Midwest Paper Group Announces Price Increase on UFR Grades

UPM has completed the employee consultation process in Finland started in April. The company will improve efficiency in global functions by reorganising and streamlining the operations. As a result, the number of employments in Finland will decrease by 28. In Germany and Austria, the process is still on-going. UPM provides support for employees who are affected by the reductions. It includes outplacement services and training opportunities that support re-employment of the affected employees. In 2020, the company decreased fixed and variable costs in different businesses and functions. Earlier this year, UPM completed the employee consultation process in UPM Timber to improve profitability and strengthen competitiveness.

Third Quarter 2022 Financial Highlights: *Produced revenue of $895 million, an increase of 3% compared to the prior year, driven by higher TiO2, zircon and pig iron prices and higher pig iron volumes *Generated income from operations of $163 million and net income of $123 million *Delivered Adjusted EBITDA of $247 million and an Adjusted EBITDA margin of 27.6% *Invested $112 million in capital expenditures, primarily in our vertical integration and newTRON initiatives *Generated free cash flow of $25 million in the quarter *Returned $110 million to shareholders in the nine months ending September 30, 2022 in the form of share repurchases and dividends

Peter Greven GmbH & Co. KG, a leading manufacturer of oleochemical additives, signed an exclusive distribution agreement with Solenis Switzerland GmbH, a leading manufacturer of specialty chemicals. Effective immediately, Solenis will be the authorized distributor for Peter Greven's calcium stearate dispersions for paper coating applications in the European Union,the United Kingdom and Russia. "Calcium stearates are used in paper coating formulations, mainly in printing grades,as lubricants to facilitate the process of coating the paper," said Jose Santolaya, director, Product Management EMEA. "As the channel to market for these dispersions in the paper industry, Solenis will provide these products under our Nopcote™ coating lubricants brand. We have one of the largest lubricant product portfolios on the market today including standard and specialty lubricants."