UPM’s Extraordinary General Meeting approved the demerger on 31 August, transferring all assets and liabilities of the UPM Plywood business area to the newly established WISA Group. The demerger was registered on 31 October, and UPM shareholders received one new WISA share for each UPM share they own, excluding treasury shares. Across Nasdaq’s Nordic markets, WISA is the 38th listing of the year.
Nasdaq Helsinki approved WISA’s listing application on completion of the demerger, and WISA trades under the code “WISA”. UPM’s shares continue to trade as “UPM” under a new ISIN code, and the demerger has no effect on the number of UPM shares. The demerger and listing prospectus was published on 16 July 2026 and supplemented three times, most recently on 28 October.
WISA lists as a focused European plywood producer
WISA makes plywood and veneer for panel trading and construction, vehicle flooring, LNG shipbuilding and parquet manufacturing, and operates seven production units in Finland and Estonia. It is headquartered in Helsinki.
“As an independent listed company, we gain greater flexibility and speed, while bringing decision-making closer to our customers, markets and operations,” says Tuija Suur-Hamari, President and CEO of WISA Group.
UPM’s retiring CFO was named WISA’s chair designate
In September, UPM named Tapio Korpeinen as chair of the board designate of WISA and Suur-Hamari as president and CEO designate. In October, UPM said Korpeinen will retire as its CFO and leave the Group Executive Team at the end of 2026, with Aki Temmes taking over on 1 January 2027.
UPM is renewing other parts of its executive team at the same time. Sangeeta Pandey will become executive vice president, human resources on 1 January 2027, succeeding Riitta Savonlahti, who has held the role since 2004.
WISA set its leadership team and incentive plans before the first trading day
WISA’s seven-member Group Leadership Team, appointed by UPM’s board in July with effect from completion of the demerger, consists of Suur-Hamari as President and CEO, Pia Helminen (SVP, HR), Saara-Maria Helminen (SVP, General Counsel), Lasse von Hertzen (CFO), Kristiina Jaaranen (SVP, Marketing, Sustainability and Communications), Susanna Rinne (SVP, Sales) and Juhani Tenhunen (SVP, Operations). Von Hertzen was first named interim CFO and confirmed in the role in September.
On 1 November, the day before listing, WISA’s board set up a Performance Share Arrangement for the CEO, leadership team and selected key employees, and a Restricted Share Plan for 2027 to 2029 capped at EUR 2 million and, by default, paid in existing shares. The board also set a share ownership target of one year’s gross base salary, required for the CEO and recommended for other leadership team members.
“WISA Group is a well-established Finnish industrial company with a strong position in the European plywood market,” said Henrik Husman, President of Nasdaq Helsinki.
