The division’s production facilities located in Finland, Estonia and Russia showed higher volumes and sales prices, more than offsetting increased variable costs. Delivery volumes were up to 811,000m3, (2016: 764,000m3).

The division’s sales were €484m in 2017, up from €444m in 2016, with operating profit of €62m (2016: €58m).

UPM said the market environment was favourable in Europe during 2017, with spruce plywood demand growth driven by increased activity in the building and construction industry.

Demand in birch plywood-related industrial applications such as vehicle floors and LNG carrier insulation material was also good.