Rayonier Advanced Materials Inc. announced that it has completed its previously announced sale of its lumber and newsprint assets to GreenFirst Forest Products Inc., a Canadian lumber company, for a total purchase price of approximately US$235 million, subject to final adjustments. The total purchase price is payable approximately 85 percent in cash and 15 percent of common shares in GreenFirst, which is subject to a six-month holding period. Notably, RYAM retained all the cash generated by the Purchased Assets prior to closing plus rights and obligations related to all softwood lumber duties, including any potential interest on the duties, previously paid to the U.S. Department of Commerce of approximately $110 million. As previously disclosed, the proceeds will be used to repay debt and make strategic capital investments focused on the High Purity Cellulose segment.
UPM Plywood and the Industrial Union have signed a business specific collective labour agreement for UPM Plywood. The new agreement is valid for three years starting from 1.1.2022.
The new agreement enables mills to continue production on all weekdays with terms that are satisfactory to both parties. The production output and the employees’ earnings will grow based on the new agreement. In addition, more people will be recruited to the mills. The agreement makes continuous seven-day shift model possible, and this means less working hours compared to the current discontinuous model, and the new agreement allows a shift model that is more employee-friendly. The agreement enables faster reaction to demand peaks thanks to flexible working hours, and it includes mutually agreed terms for production during holidays. Furthermore, a model for temporary work at other UPM Plywood mills was agreed on improving on-the-job learning and development as well as employees’ earnings.
The negotiations were conducted in good collaboration and the agreement was reached within the planned timeframe well before the end of the current collective labor agreement.
“This agreement is a significant step in the renewal of the Finnish collective bargaining culture and the development of Finnish working life. Competition for talent is fierce, and with a fair agreement and a good benefit package we want to ensure an equal employee experience for the entire personnel of UPM Plywood in Finland. The new collective labor agreement recognizes both business and mill specific needs. I am especially happy that many of the new ideas in the agreement came directly from our own employees”, says Mika Kekki, Executive Vice President, UPM Plywood.
more at: https://www.upm.com/about-us/for-media/releases/2021/12/upm-plywood-and-industrial-union-sign-collective-labour-agreement/