UPM plans to complete the spin-off of its Plywood business into WISA Group on October 31 and begin trading the new company’s shares on Nasdaq Helsinki around November 2, subject to shareholder approval.
UPM shareholders will vote on the proposed demerger at an Extraordinary General Meeting on August 31. The Finnish Financial Supervisory Authority approved the demerger and listing prospectus on July 16.
Under the proposed structure, all assets, liabilities and employees associated with UPM Plywood will transfer to WISA Group, creating an independent publicly traded company focused on plywood and veneer products.
One WISA share for each UPM share
UPM shareholders will receive one WISA Group share for every UPM share they hold when the demerger takes effect. The distribution will be automatic, and shareholders will retain their existing UPM shares.
Trading under the symbol WISA is expected to begin on Nasdaq Helsinki on November 2 or as soon as possible afterward. The company will initially have the same shareholder base as UPM.
The planned demerger follows a strategic review launched in September 2025. UPM’s board approved the separation plan in April 2026.
UPM said the transaction would allow the plywood business to pursue its own investment and growth priorities while simplifying UPM’s portfolio and sharpening its focus on renewable fibres, advanced materials and decarbonization businesses.
WISA outlines 2030 financial targets
UPM has established targets for WISA Group that include annual sales of more than €550 million and a comparable EBIT margin of 13% by 2030. The company also aims to maintain a net debt-to-comparable EBITDA ratio below 1.5.
Its intended dividend policy is to distribute approximately 50% of annual profit to shareholders. These targets are forward-looking and do not constitute guarantees of future performance.
UPM Plywood reported second-quarter sales of €84 million and comparable EBIT of €18 million, compared with sales of €59 million and comparable EBIT of €2 million, respectively, a year earlier. UPM currently presents the business as a discontinued operation because of the proposed separation.
Seven production units to transfer
WISA Group will operate seven production units across five locations in Finland and Estonia, with theoretical annual capacity of approximately 785,000 cubic metres.
Its plywood and veneer products serve applications including construction, panel distribution, vehicle flooring, liquefied natural gas carriers, parquet manufacturing and other industrial uses.
The company’s portfolio will include softwood and hardwood plywood. Its strategy will focus on higher-value applications, customer partnerships, operational efficiency and cost control, according to the listing announcement.
Tuija Suur-Hamari, currently an executive vice-president at UPM, is expected to become president and CEO of WISA Group when the demerger is completed.
UPM is a Finland-based materials company operating across renewable fibres, advanced materials, decarbonization solutions and communication papers. The group employs approximately 15,100 people globally and is listed on Nasdaq Helsinki.
