Globalisation and the Finnish Forest Sector: on the Internationalisation of Forest-Industrial Operations

Total Page:16

File Type:pdf, Size:1020Kb

Globalisation and the Finnish Forest Sector: on the Internationalisation of Forest-Industrial Operations Globalisation and the Finnish forest sector: On the internationalisation of forest-industrial operations ARI AUKUSTI LEHTINEN Lehtinen, Ari Aukusti (2002). Globalisation and the Finnish forest sector: on the internationalisation of forest-industrial operations. Fennia 180: 1– 2, pp. 237–250. Helsinki. ISSN 0015-0010. This article focuses on the most recent internationalisation of Finnish for- est companies. The profiles of the major companies are analysed. A ‘world map’ is drawn to illustrate the gradual formation of forest-industrial spac- es in three scales: the articulation of Finnish (national) forest interest is related to the strategic openings of the Finnish forest companies within European (continental) and global (transcontinental) contexts. The suggest- ed world map covers both the active exporting of the ‘Finnish model’ and the subsequent new location of Finland in the international networks. Both material and symbolic dimensions of the process are highlighted. The slow dynamics of the paper production is set against the current fluidity of so- cietal demands that are fed by intensifying competition between the lead- ing companies, profit maximation among the shareholders, and keen steer- ing by globally aware environmentalists and consumers. Finally, the eco-so- cial consequences of the contested globalisation process are addressed by ex- amining the most controversial signs and signals. These include size ranking of the companies, profit hunting, image and identity politics, and product cer- tifications. The theoretical framework is based on the political-ecology litera- ture inspired by actor- and context-specific approaches. Hence, the aim is a simultaneous analysis of both material and symbolic changes in forest-indus- trial practices. Ari Aukusti Lehtinen, Department of Geography, University of Joensuu, P. O. Box 111, FIN-80101 Joensuu, Finland. E-mail: [email protected] Material and symbolic forests The specific goal is to analyse the eco-social interdependencies and consequences of the glo- balisation of the forest industry and trade. On the The intensive internationalisation of the forest in- one hand, these are related to the growing de- dustry is currently rearranging the interrelations mands of profit maximation and, on the other between the leading companies and their suppli- hand, to widening sustainability demands and ers and customers. The governance of the com- concerns of justice. Theoretically at stake is the panies is also under redefinition: shareholder in- contested rearticulation of local–global interfac- terest increasingly conditions the managers’ de- es and nature–society relations. Both are informed cision-making. The entire societal setting of the by a conceptual refocus on the interrelations be- forest industry has therefore changed, both at the tween the material and symbolic spheres of our level of material production and in terms of finan- socio-spatial existence (e.g., Peet & Watts 1996; cial performance and image profilation. Accord- McAfee 1999; Murdoch et al. 2000; Zimmerer ingly, this article outlines the basic forest-indus- 2000). The empirical material is limited to the trial restructuring in connection to the rise of sym- Finnish forest-industrial companies that are cur- bolic and speculative values in paper production rently re-working their historical embeddednes in (see, e.g., Collins 1998; Sandberg & Sörlin 1998; Finnishness and Finnish forest resources. The anal- Saether 1998; Kortelainen 1999a). ysis focuses on the years 1990–2000. 238Ari Aukusti Lehtinen FENNIA 180: 1–2 (2002) The article’s starting point underlines the seri- The ‘qualitative turn’ within the forest trade is ousness of the current eco-social problems. The taking place in the negotiations concerning the challenges of globalisation are real and acute, and central criteria of credibility and indicators of sus- demand collective and effective reforms in soci- tainability. Concretely, the macro-level merger etal practices. These challenges can no longer be logic follows size and credibility rankings of the overlooked and labelled as ‘trendy’ constructions key actors. The stock markets are sensitive to the of eco-alarmism. This does not, however, change behaviour of the companies, and the markets the fact that ecological and social imperatives are ‘read’ the credibility labels of the suppliers. New human derivations and therefore loaded with a and contested measures of forest certification myriad of motives. There is no way back to the have been introduced and publishers and media modern(ist) worldview based on solid divisions houses are now willing to confirm the sound between ‘us’ and ‘them’, the ‘internal’ and the background of the paper they use (Fürstner 1996). ‘external’, or the human and non-human realms Finally, the disputed guarantees confuse the con- (Conley 1995; Whatmore & Thorne 1998; Lehti- sumers. The third frame view of the article thus nen 2000, 2001a). argues that the main forest-industrial actors are Environmental problems, violations of human increasingly conditioned by the (more or less pub- rights, and other dark sides of modernisation can lic) negotiations of credibility. These negotiations, no longer be excluded from global and local prac- while surfacing as economically significant, turn tices (see Brown & Flavin 1999). This is the first into forums of hegemonic competition. This com- and the most fundamental frame view of this arti- petition is about the formulation of the primary cle: it is here, in between and across the domi- form and content of the negotiations, including nating ways of knowing, that new openings and the subsequent optional distribution of loads and radical inclusions are needed. But difficult prac- benefits defined in the reached agreements. In tical challenges follow immediately: How to make known examples, the initial eco-social worries the inclusions deemed necessary? On what basis have turned into a ‘game’ of relational positions should the necessities be ranked? How to cope and benefits and have resulted in an illusion of with the consequences of these inclusions? How strengthening eco-social viability (see, e.g., Mc- to evaluate the relevance of the myriad of already Afee 1999; Tirkkonen 2000). Again, difficult ques- existing critical eco-social signals? tions emerge: How to learn to identify the con- The task seems paradoxical. The critical voices tinuously changing conditions and rules of this emerge from experiences of alarming material ‘game’? On what basis should the concerns with shortcomings, but they turn into qualitative at- ‘good’ and ‘bad’ motives be distinguished? How tributes when integrated into trade routines as ex- to avoid processes where the judges judge their penses or guiding rules. Sustainability, green cer- own cases? How to make an ethical argument tificates, organic farming, just forestry, etc., are economically convincing? ideal models that aim at changes in human be- The operations and negotiations are document- haviour. But they are also signals in the market ed in this study with the help of geographical scal- because they seek to measure the viability of the ing. The ‘Finnish model’ of forest-industrial mod- production process and the value of the end prod- ernisation is briefly described as a historical con- uct. This leads to the second frame view of the text whereupon Europeanisation (since the mid- article: the forest-industrial actors (as economic 1980s) and globalisation (since the mid-1990s) actors in general) are now more frequently forced have developed as new phases of activity for Finn- to integrate qualitative aspects into their produc- ish companies. All these phases, however, are in- tion and trading profiles. The direction of this tegrally characterised by strong interdependencies change is currently under heated contestation. The across these dominating spatio-temporal scalings (research) questions hence are: How to secure the and marked by rapidly evolving discursive con- validity of information concerning the basic criti- tents. This is the fourth and final frame view of cal material conditions in our local–global world? the article: the forest-industrial actors and activi- Especially, how to secure the validity of the tran- ties seem to become evaluated in connection to sition from material to qualitative criteria? How to the spatio-temporal scales they are primarily iden- identify and evaluate the signals of the actors and tified with. European companies differ from glo- target groups? How to confirm that even the most bal companies and this makes a difference, e.g., marginal(ised) but concerned voices will be heard? in merger negotiations. This tends to confirm and FENNIA 180: 1–2 (2002)Globalisation and the Finnish forest sector 239 legitimate the hegemonic historico-spatial prac- 29.4 percent in 1999. The Finnish export profile tices and, moreover, the direction of reach: glo- nevertheless still continues to be exceptionally balisation becomes the primary goal and even the forest-dominated. In other boreal countries with guiding ideological discourse. The scaling appears parallel forest-industrial histories the level of ‘for- as a construction of reference fields (for the com- est dependency’ has stayed below 20 percent of peting actors) and it proceeds through merit and the exports. The respective numbers were 14.9 status assessments. ‘Europe’ (or ‘Finland’), for ex- percent in Sweden and 16.7 percent in Canada ample, varies according to each discursive field: in 1996 (Avain... 1998). ‘Cultural
Recommended publications
  • Proposed Members to the Board of Directors 130.83 KB
    Nominated current members of the Board of Directors Håkan Buskhe Member of Stora Enso’s Board of Directors since June 2020. Independent of the company but not of its significant shareholders due to his position as CEO of FAM AB. Håkan Buskhe, M.Sc. Eng., Licentiate of Engineering, born 1963, Swedish citizen. Chair of the Board of Directors of IPCO AB. Member of the Board of AB SKF, Munters Group and Kopparfors Skogar. CEO of FAM AB. CEO and President of SAAB AB (2010–2019) and E.ON Nordic (2008– 2010). Previous working experience further includes executive positions in E.ON Sweden (2006– 2008), acting as CEO of the logistics company Schenker North (2001–2006) as well as several positions in Storel AB (1998–2001), Carlsberg A/S (1994–1998) and Scansped AB (1988–1994). Buskhe has further held positions as Board member in several venture capital companies. Owns 2 781 R shares in Stora Enso. Elisabeth Fleuriot Member of Stora Enso’s Board of Directors since April 2013. Independent of the company and the significant shareholders. Born 1956. M.Sc. (Econ.). Board member and Chair of CSR Committee at G4S. Chair of the Board of Ynsect and Foundation Caritas. President and CEO of Thai Union Europe Africa 2013–2017. Senior Vice President, Emerging Markets and Regional Vice President, France, Benelux, Russia and Turkey, in Kellogg Company 2001–2013. General Manager, Europe, in Yoplait, Sodiaal Group 1998–2001. Several management positions in Danone Group 1979–1997. Owns 26 512 R shares in Stora Enso. Hock Goh Member of Stora Enso’s Board of Directors since April 2012.
    [Show full text]
  • Times Are Good for KONE, Neste Oil and Wärtsilä
    Nov 01, 2013 10:39 UTC Times Are Good for KONE, Neste Oil and Wärtsilä M-Index, M-Brain’s quarterly look into the media coverage of 15 large Finnish stock-listed companies revealed that in July-September, KONE, Neste Oil and Wärtsilä were the companies most often at the receiving end of positive publicity. Nokia reached a larger audience than the combined audience of all the other companies surveyed. Positive media coverage – three companies stand out Slightly more than half of KONE’s publicity in the surveyed web publications of Helsingin Sanomat, Kauppalehti and Taloussanomat was positive by tone, an excellent result and a further improvement to the company’s early-year performance. Examples of favourable coverage included positive profit warning and improved stock exchange performance that followed, Forbes placing KONE as an even more innovative company than Google, and reports of large orders that the company won in China. For Neste Oil, almost four tenths of publicity was positive. The company continued its good performance, improving from the last quarter’s one fourth share of positive attention. Most of the favourable coverage was connected with financials. Media reported of Neste Oil’s profit warning and the role of renewables in the improved Q2 result. Wärtsilä was the third company to stand out in terms of the share of favourable publicity. Comparisons to earlier M-Index analyses show that the company has considerably improved its performance in the surveyed media, compared to the last year. More than a third of Wärtsilä’s publicity in Q3 was positive by tone.
    [Show full text]
  • Stora Enso Annual Report 2000 [email protected] Stora Enso International Office 9, South Street • London W1K 2XA • U.K
    “Stora Enso is the customers’ first choice” ANNUAL REPORT 2000 Contents Year 2000 in brief ............................................................1 Report on operations .....................................................47 Company presentation ....................................................2 Consolidated income statements ...................................51 Mission, vision and values................................................4 Consolidated balance sheets..........................................52 Strategy...........................................................................5 Equity reconciliation ......................................................53 Letter to shareholders ......................................................6 Consolidated cash flow statements ................................54 Shares and shareholders ..................................................8 Notes to the consolidated financial statements ..............56 Financial review .............................................................14 Parent company income statements ..............................89 Magazine paper.............................................................26 Parent company cash flow statements ...........................90 Newsprint......................................................................28 Parent company balance sheets.....................................91 Fine paper .....................................................................30 Parent company notes...................................................92
    [Show full text]
  • Financing of Stora Enso
    The financing of Stora Enso A research paper prepared for Friends of the Earth Europe and Friends of the Earth International The financing of Stora Enso A research paper prepared for Friends of the Earth Europe and Friends of the Earth International Final Draft: 6 May 2010 Jan Willem van Gelder Anna van Ojik Profundo Radarweg 60 1043 NT Amsterdam The Netherlands Tel: +31-20-820 83 20 E-mail: [email protected] Website: www.profundo.nl Contents Summary ....................................................................................................................... i Introduction .................................................................................................................. 1 Chapter 1 The financing of Stora Enso ..................................................................... 2 1.1 Short company profile .................................................................................... 2 1.2 Financial structure .......................................................................................... 2 1.3 Shareholders ................................................................................................... 2 1.4 Bondholders .................................................................................................... 4 1.5 Bank loans ....................................................................................................... 4 1.6 Investment banking services ......................................................................... 5 1.7 Other forms of financing ...............................................................................
    [Show full text]
  • Stora Enso 2013
    Financial Report Stora Enso 2013 Stora Enso in Brief Contents Stora Enso is the global rethinker of the paper, biomaterials, wood products and packaging industry. We always rethink the Stora Enso in Capital Markets 2 old and expand to the new to offer our customers innovative Debt Investors 9 solutions based on renewable materials. Corporate Governance in Stora Enso 10 Board of Directors 18 The Group has some 28 000 employees in more than 35 Group Leadership Team 20 countries worldwide, and is a publicly traded company listed Report of the Board of Directors 22 in Helsinki and Stockholm. Our customers include publishers, Consolidated Financial Statements 38 printing houses and paper merchants, as well as the packaging, Notes to the Consolidated Financial Statements 44 joinery and construction industries. Note 1 Accounting Principles 44 Note 2 Critical Accounting Estimates and Judgements 53 Our annual production capacity is 5.4 million tonnes of Note 3 Segment Information 55 chemical pulp, 11.7 million tonnes of paper and board, 1.3 Note 4 Acquisitions and Disposals 61 billion square metres of corrugated packaging and 5.6 million Note 5 Other Operating Income and Expense 62 cubic metres of sawn wood products, including 2.9 million Note 6 Staff Costs 63 cubic metres of value-added products. Our sales in 2013 were Note 7 Board and Executive Remuneration 64 EUR 10.5 billion, with an operational EBIT of EUR 578 million. Note 8 Net Financial Items 68 Note 9 Income Taxes 70 Stora Enso uses and develops its expertise in renewable Note 10 Valuation Allowances 72 materials to meet the needs of its customers and many of Note 11 Depreciation and Intangible Assets and Property, today’s global raw material challenges.
    [Show full text]
  • Corporate Governance Statement
    KESKO ANNUAL REPORT CORPORATE GOVERNANCE STATEMENT Introduction 3 Other information to be provided in the CG statement 18 CORPORATE Descriptions concerning Corporate Governance 4 Internal audit 18 GOVERNANCE Kesko Group’s corporate governance system 4 Related party transactions 18 Board of Directors 5 Main procedures relating to insider administration 19 STATEMENT Managing Director (President and CEO) and his duties 12 Auditing 19 Group Management Board 12 Descriptions of internal control procedures and the main features of risk management systems 13 The Group’s financial reporting 13 Internal control 15 Risk management 16 KESKO'S YEAR 2019 2 Introduction This Corporate Governance Statement has been CORPORATE GOVERNANCE CODES KESKO COMPLIES WITH AND DEPARTURES FROM THEM reviewed at the meeting of the Audit Committee of Kesko Corporate Governance Code The Corporate Governance Code effective as of 1 January 2020 Corporation’s Board of Directors on 3 February 2020. the Company complies with (“Corporate Governance Code”) This is the Corporate Governance Statement in accordance Website where the Corporate cgfinland.fi/en/corporate-governance-code/ Governance Code is publicly available with the Finnish Corporate Governance Code issued by the Securities Market Association and effective as of 1 January Corporate Governance Code Recommendation 6 (Term of Office of the Board of Directors) 2020. Kesko Corporation issues the statement separately recommendations from which the Recommendation 10 (Independence of Directors) company departs from the Report by the Board of Directors. This statement and the other information to be disclosed in accordance Explanation of and grounds for The term of office of Kesko's Board of Directors departs from the one-year term pursuant to with the Corporate Governance Code, and the Company’s the departure Recommendation 6 (Term of Office of the Board of Directors) of the Corporate Governance • grounds for the departure Code.
    [Show full text]
  • Annual Report 2001 Information for Shareholders
    Annual Report 2001 Information for Shareholders ANNUAL GENERAL MEETING Letters authorizing a proxy to exer- INTERIM REPORTS 2002 The Annual General Meeting of cise a shareholder’s voting right at Wärtsilä Corporation will publish Wärtsilä Corporation will take place the AGM should be sent to the Interim Reports on its financial in the Congress Wing of the Helsinki Company before the notification performance during 2002 as follows: Fair Centre on Tuesday 12 March period expires. 2002, beginning at 4 p.m. January-March: 3 May 2002 Shareholders who have registered PAYMENT OF DIVIDEND January-June: 1 August 2002 themselves no later than 1 March The Board of Directors will propose January-September: 30 October 2002 in the Company’s shareholder to the Annual General Meeting that 2002. register maintained by the Finnish a normal dividend of EUR 0.50 and Central Securities Depository Ltd an extra dividend of EUR 3.50 or These Interim Reports are published may attend the AGM. altogether EUR 4.00 per share to be in English, Finnish and Swedish Shareholders whose shares have paid on the 2001 financial period. on Wärtsilä’s Internet site. Interim not been transferred to the book- The record date for dividend Reports will be sent by post on entry securities system may also payment is 15 March 2002, and the request. Interim Report orders: attend the AGM on condition that dividend payment date is 22 March tel. +358 10 709 0000 or such shareholders were registered in 2002, should the Board’s proposal be Internet: www.wartsila.com the Company’s shareholder register approved.
    [Show full text]
  • Governance Governance Covers Part of Stora Enso’S Annual Report 2018 Stora Enso’S Governance Policy, Practices, and Actions As Well As Our Remuneration Statement
    Strategy Annual Report 2018 Governance Governance covers Part of Stora Enso’s Annual Report 2018 Stora Enso’s governance policy, practices, and actions as well as our remuneration statement. Sustainability Financials Governance Strategy Annual Report 2018 Contents Corporate Governance in Stora Enso 2018 ......................................2 Shareholders’ meetings .........................................................................2 Board of Directors (Board) .....................................................................3 Sustainability Board committees ..................................................................................7 Management of the Company ...............................................................8 Internal control and risk management related to financial reporting ................................................................10 Remuneration Statement ................................................................. 11 Decision-making procedure ................................................................ 11 Main principles of remuneration .......................................................... 11 Remuneration Report 2018 ..................................................................13 Members of the Board of Directors .................................................15 Members of the Group Leadership Team ....................................... 17 Appendix 1 ...........................................................................................20 Financials Governance 2 Stora Enso
    [Show full text]
  • Merita Group Annual Report 1997 Contents
    Merita Group Annual Report 1997 Contents 1997 in brief 3 Chief Executive’s statement 5 Shares and shareholders 6 Merita Group 11 Merita Plc: Review of operations Operating environment 16 Merger of Merita and Nordbanken 17 Operating results 18 Banking * 24 Insurance 39 Equity investments 41 Real estate brokerage 42 Real estate business 42 Outlook 43 Merita in figures 45 Financial information Merita Plc Consolidated profit and loss account 48 Profit and loss account of Merita Plc 49 Consolidated balance sheet 50 Balance sheet of Merita Plc 52 Proposals of the Board of Directors to the * The Report of Merita Bank’s Board of General Meeting and Auditors’ Report 53 Management is not included in this annual Merita Bank Ltd report as a separate section. Its contents are Consolidated profit and loss account 54 identical with the Banking section of the Profit and loss account of Merita Bank Ltd 55 Review of operations of Merita Plc. The Consolidated balance sheet 56 Report of the Board of Management, duly Balance sheet of Merita Bank Ltd 58 signed by the Board of Management and con- Proposals of the Board of Management to the firmed by the Supervisory Board, has been General Meeting, Statement of the Supervisory presented to the Bank’s Auditors. After pre- Board and Auditors’ Report 60 sentation to the Annual General Meeting of Accounting policies 61 Shareholders, it will be filed with the Finnish Notes to the financial statements 63 Trade Register. Administration and management 85 Merita Group in Finland 89 Photo: Magnus Scharmanoff Merita Bank
    [Show full text]
  • UPM the Biofore Company
    UPM The Biofore Company Investor Presentation December 2018 Competitive businesses with strong market positions UPM UPM UPM UPM UPM UPM BIOCHEMICALS BIOREFINING ENERGY RAFLATAC SPECIALTY COMMUNICA- PLYWOOD BIOCOMPOSITES PAPERS TION PAPERS Pulp Electricity Label Label papers, Magazine Plywood WOOD SOURCING Biofuels generation materials for release liners, papers, and veneer AND FORESTRY Timber and trading product and office papers newsprint and products information and flexible fine papers labelling packaging 2 | © UPM – The Biofore Company Global businesses – local presence UPM’s sales by market 2017 EUR 10,010 million 12,000 customers in 120 countries 54 62% production plants 13% Europe 20% in 12 countries 90,000 North America Asia shareholders in 35 countries 19,100 25,000 employees b-to-b suppliers 5% in 46 countries in 75 countries Rest of the world 3 | © UPM – The Biofore Company Operating on healthily growing markets UPM PLYWOOD Comparable EBIT by Plywood, veneer ~3% business area 2017 EUR 1,292m UPM COMMUNICATION PAPERS Graphic papers ~ –4% UPM BIOREFINING Pulp ~3% Biofuels strong UPM SPECIALTY PAPERS Timber ~2% Label papers ~4% High-end office papers ~4% UPM RAFLATAC Self-adhesive labels ~4% UPM ENERGY Demand trend growth, % pa 4 | © UPM – The Biofore Company Electricity ~1% Sustainable and safe products ELECTRICITY for everyday use everywhere PULP-BASED MATERIALS for packaging, transport, LABEL MATERIALS storage and hygiene products for food packaging, drinks bottles and for communicating PUBLICATION information PAPERS for reading
    [Show full text]
  • Stora Enso Half Year Financial Report January–June 2021 Q2 Results Summary
    Stora Enso Half year financial report January–June 2021 Q2 Results summary Strong performance and solid growth continue Q2/2021 (compared with Q2/2020) Strategy implementation update • Sales increased by 22.6% to EUR 2 592 (2 114) • The ramp-up of kraftliner production line at Oulu is million, due to higher deliveries and prices. Sales proceeding ahead of schedule. excluding Paper increased by 28.4%. • Stora Enso and Tetra Pak partner to provide circular • Operational EBIT increased to EUR 364 (178) million, solutions to the market to significantly improve due to higher prices and volumes, especially in recycling of beverage cartons in Central and Eastern Biomaterials, Wood Products, and Packaging Europe. Materials. Operational EBIT excluding Paper • The feasibility study regarding a possible expansion of increased to EUR 413 (216) million. the pulp and board production at Skoghall is expected • Operational EBIT margin increased to 14.0% (8.4%). to be finalised by the end of 2021. Excluding Paper, the operational EBIT margin was • Dispersion barrier coating started at the Forshaga site, 19.1% (12.9%). and commercial customer qualifications are ongoing. • Items affecting comparability (IAC) amounted to EUR • The pilot plant for carbon for energy storage at Sunila -171 (-7) million, mainly related to restructuring costs started up during the quarter as planned, and in the Paper division. production of Lignode® by Stora Enso is ramping up. • Operating profit (IFRS) decreased to EUR 182 (226) • The co-determination negotiations concerning closing million. down the pulp and paper production at the Veitsiluoto • EPS was EUR 0.26 (0.19) and EPS excl.
    [Show full text]
  • Capital Markets Day 2014
    UPM PAPER ENA DRIVING FOR CASH Executive Vice President Bernd Eikens UPM Paper ENA UPM Paper Europe and North America Paper products for magazine and newspaper publishers, advertising end uses as well as home and office Large low-cost asset base and global sales network UPM Paper ENA 2013 (EURm) Sales 5,560 EBITDA 232 EBITDA, % 4% ROCE, % 0% Cash flow/CE 5% 2 | © UPM UPM Paper ENA Large low-cost operating platform Mills SC centers Augsburg North America Europe Personnel 11,000 Capacity 10Mt 18 mills / 37 PMs Location: Augsburg, Germany 3 | © UPM UPM Paper ENA The way forward • Customer segment based structure • Leaner organization and fast decisions • Operational focus, flexibility in operations • Variable and fixed cost savings continue • Limited investments • Capacity restructuring 850,000 tonnes • Fixed cost savings EUR 100m • Variable cost savings • Integration of Myllykoski realized annual cost synergies of EUR 200m • Capacity restructuring of 1,020,000 tonnes • Divestment of packaging paper operations 4 | © UPM UPM Paper ENA Customer segment based structure with differentiated strategies Common initiatives • Variable and fixed cost saving programs • New business developments Magazine Publishing & Newspaper Merchants, Advertising Publishing Home & Office • UPM capacity share in • UPM capacity share in • UPM capacity share in Europe: 25 – 45% Europe: ~20% Europe: ~10% • Assume industry • Grow in targeted • Customer/market leadership segments optimization to be • Differentiated go-to- continued market strategy within • Reduce value
    [Show full text]