UPM's negotiations with the Government of Uruguay concluded

(UPM, Montevideo, 1 November 2017 at 09:00 GMT -3.00) – The discussions between UPM and the Government of Uruguay concerning the infrastructure development and other local prerequisites for long-term industrial growth in Uruguay have been concluded.

"The negotiations have been intensive and constructive. Now the result of the negotiations will be reviewed by both parties in their respective decision making processes. In UPM this is estimated to take approximately ten days," says Jaakko Sarantola, Senior Vice President, UPM, Uruguay Platform.

Notes to the editor

In July 2016, UPM commenced discussions with the Government of Uruguay regarding the prerequisites for long term industrial development in Uruguay, including infrastructure development.

The aim of these discussions during the first preparation phase has been to come to a mutual understanding on an investment agreement that defines the local prerequisites for industrial investment as well as initiatives for infrastructure development.

The subsequent second preparation phase would consist of a pre-engineering study and permitting process, and achieving significant progress in the implementation of the infrastructure initiatives agreed upon during the first preparation phase. This phase is expected to last one and a half to two years.

If these two preparation phases are concluded successfully, UPM will initiate the company´s regular process of analysing and preparing an investment decision regarding a potential pulp mill.