After the bankruptcy of Jämsänkoski Ab, a new company, Aktiebolaget Jämsänkoski, was set up in the Tampere office of the Kansallis-Osake-Pankki Bank in 1894. Share subscribers included the Superintendent of the Finlayson factory, Arthur Sommer, and Alfred Kihlman, Chairman of the Board of Tampereen Pellava- ja Rautatehdas. Doctor Atle Genetz was appointed Managing Director of the new company. Elieser Johansson stayed on at Jämsänkoski in his post as Superintendent until 1897.

The economic situation in pulp markets was poor in the mid-1890s. The company's St Petersburg sales office was allowed to sell pulp to Russia at any price, but still the stocks continued to grow. Because bleached pulp commanded a better price, the decision was made to build a bleaching plant in 1895. The following year the entire plant burned down, only the brick bleaching plant remained. Building of the new factory started immediately, as the price of cellulose was rising.

Changes took place in the Board both sides of the turn of the century. Atle Genetz became Superintendent at Jämsänkoski in 1898. Two paper mills and two groundwood plants were built in his time. The biggest customer in the company's main market area, Russia, was the St Petersburg book printers, Slowo. Its Managing Director was Superintendent Atle Genetz's brother, Lieutenant Olli Genetz. He offered his cadet comrade, Rudolf Walden, a job with Slowo, and Walden came into the paper sector that way.

The political situation within Russia reduced demand for paper, but pulp was selling well. There was a brief recession in 1908 - 1909, but at the beginning of the 1910s production and sales took off again. Jakob Solin, pioneer of the groundwood and paper industries, had become the new Superintendent at Jämsänkoski in 1906.

During the years preceding the First World War Jämsänkoski made top rate profits, but soon after the war broke out, difficulties started in sourcing imported materials and equipment. Manufacture of cellulose was most affected by drying up of foreign sulphur sources. In contrast, the sale price of paper rose sharply, and the result of the year 1916 was so good that a 24 percent dividend was paid out. In 1917 the company articles were updated, and its name was changed to the Finnish form Osakeyhtiö Jämsänkoski. Jakob Solin was elected Chairman of the Board and at the same time Managing Director. He continued as Superintendent at Jämsänkoski.