M-real, along with UPM-Kymmene, Metsaliitto Osuuskunta and Metsa-Botnia, have signed a letter of intent allowing Kemiart Liner business operations to become independent of Metsa-Botnia, while maintaining the same shareholding structure.

Kemiart Liner, a global manufacturer of coated and uncoated kraftliner, has a production capacity of 340,000-tonnes/year and employs approximately 150 people in Kemi, Finland.

Under terms of the agreement, M-real and UMP-Hymmene promised to examine Kemiart's future business strategy and shareholding structure, and to execute these decisions by 2004.