Finland Times

 

Photo – Lehtikuva.

United Kingdom’s leading pulp, paper and timber manufacturer UPM Tilhill announced on Friday the sale of all its forest land in the UK to the Church Commissioners for England.

 

In a release, UPM said there are 14 forests in Scotland and two in Wales covering approximately 7,100 hectares in total.

 

UPM said the transaction regarding one forest which is subject to third party approval will be completed at a later date.

 

“The Church Commissioners for England are already a significant forest owner and an existing client of UPM Tilhill. The agreement consolidates the Church’s forest holdings in the UK and ensures continuity of professional forestry practice for these forests,” said George McRobbie, Managing Director at UPM Tilhill in the release.

 

The company said UPM Tilhill will continue to provide forest management and timber harvesting services to ensure sustainable management of these forests.

 

The transaction does not have an effect on the employees of UPM Tilhill. The transaction price is £50.6 million, approximately EUR 64 million.