UPM-Kymmene Corporation has entered into an agreement to acquire Myllykoski Corporation and Rhein Papier GmbH. The approximate enterprise value of the businesses acquired is EUR 900 million. Myllykoski Corporation and Rhein Papier GmbH consist of seven publication paper mills in Germany, Finlandand the United States. The total annual paper production capacity is 2.8 million tonnes. Jussi Pesonen, President & CEO of UPM and Hartmut Wurster, Managing Director of UPM, presented the deal on Tuesday, 21 December 2010 in Helsinki, Finnland, and Augsburg, Germany. The transaction is meant to improve UPM's cost competitiveness and to strengthen prerequisites for print media success.