UPM, which received its award at the London awards ceremony, has diversified its product base from solid wood, plywood and paper and launched new innovations, including a composite material made from pulp fibres and plastic polymers – ForMi which can be used in injection moulding to form products such as furniture.

It also has a cellulose fibre/plastic decking product called ProFi.

"Our focus on producing more with less is a clear example of how UPM as a forest industry company is now creating tangible results with bio composites, biofuels and the use of non-fossil fuel energy," said Hartmut Wurster, UPM executive vice-president technology.