Nov. 19, 2009 - UPM said that it is increasing the amount of eucalyptus pulp from the Fray Bentos pulp mill in Uruguay used by its Changshu paper mill in China, and as a result, the company has terminated its pulp purchase contract with APRIL (Asia Pacific Resources International).

In October, UPM made a stock/debt swap deal with Metsaliitto and Botnia whereby UPM traded a portion of its holdings in Botnia for a larger stake in the Fray Bentos mill and the eucalyptus plantation forestry company Forestal Oriental in Uruguay — operations jointly owned by UPM, Metsaliitto, M-real, and Metsa-Botnia (Botnia).

UPM now holds a 91% stake in the Fray Bentos pulp mill and is 100% owner of Forestal Oriental.

SOURCE: UPM

See related story:
» UPM to Hold Large Stake in Frey Bentos Pulp Mill (10/22/2009)