The proposed demerger, which requires a two-thirds majority vote, involves transferring all assets and liabilities associated with UPM's plywood operations into the newly formed WISA Group. Under the current plan, shareholders will receive one share in the new company for every share held in UPM, maintaining their original stake in the parent corporation. The Effective Date for the separation is slated for October 31, 2026, though the board retains the right to cancel the process if market or internal conditions shift.
UPM-Kymmene Calls Extraordinary Meeting to Finalize WISA Group Spin-off
UPM-Kymmene Corporation has scheduled an Extraordinary General Meeting for August 31, 2026, in Helsinki to secure shareholder approval for the partial demerger of its plywood business. The move aims to establish the WISA Group as a standalone entity, with trading on Nasdaq Helsinki expected to commence by early November.
Governance and leadership for the spin-off are already taking shape. The board proposes a six-member team for WISA Group, chaired by current UPM Chief Financial Officer Tapio Korpeinen. While Korpeinen is slated to retire from UPM management at the end of 2026, his role at WISA is designed to bridge the transition. The meeting agenda also covers authorizations for the new company to issue up to 25 million shares and repurchase up to 50 million of its own shares, providing the firm with capital flexibility post-listing. Ernst & Young Oy is the proposed auditor for the new entity.
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