Finnish paper manufacturer UPM signed a 10-year contract with the port of Baltimore yesterday to ship at least 320,000 tons of product through the harbor annually, a deal Maryland officials said would help the port maintain jobs during the economic downturn.
The 16,000-employee port is Maryland's largest provider of blue- collar jobs. The UPM deal will result in 120 jobs and $2.7 million in tax revenue, state officials said.
Yesterday's contract-signing took place in a $32 million port-side warehouse built for UPM by the state about three years ago. The paper company has been shipping product through Baltimore since the early 1990s.
Jussi Sarvikas, the company's vice president of logistics, called the Baltimore port "the best port authority in this country" and said the contract was "our turn to show our commitment and loyalty to you."
Paper by UPM is used to make magazines, telephone books and high-gloss publications, among other products.