The redefinition of UPM as a bio and forest industry business – the “Biofore Company” – is where the company is headed, says president and CEO Jussi Pesonen.
Mr Pesonen, speaking in UPM’s newly-published annual report, said the bio concept captured the essence of UPM”s strategy.
“Bio stands for future orientation, sustainable products and solutions, as well as good environmental performance,” he said.
“Fore stands for versatile and advanced use of forest biomass, but also for being in the forefront, being first. This is where we see our company heading.”
After recently reporting sharply reduced annual operating profits of €270m, Mr Pesonen said the operating environment in 2010 would continue to be challenging.
“Demand recovery seems to be at hand, but the speed and strength of it is uncertain. There is still overcapacity in many of our businesses. It is crucial to ensure cost competitiveness today but also to have strong foresight for future developments.”
