- September 06, 2002, PRESS RELEASE
Under a separate agreement, UPM-Kymmene says it will sell its plastic films manufacturer, Walki Films, to Bemis Company for USD 70 million. Both transactions are expected to close by year-end and are subject to approvals by competition authorities.
UPM-Kymmene officials note the converting industry structure, for both companies, is clarified through the deals. "The [industry] will continue to be a significant part of [our] growth strategy. With long-term development work and many acquisitions and divesitures, we now have come to the intended structure. MACtac will get an owner committed to the business and its development. Furthermore, Walki Films will have a new owner and a leader in its own field also committed to developing that specific business," says UPM-Kymmene president/CEO Juha Niemela.