Paper Excellence is a Proud FP Innovations Member

Latvijas Finieris, a global producer of birch plywood products under the brand Riga Wood, now uses bio-based glue in plywood production. The fossil-based phenols in the glue are replaced with bio-based lignin Lineo® by Stora Enso, and thanks to the long cooperation between Stora Enso and Latvijas Finieris, we are able to reduce the carbon footprint of Riga Wood plywood products without compromising their technical performance. According to Latvijas Finieris, their plywood’s potential environmental impact has been reduced by up to 49%. Across markets, there are calls for change as consumers are increasingly turning to eco-friendly products. At the same time, the business demand for renewable, bio-based and circular solutions is growing rapidly. We want to do our part and replace fossil-based materials with safer and more natural alternatives. “Plywood is usually seen as a mature product in a rather mature market. We found the idea of using a lignin-based glue interesting and we welcome new innovations. Since 2017, we have worked together with Stora Enso to test and develop the bio-based binder, and finally we are proud to say that we can replace fossil-based resins with lignin-based alternatives in our plywood production processes,” explains Māris Būmanis, Head of Development Research at Latvijas Finieris.

UPM is aiming to find sustainable solutions for replacing fossil-based raw materials and offering environmentally sound alternatives. One of the most recent innovations is UPM Formi EcoAce biocomposite, launched at the beginning of 2020. This revolutionary biocomposite is almost 100 % based on renewable resources. UPM Formi EcoAce contains certified wood and cellulose fibers as well as certified renewable PP polymers from SABIC’s TRUCIRCLE™ solutions. The renewable PP polymers are made of wood-based feedstock from UPM Biofuels’ production. UPM’s BioVerno production is certified by both ISCC PLUS and RSB, and the sustainability of the material has been verified accordingly. At the beginning of 2020, Akvila Cutlery launched a next generation reusable cutlery made from total wood-based raw materials, UPM Formi EcoAce. The cutlery is made from softwood fibres and wood waste derived ISCC-certified bio-polypropylene, implementation of zero-deforestation. The material does not compete with food production as many other bio-based materials, which is totally unique in the world.

Executive Summary *Fourth quarter 2021 net sales of $5.0 billion increased 3 percent compared to the year-ago period, including organic sales growth of 3 percent. Full-year 2021 net sales of $19.4 billion increased 2 percent, with organic sales down 1 percent. *Diluted net income per share for the fourth quarter was $1.06 in 2021 and $1.58 in 2020. Full-year diluted net income per share was $5.35 in 2021 and $6.87 in 2020. *Net sales in 2022 are expected to increase 1 to 2 percent, including organic sales growth of 3 to 4 percent. *The company's Board of Directors has approved a 1.8 percent increase in the quarterly dividend, which is the 50th consecutive annual increase in the dividend.