“UPM’s growth businesses sales today exceed 4.0 billion Euros, and we have confidence in further growth going forward,” Jussi Pesonen said at UPM's Capital Markets Day in London. ”More than 50 percent of our sales will derive from these solid performing growth businesses on the latter half of this decade,” he added. Pesonen highlighted that since 2007, UPM’s energy, pulp, label and Asian paper business have grown by 40 percent in the topline. “Despite the two economic slowdowns during this period, all these businesses have been not only growing but also well profitable,” he said.As future sources of top line growth, Jussi Pesonen identified paper in China, an expanding pulp business, continued label expansion in the emerging markets, biofuels and nuclear power generation - where UPM has a significant holding through the Finnish energy company TVO.“Our first investment in biofuels will add a totally new dimension to the business portfolio and growth outlook,” said Pesonen. “In the longer term, biocomposites, biofibrils and biochemicals will also complement the business portfolio.”“While other businesses have grown, sales of our mature paper, timber and plywood businesses have come down by ten percent since 2007. However, these businesses have a pivotal role in our growth strategy. We are expanding in growth businesses with the cash flow generated by the mature businesses. Improving margins for strong cash flow and releasing capital from our mature businesses is crucial. To this end, further consolidation in the industry is needed,” said Pesonen.