt below 1.5 times comparable EBITDA.<\/p>","protected":false},"excerpt":{"rendered":"
UPM has taken another step towards separating its plywood operations into an independent listed company after Finland’s Financial Supervisory Authority approved the demerger and listing prospectus for WISA Group Plc. The approval marks a key milestone in the transaction, which … Continue reading