This study is focused on the dimension between the competition and cooperation strategies, emphasising the latter, by using the forest industry, and especially the Finnish forest industry, as a focal point of the case study research. The study considers empirically different forms of cooperation activities, also taking into account the competitive activities of the firms. These viewpoints on cooperation are, for example, cartels or collusions, coopetition, and supply chain management. The study shows that cooperation creates, at its best, value not only for the cooperating firms but also for the other stakeholders of the business. Furthermore, the research emphasises the relevance of cooperation between competing firms, that is, coopetition. The various ways of coopetition, such as intra-firm or dyadic inter-firm relationships and multifaceted value net, are introduced and investigated by using the Finnish forest industry as a case study example.