Ahlstrom is a leading global manufacturer of high performance, fiber-based materials, supplying innovative and sustainable solutions to its customers. Ahlstrom BioProtect™ is a one source, sustainable, nonwoven solution for laundry care, incorporating patent pending technology to protect laundry from color run during the wash cycle. Ahlstrom BioProtect™ delivers high dye-catching performance, protecting laundry from color runs. Its ability to lock up loose dyes found in the wash water enables it to prevent dye transfer and color runs, maintaining the original color of clothes. The product is biodegradable and biobased, utilizing 100% naturally derived fibers and manufactured with wet-laid technology for premium quality.
Ahlstrom has successfully started the production of new, calendered, and embossed synthetic filter media for the first commercial orders from its Huyn-Poong plant in South Korea. The new materials offer extended filter lifetime and generate less flow restriction due to a higher available surface area. This makes these media a more sustainable alternative to competing materials. A longer filter lifetime combined with outstanding durability is a key feature helping to sustain filter operations and boost performance. This not only saves costs associated with frequent filter replacements but also reduces energy consumption and minimizes environmental impacts by lowering emissions. “The new calendering and embossing capabilities further advance synthetic filter media solutions. They improve durability and open a wide range of possibilities for extended performance, as well as improving the sustainability of filtration units. This allows us to better serve growing needs in high-performance filtration materials,” comments Kathrin Hueppe, Head of Filtration, Asia.
Mondi plc announces that it has entered into an agreement to sell its last remaining facility in Russia, Joint Stock Company Mondi Syktyvkar, together with two affiliated entities to Sezar Invest LLC for a total cash consideration of RUB 80 billion to be paid in a series of instalments as set out below. The Business employs approximately 4,500 people and is a leading provider of uncoated fine paper and containerboard to the domestic Russian market.
Canfor Corporation is pleased to announce that it will be investing approximately $200 million to build a new state-of-the-art manufacturing facility in Houston, British Columbia. This low cost, high efficiency facility will have an annual production capacity of approximately 350 million board feet. Don Kayne, President and CEO made the following statement today: “I’m very pleased to be making this announcement in British Columbia, where Canfor has been proudly headquartered for 85 years. This project represents another significant investment by our Company to strengthen our diversified operating platform and ensure that we can continue to deliver the high-value products that are in demand by our customers around the globe.
Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today announced its 2023 Ideas that Matter grant recipients, whose winning proposals celebrate the power of print design to address social issues. This year, recipients’ projects addressed a range of issues, including restorative justice, diversity and inclusion, intergenerational engagement, education, urban segregation and community building. Since 2021, entrants have been asked to align their submissions with at least one of the 17 United Nations Sustainable Development Goals (SDGs), ensuring that grant applications are focused on critical and timely global societal concerns.
Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce that it will demonstrate a range of its market-leading solutions at the upcoming PRINTING United Expo 2023. Taking place from October 18-20 at the Georgia World Congress Center in Atlanta, Georgia, PRINTING United will welcome thousands of visitors from all corners of the printing market, as well as attendees from related industries. Drytac will have a heavy presence throughout the event; running its own dedicated booth, working with partner companies, and taking part in special features, maximizing the opportunity to connect with a highly diversified audience.
Pixelle Specialty Solutions has improved safety and productivity at its Spring Grove, Pennsylvania facility by installing a smelt spout robot manufactured by Valmet. The smelt robot is essential for keeping recovery boiler spouts open and improving efficiencies in the liquor recovery cycle. The first smelt robot installation of its kind in North America, the robot regularly cleans the recovery boiler smelt spouts ensuring stable smelt flow, optimum cleaning and safer boiler operation, without manual intervention. “We’re proud to introduce the industry-first smelt robot installation in North America, supporting our ongoing commitment to operational excellence and innovation in specialty papers,” said Ross Bushnell, President and Chief Executive Officer, Pixelle. “By leveraging the latest automation technology, we are positioned to drive greater mill safety, productivity and quality.”
Paper Excellence is proud to have taken part in the ASEAN-Canada Roundtable last week. Davis Chiu and Blair Dickerson represented us in Jakarta, talking about the forest industry’s support and use of clean bioenergy and Paper Excellence’s commitment to Indigenous partnerships. Thanks also to Goldy Hyder, CEO of the Business Council of Canada, who spoke to the need for regulatory certainty in Canada to create clear pathways for innovation.
Paper Excellence has committed $200,000 to support the rebuilding efforts for the individuals, families, and communities in Shelburne and Barrington, Nova Scotia, impacted by the wildfires in June 2023. With eligible matching from Canada and Nova Scotia governments, our total impact is $250,000. The wildfire that impacted Shelburne County was the biggest in Nova Scotia’s history. We’re pleased to work with the Canadian Red Cross Atlantic Canada, the Community Foundation of Nova Scotia, the Municipality of Barrington, and the Municipality of Shelburne to support the Nova Scotians who need it. Paper Excellence Canada is committed to supporting the provinces and communities we operate in, especially during challenging times like those experienced in Nova Scotia.
The approximately 240 workers of the factory accepted on Friday afternoon by 81.3% the solution hypothesis presented to both parties by the conciliator of the case in the general assembly. The company also accepted this proposal. The workers are happy with the result of today’s (Friday) meeting. Obviously, no one wanted to continue on the picket line, at least until winter. Daniel Bilodeau reacted on the line. The return to work will be gradual, starting September 18. Workers have been on strike since July 4. The company imposed this measure after a third production stoppage by employees.
Discovery Paper is thrilled to invite you to our upcoming webinar, "Discover the Way of the Eco Switch," taking place on September 21st. This event will bring together distinguished paper industry experts who will share their valuable insights on key sustainability topics. During the webinar, we will have the pleasure of hosting an engaging discussion featuring: • Jonathan Tame (Two Sides) - Unveiling the captivating "Love Paper" Campaign and its positive impact on raising awareness of the sustainability and attractiveness of paper. • Pedro Silva (The Navigator Company) - Demystifying the differences between recycled and virgin fibre, shedding light on their respective environmental impacts. • Andrew Gilbert (The Navigator Company) - Exploring the multiple sustainability benefits of using lighter paper.
The board of directors of Norske Skog ASA has appointed Geir Drangsland as the new CEO as of 1 September. Drangsland succeeds Tore Hansesætre, who has decided to leave Norske Skog after more than 14 years in the company. Geir Drangsland, who has served as the chair of the board since March 2023, steps out of the board of directors to become the new CEO of Norske Skog effective from 1 September 2023. Arvid Grundekjøn has been selected the new chair of the board of directors. Grundekjøn has been member of the board of directors since 2018. "I am pleased to announce Geir Drangsland as the new CEO of Norske Skog. Geir has an extensive background from the forest industry, and has worked closely with the management since his entrance in Norske Skog. At the same time, I will use the opportunity to thank Tore Hansesætre for his valuable contribution in Norske Skog’s transformation journey both as CEO and responsible for the mill conversion projects," says Arvid Grundekjøn, chair of Norske Skog ASA.
American Eagle Paper Mills® is pleased to announce that we are adding 11 x 17 to our 20# Eagle Color 30 cut size portfolio. Our five select colors include canary, green, blue, pink, and ivory and are available for immediate shipment. As with all our products these can assort with other Eagle grades for truckload delivery. The minimum order quantity of any Eagle cut size item remains one pallet. As always Eagle Color® 30 continues to build on our portfolio of recycled alternatives: 30% recycled, FSC certified, and Elemental Chlorine Free.
UPM Raflatac is extending the scope of its CarbonNeutral® certified labeling materials to cover the entire lifecycle emissions of a label. This allows its customers to offer their printed and converted labels as CarbonNeutral® product certified. The development builds on UPM Raflatac's Life Cycle Assessment service, Label Life, which recently received a new certificate of validity from leading international assurance service provider, DEKRA. UPM Raflatac’s CarbonNeutral® certified products include the linerless label range with solutions designed for all direct thermal linerless main end uses, including hospitality, e-commerce and logistics, and grocery retail. The CarbonNeutral® certified products also include pressure-sensitive labels in the lower-carbon range RAFNXT+ designed for a variety of labels used in food, logistics, and home care packaging.
Metsä Group plans to boost biodiversity on its land areas in Kemi. Covering more than 650 hectares, the designated site encompasses Metsä Group’s mill area and other areas in the Kemi urban environment. Metsä Group’s operations in Kemi include a bioproduct mill, currently under construction, and a paperboard mill. The company aims to increase regional biodiversity at all its mill locations across Europe, which number more than 20. The goal is to modify land use on the Metsä Group Kemi site to improve the state of nature in the industrial environment. The special features of local nature will be taken into account in the project, and the living conditions of endangered species will be improved. Biodiversity in the area will be increased experimentally and by adopting new operating methods. For example, more than 12 hectares of meadows and sunlit habitats will be added to the Kemi mill area. Only local vegetation will be used in establishing open habitats, and these habitats will be made suitable for endangered species. Various other approaches to increasing the biodiversity of industrial environments will also be tested on the mill site.
Following the rockslide and subsequent production stop at Saugbrugs PM6 (paper machine 6) in April this year, Norske Skog has decided to restart production at the previously idled PM5. The restart of PM5 allows Norske Skog to continue supplying SC magazine paper to its customers and keep its market position. “The decision to restart production at PM5 is important to maintain Saugbrugs as a preferred supplier of SC paper in Europe, while the restoration work is ongoing at the PM6 plant,” says Per Ivar Berg, Managing Director at Norske Skog Saugbrugs. The business interruption at PM6 is covered by insurance. Cash flows relating to the restart and production from PM5 will be netted against the insurance coverage, thus the financial impact for Norske Skog Saugbrugs will be largely neutral. Prior to being idled in late 2020, PM5 had a production capacity of up to 100 000 tonnes of SC magazine paper. Saugbrugs PM6 has a capacity of 260 000 tonnes SC magazine paper. Operations at Saugbrugs PM4 continue with its capacity of 100 000 tonnes of SC paper.
UPM Raflatac, a global supplier of innovative and more sustainable self-adhesive paper and film products, has received a new certificate of validity from leading international assurance service provider, DEKRA, for its Label Life service. This new certificate confers validity to the LCA calculation engine and the whole process of generating LCAs at scale. As a result, customers wanting to communicate their potential impact in the labeling value chain can now do so with increased assurance. With the EU in the process of developing a ‘digital product passport’ (DPP) that will be issued for all products on the market, UPM Raflatac decided to be a step ahead of the legislative requirements. The company has designed its product passport prototype (PPP), an environmental declaration, based on existing standards and norms. Generated by the newly validated Label Life service, the product passport prototype enables UPM Raflatac’s customers and brands to communicate their labeling’s potential environmental impact. It includes a wide range of metrics that are broken down into life cycle stages: cradle-to-gate, transport-to-customer, printing, and end of life.
As the new academic year begins, about 60% of students may go back to school without supplies in hand. For some families and teachers in lower-income communities, the cost of school supplies can cause significant stress and limit student achievement. Domtar is committed to investing in relationships throughout communities – with our customers, with our neighbors, and with our schools. And each year, we invest in teachers’ and students’ needs alongside customers such as ODP Corporation and organizations like Classroom Central during back-to-school season. Domtar is a longtime vendor partner of The ODP Corporation’s StartProud!® back to school program, which supports students and teachers at nearly 30 Title I elementary schools with school supplies and needed equipment.
The new Polar Grip Air film will initially be made available to purchase in the North American market from August 2023. Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the launch of its latest product – Polar Grip Air. The latest addition to the incredibly popular Drytac Polar Grip range, Polar Grip Air is a 3.2 mil white polymeric PVC film featuring a high-tack grey adhesive with a bubble-free technology release liner.
In an effort to address prevalent supply chain uncertainties and to maintain the commercial viability of its Graphic Paper business, Sappi Europe will keep prices for its Woodfree Coated Paper grades stable at today’s level for the remainder of 2023. This commitment facilitates customers' ability to commit to business in advance of the traditionally busier fourth quarter for the printing industry. Market conditions are similar across the region, but obviously diverge between countries and segments and as such Sappi Europe’s sales personnel is always available for these individual customer specifics. Sappi Europe remains fully committed to serving the printing business and will work closely with our customers to ensure the best possible outcome throughout the print media value chain.
Sustana, a manufacturer of premium, sustainable recycled fiber and paper products, announces the appointment of Aaron Ling to Director of Sustainability. In this role Aaron will be responsible for driving the implementation of Sustana’s ESG initiatives and supporting the development of the group’s sustainability strategy. Aaron holds a bachelor’s degree in electrical engineering from Concordia University and has several accreditations and certifications including Economic Sustainable Project Delivery, Decision Analysis Training and is an Accredited Professional from the Green Building Council of Australia. Aaron has 17 years of experience in Corporate Sustainability target setting, reporting and scenario analysis. Aaron has a wealth of international experience having worked in Japan, Canada, Australia, and the United States.
Sylvamo is offering small shareowners a convenient way to own at least 100 shares or sell their holdings. Voluntary sale and purchase programs – often called “odd lot” programs – are periodically offered by public companies to help small shareowners and reduce administrative costs. Shareowners who participate will be assessed a $3.50 processing fee per share purchased or sold, with a maximum fee of $60 per account. Beginning Monday, Aug. 21, 2023, eligible registered shareowners are being informed by mail and will be able to participate through Friday, Sept. 22, 2023, subject to early termination or extension of the program.
Tronox Holdings plc, the world’s leading integrated manufacturer of titanium dioxide pigment, announced the closing of its $350 million incremental term loan under the Company’s existing credit agreement, the proceeds of which are expected to be used to repay outstanding borrowings under the Company’s existing revolving credit facilities and enhance available liquidity for upcoming capital expenditures.
Billerud is introducing a new organization whereby the company harmonizes and operates its business in two distinct geographical regions - Europe and North America. Billerud further appoints Andrei Krés as acting CFO, effective immediately. Matthew Hirst, previously EVP Commercial, has been appointed President of Billerud Europe and will lead the new European organization consisting of Commercial, Operations and Procurement & Wood Supply functions. Kevin Kuznicki remains President of the North American organization. "I’m pleased that Matthew has taken the position of leading the Europe region, and I’m convinced he will take the region forward on the journey to challenge conventional packaging solutions and create the packaging of tomorrow”, says Ivar Vatne, acting CEO and President of Billerud.
*Sales increased 56.7% to $668.3 million, reflecting the benefit of the merger; 8% organic sales decline with negative volume/mix offsetting price increases *GAAP loss was $4.5 million, GAAP EPS was $(0.08), which all included merger integration and purchase accounting expenses* On August 1, Company announced the proposed sale of Engineered Papers and capital allocation changes *Approximately $575 million of expected net proceeds to be used to reduce net debt by 35%
Kruger Products Q2 2023 Business and Financial Highlights • Revenue was $466.3 million in Q2 2023 compared to $397.5 million in Q2 2022, an increase of $68.8 million or 17.3%. • Adjusted EBITDA1 was $55.0 million in Q2 2023, compared to $11.8 million in Q2 2022, an increase of 365.8%. • Net income was $14.5 million in Q2 2023 compared to a net loss of $35.5 million in Q2 2022, an increase of $50.0 million.
*Net income from continuing operations of $49 million ($1.14 per diluted share) vs. $97 million ($2.25 per diluted share) *Adjusted operating earnings1 (non-GAAP) of $49 million ($1.14 per diluted share) vs. $108 million ($2.51 per diluted share) *Adjusted EBITDA2 (non-GAAP) of $124 million (13.5% margin) vs. $208 million (22.1% margin) *Cash provided by operating activities from continuing operations of $77 million vs. $63 million
Mativ Holdings, Inc. announced two appointments to its executive leadership team. Mark W. Johnson will succeed Ricardo Nuñez as chief legal officer, general counsel and secretary for the ~$3 billion specialty materials company. Johnson will assume the leadership of the company’s legal team on September 1, 2023, from Nuñez, who will be departing the company the same day. Additionally, Rajeev Kapur has been named Mativ’s new chief information officer, effective immediately. Both Kapur and Johnson will report directly to Mativ chief executive officer Julie Schertell.
Antti Koulumies, M.Sc. (Eng.), has been appointed Senior Vice President, Timber and Forest. Koulumies will take the leadership of UPM Forest and continue to lead UPM Timber. The current leader of UPM Forest Sauli Brander, B.Sc. (Eng.), eMBA, has been appointed Vice President, UPM Global Forest Affairs. He will focus on global forest advocacy as well as global forestry themes, such as climate-positive forestry and biodiversity. Both appointments will take effect on 1 September 2023. Koulumies and Brander will continue to report to Bernd Eikens, Executive Vice President, UPM Fibres, and they will also continue as members of UPM Fibres business area management team.
myCordenons, a leading Italian manufacturer of luxury specialty papers, today announced a new long-term distribution agreement with CTI Paper USA, one of North America’s largest suppliers of premium papers and envelopes. Under the new agreement, CTI Paper USA is the exclusive distributor of myCordenons’ full range of branded specialty papers across the United States and Canada. The company stocks, services and distributes a wide array of myCordenons’ FSC-certified uncoated text and cover brands, including Stardream, Plike, So…Silk, Wild, and Natural Evolution.
EcoVadis has recognised UPM with a platinum score based on the company’s sustainability performance in the following four categories: Environment, Labour and human rights, Ethics and Sustainable procurement. Only one per cent of the 100,000 global companies assessed received platinum. UPM’s score 87/100 was one of the highest in the Manufacture of Pulp, Paper and Paperboard industry. “Compared to last year, our carbon score improved most,” says Sami Lundgren, Vice President, Responsibility, UPM. “We are extremely proud that our climate change related management and strong decarbonisation ambition with approved Science Based Targets were recognised with the highest possible Leader status. UPM’s top rating recognises the work we have done to promote sustainability in the whole value chain and embraces our work towards the future beyond fossils.”
HIGHLIGHTS • Pulp sales of 2,513 thousand tons (-6% vs. 2Q22). • Paper sales1 of 294 thousand tons (-9% vs. 2Q22). • Adjusted EBITDA2 and Operating cash generation3 : R$3.9 billion and R$2.2 billion, respectively. • Adjusted EBITDA2/ ton from pulp of R$1,269/ton (-40% vs. 2Q22). • Adjusted EBITDA2/ton from paper of R$2,481/ton (+14% vs. 2Q22). • Average net pulp price in export market: US$562/ton (-23% vs. 2Q22). • Average net paper price1 of R$7,002/ton (+13% vs. 2Q22). • Pulp cash cost ex-downtime of R$918/ton (+7% vs. 2Q22). • Leverage of 2.2 times in USD and 2.0 times in BRL. • Cerrado Project completes 70% of physical progress and 57% of financial progress. Forecast for the start of operations to occur by June 2024.
The group faced persistent challenges in the global economy and encountered ongoing weakness in paper and pulp markets, leading to a reduction in EBITDA to US$106 million for the quarter ended June 2023. Specifically, the paper businesses experienced a significant downstream destocking cycle. Customers reduced their inventories in anticipation of lower prices, thereby affecting demand. In response, we proactively curtailed excess production in Europe and North America, implemented various cost-saving initiatives across our operations, and applied measures to optimise working capital. The profitability of the South African business was more stable, bolstered by the dissolving pulp business. Despite the challenging economic environment, we generated cash in the quarter and liquidity in the group remained strong.
Mactac® Graphics & Signage Solutions announces the launch of Printvinyl Scored™, the first of its kind for the wide-format graphics industry. The new product line includes two pressure-sensitive adhesive (PSA) products with a scored liner for screen and wide-format printers. Mactac Printvinyl™ film is recognized for its proven quality and consistent printability. The new precision-scored liner, with a 1.25" spacing, guarantees a seamless and hassle-free removal process. Products are printable on both the film face and liner, expanding promotional messaging capabilities with an easy-to-remove scored liner that simplifies the application experience. PVS528UR features an ultra-removable acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart. PVS528P has a permanent acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart.
For the second quarter of 2023, Clearwater Paper reported net sales of $525 million compared to net sales of $526 million for the second quarter of 2022. Net income for the second quarter of 2023 was $30 million compared to net income for the second quarter of 2022 of $15 million. For the first six months of 2023, Clearwater Paper reported net sales of $1.1 billion, a 3% increase compared to net sales of $1.0 billion for the first six months of 2022. Net income for the first six months of 2023 was $54 million compared to net income for the first six months of 2022 of $31 million.
Resolute Forest Products Inc., a subsidiary of Domtar Corporation and a part of the Paper Excellence Group, today announced that, on August 1, 2023, it completed the previously disclosed sale of the Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings, pursuant to the terms of the asset purchase agreement dated May 26, 2023. Resolute will continue to operate its sawmills and woodlands operations in Northwestern Ontario. With the closing of the transaction, the parties have entered into certain ancillary agreements, including a long-term woodchip and biomass supply agreement pursuant to which Resolute will continue to provide chips and biomass to the Thunder Bay mill.
Sustana, the sustainable fiber and paper industry leader, announced today that it has completed a transaction with Hanna Paper, one of the largest high-grade paper recycling companies in North America. Headquartered in Toronto, Canada, Hanna processes 300,000 tons of paper annually through its eight recovery facilities across North America. The company employs approximately 200 employees and services over 1,000 customers. “Today marks an exciting milestone for Sustana and the long-term stability of our supply chain,” said Fabian de Armas, CEO of Sustana. “We are steadfast in our commitment to sustainability, and we are thrilled to welcome Hanna, a long-time leader in our industry, to the Sustana family. We look forward to growing together with Hanna and its team as we continue to deliver on our vision of a circular economy.”
Mativ Holdings, Inc. announced that it has received a binding offer from Evergreen Hill Enterprise, Pte. Ltd., to acquire Mativ’s Engineered Papers business, part of Mativ’s Fiber Based Solutions reporting segment, for $620 million. Subject to customary closing date adjustments, Mativ expects to receive net proceeds (net of taxes and other items) of approximately $575 million in the proposed transaction, which would be primarily used for debt paydown. Julie Schertell, CEO of Mativ, commented, “The proposed sale of Engineered Papers is a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders. This pivotal action positions our portfolio for faster growth and focuses our resources on categories with the most promising revenue and margin expansion opportunities. While a solid business, EP’s concentration in the tobacco industry is not aligned with Mativ’s long-term ambition and presents a more attractive value proposition under new strategic ownership. Our talented and dedicated employees will continue to deliver outstanding products and service to EP’s long-standing customer base, and we are confident in a smooth transition.”
UPM Biochemicals has acquired SunCoal Industries GmbH, a German-based company that developed a unique technology portfolio to produce performance products from renewable raw materials. With this acquisition SunCoal Industries’ technology will be integrated into the production of UPM’s BioMotionTM Renewable Functional Fillers (RFF), one of the products to be produced at UPM Biochemical’s first-of-its kind biorefinery in Leuna and strengthen the overall technology portfolio of UPM’s biorefining businesses. The ownership of SunCoal Industries and its team specializing in lignin valorization enables UPM to strengthen the role as a leading supplier of sustainable, renewable functional fillers to the rubber and plastic markets by further developing the technology inhouse. SunCoal Industries’ experts will bring additional capabilities to further develop the RFF production technology and processes and support UPM’s ambitious growth plans in the biorefining space.
GreenFirst Forest Products Inc. (TSX: GFP) is pleased to announce the reduction in its softwood lumber duty deposit rate from 20.23% to 7.99%, which is expected to take effect on or about August 2, 2023. This official change by the United States Department of Commerce (“US DOC”) results from the Final Determination of the Fourth Administrative Review of softwood lumber imports from Canada to the United States for the year 2021. Since August 28, 2021, upon the acquisition by GreenFirst of the Rayonier sawmills, the US DOC assessed GreenFirst’s duty deposit rate on softwood lumber imports to the United States at a significantly higher rate than its Canadian peers. The net effect of the US DOC’s decision has resulted in a reduction in GreenFirst’s earnings and a corresponding overpayment of softwood lumber duties in relation to other Canadian exporters. We believe the amount of the overpayment up to the end of June is approximately US$21 million; however, at this time we are not certain when this reimbursement may occur. Beyond this overpayment, GreenFirst has an additional US$51 million of duties on deposit pending a broader industry settlement.
The Paper Excellence Group announced its updated organizational structure for its business units following the recent acquisitions of Resolute Forest Products in March 2023 and Domtar in November 2021. Steve Henry, currently Domtar's Executive Vice President and Chief Operating Officer, has been named President of the Paper & Packaging business unit with responsibility for all legacy Domtar pulp, paper and packaging operations as well as Paper Excellence Canada's Port Alberni and Crofton mills. The leader of the Pulp & Tissue business unit consisting of all legacy Resolute pulp, paper and tissue operations as well as the non-integrated Paper Excellence Canada pulp mills will be announced at a later date. Hugues Simon will continue to serve as President of the Wood Products business unit. Mr. Simon has extensive experience in wood products operations, finance and sales with Resolute and its predecessor companies.
Mactac® Graphics & Signage Solutions announces the launch of Printvinyl Scored™, the first of its kind for the wide-format graphics industry. The new product line includes two pressure-sensitive adhesive (PSA) products with a scored liner for screen and wide-format printers. Printvinyl Scored products have a durability of 5 years. These products are available in permanent and removable adhesives and can be wide-format digital or screen-printed *PVS528UR features an ultra-removable acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart. *PVS528P has a permanent acrylic adhesive with a 3.2 mil matte white polymeric vinyl film and 78# bleached kraft liner back scored liner at 1.25” apart.
Billerud's board announces that the company's President and CEO Christoph Michalski is leaving the CEO role at Billerud, with immediate effect. Michalski has held the position of CEO since November 2020. The board of Billerud has appointed the current CFO and deputy CEO, Ivar Vatne, as acting CEO. Ivar Vatne joined the company as CFO in May 2019 and has also been deputy CEO since October 2022. Before Billerud, Ivar has a background from senior positions within Arla, Fiskars and P&G. “The board is confident that Ivar Vatne can quickly step into the role of acting CEO and that he can lead the implementation of our established strategy”, says Jan Svensson, chairman of the board in Billerud.
Overview • Q2 2023 operating loss of $67 million including a $57 million reversal of a previously recognized inventory write-down; • Strong earnings continued at the Company’s European and US South operations with persistent challenges in British Columbia • Sustained pressure on global lumber market fundamentals and pricing, particularly in North America • Increased North American lumber production & shipments despite ongoing curtailments in British Columbia and permanent closure of Chetwynd facilities and temporary closure of Houston sawmill • Significant deterioration in global pulp market fundamentals; closure of the pulp line at Prince George Pulp and Paper Mill; subsequent to quarter-end, short curtailment of Northwood NBSK pulp mill amidst British Columbia port strike
January–June 2023 (1–6/2022) *Sales were EUR 3,116 million (3,416). *Operating result was EUR 402 million (589). Comparable operating result was EUR 380 million (574). *Net cash flow from operations was EUR 18 million (456). April–June 2023 (4–6/2022) *Sales were EUR 1,481 million (1,822). *Operating result was EUR 127 million (248). Comparable operating result was EUR 104 million (330). *Comparable return on capital employed was 5.9% (20.5). *Net cash flow from operations was EUR -19 million (321).
Second Quarter 2023 Financial Highlights: *Produced revenue of $794 million, a 12% increase compared to the prior quarter, or a 16% decrease compared to the prior year *Generated income from operations of $84 million, and a net loss of $269 million, inclusive of a valuation allowance of $293 million established against the deferred tax assets within our Australia jurisdiction; adjusted net income was $24 million (non-GAAP) *Delivered Adjusted EBITDA of $168 million, at the high end of the guided range, and an Adjusted EBITDA margin of 21.2% *Invested $55 million in capital expenditures in the quarter *Generated $81 million in free cash flow in the quarter
Q2 2023 highlights • Sales were EUR 2,558 million (2,562 million in Q2 2022) • Comparable EBIT decreased by 71% to EUR 114 million, 4.5% of sales (387 million, 15.1%) • Delivery volumes were impacted by destocking in various product value chains • Pulp and energy prices decreased to cyclical bottom levels • Operating cash flow was EUR 459 million (-879 million), supported by cash inflow from energy hedges • UPM Paso de los Toros pulp mill in Uruguay ramping up production according to the plan • The OL3 nuclear power plant unit began regular commercial electricity production • Permanent closures of PM6 at UPM Schongau, Germany and PM4 at UPM Steyrermühl, Austria
“Earnings per share increased sequentially in the second quarter, a trend we expect to continue in coming quarters,” said Mitch Butier, Chairman and CEO. “Volumes in our Materials businesses continue to recover from slow market conditions, largely destocking, while our Intelligent Labels platform accelerates adoption into new categories. "While it's good to see the continuing sequential improvements in our Materials businesses and the building momentum in Intelligent Labels, the pace of our recovery is slower than anticipated. Our results for the quarter were below our expectation due to lower revenue, something the team was able to largely offset through cost reduction actions,” Butier added.
In March 2023, Ahlstrom launched a consultation process with employee representatives at its Stenay plant in France about the possibility to divest the plant, and if a buyer cannot be found considering closure. After a long process to identify potential buyers, Ahlstrom has received a binding offer from Accursia Capital to acquire the Stenay plant. The potential acquisition is subject to consultation with employee representatives. Since the beginning of the consultation period, finding a buyer has been Ahlstrom’s priority. The group has been working actively with all the local economic and political stakeholders in the area to support the process of finding a buyer. With a strong commitment to achieving a positive outcome for all parties involved, Ahlstrom would be dedicated to making every effort during the transition to ensure the plant successfully enters its new chapter.
The second quarter was challenging with all-time low sales volumes and with currency-neutral net sales declining by 18% compared to the same period last year. The largest sales decline was in North America due to the continued inventory destocking resulting in production curtailments. This, in combination with historically high fiber costs in Europe led to a weak result. By all indications, the blastomycosis outbreak at the Escanaba mill is behind us. Following a three-week idling and deep cleaning of the facilities, operations were successfully resumed on the 8th of May. We continue to work closely with local, state and federal health experts as they complete their analysis of the testing and sample collection at the mill. Results will be made publicly available in due course. The negative financial impact of the outage and the deep clean was SEK 85 million in the quarter. From the 1st of April, our financial results are reported according to a regional structure. Business conditions differ vastly between Europe and North America, even if the current situation of high inventories and destocking applies to both regions. Region Europe’s profitability deterioration in the second quarter was primarily due to all-time-high fiber cost and soft volumes. Region North America on the other hand delivered a comparatively healthy margin, despite an operating rate of 50-60%, thanks to our cost-leadership and tight cost control.
Sylvamo is releasing its first environmental, social and governance (ESG) report, demonstrating its commitment to building a better future on the promise of paper. The report illustrates the company’s 2022 contributions to the circular, low-carbon economy while improving people’s lives where it does business. “We are excited to release our first report, which highlights our progress toward our 2030 goals,” said James McDonald, chief sustainability officer. “Our strategy will help Sylvamo remain a sustainable company that generates profits for our shareowners, protects the environment and improves people’s lives.”
Following the announcement of a tentative agreement in the labour dispute at B.C. ports, Canfor Pulp Products Inc. is announcing that Northwood Pulp Mill in Prince George will resume production next week (the week of July 17).
Norske Skog’s EBITDA in the second quarter of 2023 was NOK 380 million, a decrease from NOK 675 million in the first quarter of 2023. The main driver for the lower second quarter EBITDA was lower publication paper sales prices. The cash flow from operations in the quarter was NOK 353 million. During the second quarter Norske Skog entered the packaging paper market with a successful production start-up of Bruck PM3, and the first rolls of packaging paper delivered to customers. The rockslide at Norske Skog Saugbrugs will likely keep the paper machine PM6 out of the publication paper market through the first half of 2024. An insurance compensation for business interruption is therefore recognized in the second quarter results. The start-up of the Golbey conversion project is postponed to the second quarter of 2024. Despite the rockslide at Norske Skog Saugbrugs and weakened demand in all segments in the quarter, we have managed to maintain high sales volumes, healthy profitability and a strong financial position.
Fire crews from Port Alberni, Cherry Creek, Beaver Creek and Sproat Lake fire departments took hours to put out a fire in the Paper Excellence Catalyst paper mill in Port Alberni on Friday. Just before 3 p.m., 911 dispatch informed the Port Alberni Fire Department that a barge carrying hog fuel — unrefined wood byproduct used in biomass burners and construction — was on fire. Port Alberni Deputy Fire Chief Wes Patterson said that the majority of the fire was initially contained to a conveyor belt system used to unload the barge with hog fuel. “As the wind picked up, as it usually does in the afternoon in the Port Alberni inlet, it started to blow these embers onto the land and started to cause spot fires,” Patterson said..
After failed attempts to sell the Stockstadt site, Sappi decided launch consultations on the future of the fine paper mill. On 14 April 2023 Sappi announced that the negotiations to sell its Stockstadt, Germany; Maastricht, The Netherlands; and Kirkniemi, Finland, mills could not be completed and the sale had lapsed. Sappi Stockstadt is an integrated pulp and paper mill producing 145,000 tpy of pulp which is converted to 220,000 tpy of coated and uncoated woodfree paper mainly sold into the European print market.
International technology group ANDRITZ received an order from Norske Skog Skogn to supply a thermomechanical pulping (TMP) line for its newsprint mill in Levanger, Norway. The ANDRITZ solution combines secondhand and new equipment to provide a customized package that precisely fits the local conditions. The new line will allow Norske Skog Skogn to change its raw material mix and thus reduce variable costs and the environmental impact of its operations, in particular NOx emissions, fossil CO2 emissions, and landfilled waste.
Lecta presents its first Sustainability Report integrating the three essential areas – environmental, social and governance – used to assess the sustainable performance of organizations. In 2022, Lecta formalized a complete ESG strategy as a key pillar of its long-term corporate activities, and in this first 2022 Sustainability Report it specifies the most relevant aspects and ambitious improvement objectives with a view to the 2030 Agenda. Key Performance Indicators (KPI) are also well defined in order to measure our continuous progress in this commitment. "We have been working for a long time on sustainability issues, and we have now formulated clear targets and our roadmap toward 2030," states Gilles Van Nieuwenhuyzen, CEO of Lecta.
Rottneros has entered into a long-term Power Purchase Agreement (PPA) including Guarantees of Origin (GoOs) with the third largest German energy group Energie Baden-Württemberg (EnBW). The utility will supply Rottneros with just over 30 GWh/annum of clean energy delivered from the 116 MW Målarberget wind farm in Sweden over an 8.5-year period starting in 2025. The partnership marks an additional step in Rottneros’ ambitions to reduce the environmental impact of its operations and its exposure to the volatile and uncertain electricity market. Rottneros’ goal is a fossil-free production according to GHG Scope 1 & 2 by 2030. The emissions from Rottneros’ operations come mainly from its external purchase of electricity, which is also their third largest variable cost item. In addition to helping Rottneros meet its climate targets, long-term PPAs are part of the company’s active work to reduce its long-term exposure to electricity price movements.
Paper Excellence Canada today announced it has once again been voted one of Canada’s 2022 Best 50 corporate citizens by Corporate Knights. Paper Excellence Canada is a diversified manufacturer of pulp and paper, including printing and writing, packaging, and specialty papers. The Best 50 award is judged using key performance indicators that relate to the organization’s raw resource use, emissions profile, social performance, safety performance, and percentage of revenue from clean sources. “We continue to be proud of our long association with Corporate Knights and their Best 50 program. Our sustainability report, Forward Focused: 2022 Sustainability Report, was just published last week and I encourage anyone interested in Paper Excellence Canada to read it,” said Graham Kissack, Vice President, Environment, Health & Safety and Corporate Communications.
UPM has signed an agreement on the sale of the recovered paper sorting plant ASK Kinsau in Germany to the Fisel Holding GmbH & Co. KG, a recovered logistics and municipal waste disposal company. The sale and purchase agreement includes the site and buildings. The parties have agreed not to disclose the purchase price. All employees of ASK Kinsau will be transferred to the new owner. “We are pleased, having found a long-term oriented and innovative buyer for the Kinsau site. The Fisel Group has a high level of expertise in handling recovered paper. As an integral part of this recycling company the sorting facilities could be better developed and optimized,” says Marco Kulterer, responsible for RCP Supply Chain & Operations at UPM Sourcing.
Today, binders are largely based on components of fossil origin. Stora Enso has created a binder, NeoLigno® by Stora Enso - Bio-based materials | Stora Enso NeoLigno® by Stora Enso, which is made of bio-based materials. Stora Enso together with RISE, IsoTimber, and Moelven, have proven that the bio-based binder works in construction elements on industrial scale, making them 100% fossil-free. NeoLigno® by Stora Enso is a binder made from lignin, which is an organic polymer present in all land-living plants, such as trees. Lignin is the natural binder in wood, it keeps the fibers together and protects the material from rotting. NeoLigno® is bio-based and free from formaldehyde and isocyanate. For two and a half years, Stora Enso, RISE, IsoTimber, and Moelven have worked together in a project with the aim to produce fossil-free construction boards and elements.
Stora Enso intends to divest its wood products DIY (Do It Yourself) unit in Amsterdam, the Netherlands to Megahout, backed by the private equity company Quadrum Capital. Closing is expected in Q3 2023, subject to regulatory approvals and consultation with employee representatives. The intended divestment of Stora Enso Timber DIY Products B.V. is in line with Stora Enso’s long-term strategy to focus on developing integrated mills for wood products production. The Amsterdam planing site is a small non-integrated unit with limited investment and growth opportunities and thus considered a non-core asset for Stora Enso.
The largest producer and exporter of packaging paper and sustainable solutions in paper packaging in Brazil, Klabin will hold, between June 28 and July 8, the General Shutdown at the Monte Alegre Unit, in Telêmaco Borba (PR). The action is provided for by Regulatory Norms for maintenance and necessary adjustments, in order to guarantee the perfect operation of all equipment, as well as the safety and integrity of employees and the entire community. In addition to maintenance, the General Shutdown allows the Unit to undergo eventual improvements, such as technological updates, always with the objective of improving productivity and operational safety, with the adoption of the best practices available in the market.
Paper Excellence Canada has published its third sustainability report: Forward Focused: 2022 Sustainability Report. Paper Excellence Canada is one of Canada’s foremost forest businesses utilizing large scale, technically advanced manufacturing at its core. We are part of global and North American supply chains that depend on Canada’s well-managed forests which allow us to deliver a growing range of products to our customers. Forward Focused: 2022 Sustainability Report looks at both our achievements and our opportunities to do better within this framework. This report also looks at our environmental and economic impacts nationally and on a mill-by-mill basis. From an environmental standpoint, 82% of our total energy use was renewable in 2022 while we have continued to reduce our greenhouse gas emissions—now down by 67% since 1990. We were also gratified that Corporate Knights recognized our ongoing efforts and named us one of Canada’s 50 Best Corporate Citizens in 2022.
International technology group ANDRITZ has installed a new spunlace pilot line at its center of competence in Montbonnot, France. It allows customers and partners to conduct trials for producing nonwovens from recycled and/or natural fibers such as hemp, flax, and cotton. The new pilot line features optimized web forming and entanglement for smooth processing of sensitive and irregular fibers. The innovative card set-up is designed to protect and maintain the quality of the fibers while achieving outstanding productivity rates.
As part of Sappi Europe's full scale decarbonisation roadmap, Gratkorn mill is expanding the share of biomass to be used as an energy source, further driving the move away from fossil fuels as part of the mill’s contribution to the European roadmap. The project follows the recent modernisation of the power plant boiler which enabled the shift from coal to a combined approach of biomass and natural gas. The mill is now embarking on a next step, enhancing its infrastructure and therefore capacity in order to handle the delivery, sorting and processing of increased biomass levels. This increased utilisation requires an improved biomass handling system at the mill as well as decentralised intermediate storage terminals within the surrounding regions.
Paige Goff, Domtar’s vice president of sustainability, recently spoke to business leaders at an MX.0Southeast event focused on data-driven, resilient and sustainable manufacturing. She shared more about the comprehensive structure of Domtar’s ESG approach and outlook. When people talk about costs as a barrier to being more sustainable, Goff counters that it’s more expensive to do nothing. “There is an initial investment, but it pays off in the long run,” she says. “Our customers expect us to do the right thing and be responsible stewards of the environment. Our reputational risk is their reputational risk.” Similarly, she says, an effective ESG approach is important for recruiting and retaining talent. The E in ESG gets the most attention, with the emphasis on environmental responsibility and care for natural resources. It’s an area where Domtar has been a leader, particularly in forestry. But the G also plays a crucial role in our ESG approach. Governance is how we connect the dots from senior leadership to the frontlines of manufacturing, Goff says. Our ESG committee includes leaders from across the organization with a diverse collection of roles and responsibilities.
UPM inaugurated its Paso de los Toros pulp mill in the department of Durazno in Central Uruguay. The inauguration event was attended by the President of Uruguay Luis Lacalle Pou, several ministers and representatives of other stakeholders who have participated in the successful execution of UPM’s growth project in Uruguay. The UPM Paso de los Toros pulp mill has an annual production capacity of 2.1 million tonnes of eucalyptus pulp. The mill represents the latest and best available technology. It is energy efficient with minimal environmental impacts and optimised maintenance. With an increase of more than 50% in UPM’s current pulp capacity, this growth investment creates a step change in the scale of UPM’s pulp business and future earnings. It also has a significant impact on Uruguay’s economy and creates significant opportunities for the country’s people and communities.
Through a unique value-chain collaborative innovation, sustainable specialty materials leader Ahlstrom and cosmetic brand Terre de Couleur have launched a biodegradable and reusable, fiber-based hair cap for home and professional cosmetic use. Terre de Couleur had an ambitious goal – to remove or decrease the plastic content in their single-use 100% plastic hair cap without compromising the performance nor the usage experience and comfort of hair professionals and consumers alike. The cap offers many advantages in cosmetic applications such as shower use, hair mask applications, and hair coloring in professional or home setting to allow: *Hair protection *Maintains optimal humidity and heat for color or hair care setting *Hand washable and reusable *Chain-of-Custody Forestry Certified according to FSC® and PEFC™ standards *Ahlstrom’s Genuine Vegetable Parchment certified home compostable with OK COMPOST HOME from TÜV and industrially compostable with OK COMPOST from TÜV (EN13432)
Resolute Forest Products Inc. today announced the ratification of a four-year master labor agreement with the Unifor union covering 525 hourly employees at ten company woodlands in Quebec, following an agreement-in-principle reached on May 11. "We are pleased to renew this agreement, which underscores the contribution of our woodlands employees to the company's success and provides stability for our customers, communities and other partners," said Remi G. Lalonde, president and chief executive officer. The individual collective agreements ratified on May 26 cover Resolute's Abitibi and Nord-du-Québec (Comtois, Senneterre), Côte-Nord, Lac-Saint-Jean (Girardville, La Doré, Mistassini, Péribonka, Saint-Félicien, Saint-Thomas) and Mauricie woodlands operations.
Resonating with the ambitious EU regulatory targets for reducing waste, UPM Specialty Papers has introduced a new “LinerLoop compatible” label to promote closed loop recycling of release papers used in self-adhesive labels and tapes. Release papers carrying the label qualify for recycling in UPM LinerLoopTM, which is the first commercial-scale closed-loop recycling solution for silicone coated release papers. Currently some 50% of used release papers and matrix materials are recycled in Europe, but it is estimated that only 15% are recycled back to release papers in a closed loop (source: CELAB, AWA). As a member of CELAB-Europe and AFERA, UPM Specialty Papers works towards increasing the share of closed-loop recycling. Recycling silicone coated papers in a circular fashion is a technically demanding process. One factor, for instance, impacting closed-loop recycling is the shade of paper. As the typical shade of glassine used in label applications is white or some other light shade, recycling darker coloured glassine grades in the same stream would contaminate the recycled pulp.
Sappi North America Inc., a leading producer and supplier of diversified paper, packaging products and pulp, announced today that several of its employees have received awards for their endeavors in creative graphics, leadership and innovative initiatives. The Technical Association of the Pulp and Paper Industry (TAPPI) awarded Beth Cormier, VP of research, development and sustainability, a Women in Industry Division’s 2023 Woman of the Year Award; recognized Joseph Fernandez, research fellow, with the 2023 Coating & Graphic Arts Division Technical Award and BASF Charles W. Engelhard Medallion and Honorarium; and bestowed Matthew Howard, area process systems manager, with the TAPPI Award for Best Process Control Paper. Additionally, David Niles, senior print and converting scientist, received the Michael H. Bruno award from the Technical Association of Graphic Arts (TAGA).
Resolute Forest Products Inc., a subsidiary of Domtar Corporation and a part of the Paper Excellence Group, today announced that it has entered into an asset purchase agreement to sell its Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings. The transaction, expected to close in the second half of the year, is subject to the satisfaction or waiver of closing conditions, including obtaining required regulatory approvals. Resolute will continue to operate its sawmills and woodlands operations in Northwestern Ontario. At the closing of the transaction, the parties will enter into certain ancillary agreements, including a long-term woodchip and biomass supply agreement pursuant to which Resolute will continue to provide chips and biomass to the Thunder Bay mill.
As per the latest study of Tulchin Research, the majority of American consumers prefer paper receipts over digital receipts when it comes to their own purchases from retail sources. The majority of them say that paper receipts have the crucial advantage of being better when it comes to protecting personal information. Tulchin Research is an award-winning public opinion research firm that specializes in opinion surveys. The survey, which was initiated by the Paper Receipt Converting Association (PRCA), was based on responses from 1,000 randomly selected adults 18 years or older in the USA. Three out of four survey respondents preferred paper receipts, while only one fourth preferred a digital receipt sent to their phones by e-mail or text message. Meanwhile, eight out of ten American consumers said they wanted to decide themselves which type of receipt they wanted for their purchases and were not interested in having the decision made for them. “These results are surprising, since they go against the general trend towards digitalization,” Koehler America General Manager Steve Graves says before adding: “This development shows that paper receipts are experiencing a renaissance, and I’m pretty sure that these survey results would be nearly identical if we were to survey Europeans instead.”
Mactac®, a LINTEC Company, is acquiring Label Supply, headquartered in Ontario, Canada. Label Supply has been servicing the Canadian roll label market for more than three decades. The acquisition is expected to close June 1, 2023, and consists of an established, turnkey facility with 11 finishing assets, a comprehensive transportation/shipping fleet, robust laboratory and technical resource group, and an in-house ink partner. With the added support of Mactac, Label Supply benefits from a larger customer base, capital access, information technology, and broad, consistent product supply. The acquisition expands the geographic reach of both companies in the Canadian market, creating a unique service and product offering that provides specialty products, service, and large quantities to more customers throughout Eastern Canada.
Sylvamo is announcing a senior leadership change for its Latin America division. Tatiana Kalman has been elected senior vice president and general manager, Latin America, effective June 1. Kalman joins Sylvamo from BASF, most recently serving as managing director and senior vice president, Business Unit Personal Care Europe. “We welcome Tatiana to our company. She will help us continue building a better future for our employees, customers and investors,” said Jean-Michel Ribiéras, chairman and chief executive officer.
Domtar’s Engineered Absorbent Materials (EAM) facility in Jesup, Georgia, recently celebrated the completion of a $90 million project that added a large-scale airlaid production line to the facility as well as 75 new jobs. The EAM expansion makes Domtar a leading nonwovens provider. The facility hosted a ribbon-cutting ceremony on May 23 that included remarks from Domtar leaders and Georgia state and county officials. Staff from U.S. Rep. Buddy Carter’s office also attended. “The EAM expansion adds more scale and technology, and combining it with our world-class fluff pulp business, we will deliver more value to our customers and Domtar for many years to come,” said Steve Henry, Domtar executive vice president and chief operating officer. “We are very confident and excited by what the future holds for Domtar’s pulp business and EAM.”
Avery Dennison Corporation announced that its board of directors, as a result of a planned succession process, has elected the company’s president and chief operating officer, Deon Stander, as president and chief executive officer, effective September 1, 2023. Current chairman and CEO, Mitch Butier, will serve as executive chairman of the company’s board of directors. “It has been a privilege to have led Avery Dennison for much of the past decade. I have been fortunate to have worked with such a tremendous team at this wonderful company -- a team that has raised the bar by both delivering superior results, while also positioning us for even greater successes in the future,” said Mitch Butier, chairman and chief executive officer, Avery Dennison. “With the company so well positioned, I am confident it is the right time to transition the role of CEO to Deon.”
As the world shifts towards renewable energy sources, the demand for high-performance insulation materials for electrotechnical uses is on the rise. Supporting this transition, electrotechnical papers are designed as an ideal solution for demanding applications such as high-voltage cables, distribution transformers, instrument transformers, power transformers, and bushings. Ahlstrom offers a comprehensive range of innovative electrotechnical papers under a new brand Elektro-Tek® that offer excellent thermal and electrical properties. The key features required in electrotechnical papers include for example their insulation properties, density and thermal endurance, to enable the insulation to perform in operation for the defined lifecycle of the highest quality OEM producers.
UPM Biochemicals and URSA, one of the leading producers of glass wool and mineral wool in Europe, today announced the development of more environmentally friendly building insulation that will help to reduce energy consumption and lower CO2 emissions. URSA will produce sustainable glass wool made from an innovative, binder based on UPM BioPiva™ lignin. It will be one of the most natural insulation material available on the market. The new binder implemented by Ursa is based on the proprietary lignin-resin technology developed by UPM Biochemicals. URSA and UPM Biochemicals have closely collaborated in optimizing binder composition for best physical characteristics of the new insulation material and smooth runnability on URSA’s production lines.
In an effort to focus on products that fit best within our manufacturing capabilities, we are discontinuing our MagneCote® product. Today, we will no longer manufacture this product or actively promote it on our website. Limited inventory is available at our Nekoosa, Wisconsin facility for purchase on a ‘first come, first serve’ basis. If you want to purchase any remaining merchandise, please contact your assigned Nekoosa Business Development Manager (BDM) for additional information.
Canfor Corporation (TSX:CFP) and Canfor Pulp Products Inc. (TSX:CFX) jointly announce the release of the 2022 Sustainability Report, which outlines performance on topics such as climate change, sustainable forestry and energy management, and social issues such as inclusion and diversity, and Indigenous relations. “Climate change is one of the most pressing issues we are facing today, and sustainable forest management and low carbon forest products can play a key role in addressing our changing climate,” says Don Kayne, President and CEO, Canfor. “Sustainability is at the very core of what we do, and our 2022 Sustainability Report outlines the progress we are making.
Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today released its 2022 Sustainability Report, highlighting its commitment to science-based targets in creating sustainable products and business practices. The company also secured the EcoVadis Platinum sustainability rating for the third year in a row, keeping Sappi at the top 1% of companies rated for sustainability. In 2022, the United Nation’s Sustainable Development Goals (UNSDG) continued to play an integral role in shaping Sappi’s business practices. The UNSDGs not only provide a global benchmark for sustainability, but also help guide Sappi’s approach to new sustainable product development; achieve record-breaking employee safety; elevate diversity in senior management; collaborate with partners on forward-trending projects; and more.
First Quarter of 2023 Highlights: *First quarter 2023 net loss from continuing operations was $20.2 million, compared to net loss of $25.9 million in the fourth quarter of 2022 on the same basis. Lumber prices dropped, reflecting economic headwinds and lower demand in Q1 2023, with an average selling price of $605/mfbm compared to $644/mfbm in Q4 2022. The Q1 2023 valuation provision for lumber and logs inventory was increased to $11.9 million from $8.7 million at the end of Q4 2022. *Sold its two Quebec mills for gross proceeds of $94.1 million, subject to working capital adjustments, at a $3.5 million loss on disposal. *Reducing overheads and operating costs while increasing production efficiencies. *Signed a non-binding letter of intent to sell approximately 30 of 118 acres of the land in Kenora. *The Company has significantly deleveraged its balance sheet by reducing its outstanding debt and is no longer subject to financial covenant ratios.
Mativ First Quarter 2023 Highlights *Sales increased 66.9% to $679.0 million, reflecting the benefit of the merger; 1% constant currency organic sales growth *GAAP loss was $7.7 million, GAAP EPS was $(0.14), and GAAP Operating Profit was $9.3 million, which all included merger integration and purchase accounting expenses *Price increases more than offset the impacts of higher input costs; however, lower volumes primarily from customer de-stocking and manufacturing challenges drove margin pressure *$25 million incremental synergy realization still expected in 2023, with procurement and supply chain activities building upon 2022 SG&A actions; easing input costs also expected to support sequential margin improvements
Financial summary for the quarter *EBITDA excluding special items US$167 million (Q2 FY22 US$337 million) *Net debt of US$1,225 million (Q2 FY22 US$1,793 million) *Profit for the period US$69 million (Q2 FY22 US$188 million) *EPS excluding special items 11 US Cents (Q2 FY22 35 US Cents)
Ahlstrom ECO™, a new range of renewable and sustainable filtration solutions for automotive applications, was selected as the New Product of the Year by the America Filtration Society (AFS) on May 2, 2023. The Product of the Year award is given to a company introducing the most significant new product in the previous year. Ahlstrom ECO™ is a renewable and sustainable filter media which utilizes lignin-based impregnation, thereby limiting the use of fossil-based resin. The resin contains a significant amount of bio-based renewable lignin, while the mechanical properties and durability of the filter media, even in challenging environments, are maintained. Ahlstrom ECO™ supports the increased sustainability demands of the global transportation market and offers a new choice for filter manufacturers. Ahlstrom ECO™ was first developed in our Louveira plant in Brazil.
“We generated $208 million in adjusted EBITDA, which was consistent with our outlook of $205 million to $215 million, and achieved a 22% adjusted EBITDA margin,” said Jean-Michel Ribiéras. “We maintained a strong balance sheet and repurchased 80% of our outstanding notes to eliminate restrictive covenants in the notes agreement. These steps enabled us to continue on the path to returning more cash to shareowners.” Financial Highlights – First Quarter vs. Fourth Quarter *Net income from continuing operations of $97 million ($2.25 per diluted share) vs. $88 million ($1.99 per diluted share) *Cash provided by operating activities from continuing operations of $63 million vs. $142 million
Greg Gibson, senior vice president and general manager, North America, will be elected senior vice president, Commercial Excellence, until his retirement March 31, 2024. Gibson joined the industry in 1982 and has served in various sales, marketing, general management and senior leadership roles in North America and Europe. Rodrigo Davoli, senior vice president and general manager, Latin America, will be elected senior vice president and general manager, North America. Davoli joined the industry in 1993 and has served in various finance, strategic planning, sales, marketing, general management and senior leadership roles in Latin America and Europe. They will assist each other with transitions throughout the third quarter.
Overview • Q1 2023 adjusted operating loss of $146 million; adjusted shareholder net loss of $145 million, or $1.20 per share • Strong earnings from the Company’s European operations and more modest earnings from its US South operations outweighed by continued pricing pressure on its Western Canadian operations • Increased lumber production & shipments notwithstanding North American market-related challenges; uplift in pulp production despite ongoing fibre constraints
Through Lean Six Sigma projects and other continuous improvement initiatives, our teams have uncovered millions of dollars in efficiencies and process optimization savings across our manufacturing network. To date, 11 Domtar employees are Lean Six Sigma Black Belts. To achieve this, professionals attend two weeks of classroom training and pass a certification exam. Additionally, Black Belt candidates must complete a process improvement project at their location using the program’s fundamental tools, with oversight from a certified mentor.
For the first quarter of 2023, Clearwater Paper reported net sales of $525 million, an 8% increase compared to net sales of $488 million for the first quarter of 2022. Net income for the first quarter of 2023 was $24 million, or $1.40 per diluted share, compared to net income for the first quarter of 2022 of $17 million, or $0.97 per diluted share. On a non-GAAP basis, Clearwater Paper reported adjusted net income in the first quarter of 2023 of $25 million, or $1.47 per diluted share, compared to first quarter 2022 adjusted net income of $18 million, or $1.03 per diluted share.
The Board of Directors of Holmen has decided to exercise its authorisation from the Annual General Meeting held on 28 March 2023 to buy back own shares. Repurchases may amount to a maximum of 3 million shares of series B during the period from and including 3 May 2023 until the next annual general meeting, on one or several occasions. The shares will be bought on Nasdaq Stockholm in accordance with its Issuer Rules, at a price per share within the price range on Stockholm Nasdaq at any given time, by which is meant the range between the highest buying price and the lowest selling price published continuously by Nasdaq Stockholm.
Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and dissolving wood pulp, has announced it will showcase seven new and recently launched textures from its Arrio finished surface and Ultracast decorative laminate release paper lines during interzum 2023 in Cologne, Germany from May 9-12, 2023. Sappi will also display a decorative laminate texture six-pack and a “bio-lab” that will highlight materials such as bio-based leather alternatives whose aesthetics benefit from the use of Sappi release paper. The six-pack will include these new or recently launched textures: Matte Stipple: This all-over delicate granular design is inspired by plaster effects in the decorative coatings of walls and ceilings. Lunaris: With its elevated concrete look, Lunaris expresses the spirit of surface patterns eroded over time, celebrating the beauty of naturally created texture. Koa: Koa's curly, wavy pattern is arguably one of the most beautiful woodgrain textures in Sappi’s catalog. Kenwood CD (CD=cross direction) is a modern and sophisticated version of Sappi's popular Kenwood design, aimed at the medium-high-end door market. Cayenne: Cayenne is a natural, fresh and trendy wood texture inspired by a refined linear Italian walnut surface. Bond: Bond rounds up every elevated laminate collection with the warmth and coziness of a textile finish.
The more challenging macroeconomic scenario and market pulp fundamentals pressured the revenues during the quarter. The decline in pulp prices and sales volumes in relation to the previous quarter resulted in lower adjusted EBITDA from the segment compared to 4Q22. The paper business unit registered EBITDA per ton growth, driven by better prices despite lower sales volume associated with a strategy to recompose inventories. Consequently, adjusted EBITDA in the quarter came to R$6.2 billion, down 25% from 4Q22, and 20% higher than in 1Q22.
To further strengthen Holmen's market-leading position in book paper and increase production of Holmen's new packaging product, INNR, the company is investing SEK 450 million in rebuilding a paper machine at Braviken Paper Mill. "In 2022, we launched a new corrugated board product, Holmen INNR, which has been well received by the market. Holmen's paper products have a low climate footprint and are lighter than traditional alternatives, making them resource efficient without compromising on strength, quality or overall feel," says Lars Lundin, Senior Vice President Paper. Rebuilding PM52 at Braviken Paper Mill will broaden the product range for book paper while enabling Holmen to efficiently increase the production of fluting for use in the centre layer of corrugated boxes. The rebuild is planned for autumn 2024 with an estimated cost of SEK 450 million.
January–March 2023 (1–3/2022) *Sales were EUR 1.634 million (1.594). *Operating result was EUR 276 million (341). Comparable operating result was EUR 276 million (244). *Result before taxes was EUR 271 million (330). Comparable result before taxes was EUR 272 million (232). *Comparable return on capital employed was 15.3% (15.8). *Net cash flow from operations was EUR 38 million (135).
Ahlstrom has received the significant honor of successfully achieving the Pet Sustainability Coalition’s “Pet Sustainability Accredited” status. The Pet Sustainability Coalition (PSC), an organization committed to advancing sustainability in the pet industry, recognizes Ahlstrom's commitment to sustainability and its efforts to reduce the environmental impact of its products and operations through the accreditation. As part of the accreditation process, Ahlstrom underwent a demanding assessment of its sustainability practices, including its environmental impact, social responsibility, and governance policies. The assessment evaluated various aspects of the company's sustainability performance, such as its carbon footprint, waste management, and water use.
There was a landslide at Norske Skog Saugbrugs around 04:30 CET today on 27 April 2023. This has had a material impact on building structures, cranes, and other machinery and equipment relating to PM6, which will result in a production stop for a longer period. "There has been a significant landslide which has caused great damage to the building structure for PM6 at Saugbrugs. We are working to get a full overview of the situation and risk of further landslides, but at the moment it is considered too dangerous to enter the area. This will result in a production stop on PM6 for a longer period. Most importantly, no one were harmed in the landslide, but it has been a traumatic and shocking experience for all involved and the local community" says Sven Ombudstvedt, CEO of Norske Skog ASA. Saugbrugs PM6 has a capacity of 260 000 tonnes SC magazine paper. Operations at Saugbrugs PM4 continue, the machine has a capacity of 100 000 tonnes SC magazine paper. The production and financial impact is currently uncertain, but further information will be provided when there is a clear overview of the situation
First Quarter 2023 Financial Highlights: *Produced revenue of $708 million, a decrease of 27% compared to the prior year *Generated income from operations of $62 million and net income of $25 million *Invested $93 million in capital expenditures, primarily in our vertical integration and newTRON initiatives
The Board of Directors of Rottneros has decided to invest a total of approximately 86 MSEK in renewable electricity at Rottneros Mill. The investments include a solar park and a battery storage and are part of a long-term strategy to reduce the groups exposure to the electricity market. The start-up is planned for 2024. The solar park is expected to generate over 3 GWh annually, which can be compared to the company's annual purchased electricity demand of around 220 GWh. The purpose of the battery storage is primarily to contribute to an improved balance on the electricity market, which also generates revenue from Svenska Kraftnät and thus a favourable return on investment.
Key highlights Q1 *Organic* and currency-neutral sales growth of 6% *Market-related downtime in several mills due to customers’ destocking and expectations of weaker market conditions *Prices increased for liquid board and speciality paper, were stable for graphic paper and cartonboard, and decreased for other product categories *All-time high input costs. Quarterly data Q1 *Net sales increased by 55% to SEK 11,495 million (7,397), whereof Billerud North America accounted for SEK 3,311 million (–) *Operating profit was SEK 806 million (1,189) *Net profit was SEK 639 million (884)
Ahlstrom introduces a new range of renewable and sustainable filtration solutions for automotive applications. Ahlstrom ECO™ is a technology supporting the increasing sustainability demands of the global transportation market and offering a new choice for filter manufacturers. Developed by Ahlstrom, a new renewable and sustainable filter media utilizes lignin-based* impregnation, replacing fossil-based resin. The resin solution contains a significant amount of bio-based, renewable lignin, whilst the mechanical properties and the durability of the filter media, even in challenging environments, are maintained. According to Ahlstrom’s initial estimates1, the new lignin-based impregnated filter media displays a lower carbon footprint than a standard fossil-based resin media. Additionally, the lignin-based impregnation recipe brings a significant reduction, between 50-70%, of formaldehyde emissions during the curing process.
Resolute Forest Products Inc. held a ceremony to inaugurate its new commercial-scale plant for the production of cellulose filaments at its Kénogami paper mill in Saguenay, Quebec. Cellulose filaments, also known as nanofibrillated cellulose, are a novel biomaterial derived from wood fiber, which can be used as a natural additive in many products to improve technical performance. Announced in 2020, the construction of the $27 million facility was part of a $38 million investment project in the company's Kénogami mill. Remi G. Lalonde, Resolute's president and chief executive officer, led the inauguration ceremony, also attended by Andrée Laforest, Quebec Minister of Municipal Affairs and Minister Responsible for the Saguenay-Lac-Saint-Jean region, as well as by local officials, dignitaries and Resolute employees.
Trust, but verify. This is the value of third-party assessments including the annual review undertaken by EcoVadis. All three of Sappi’s manufacturing regions – Europe, North America and South Africa – once again achieved the highest possible rating, platinum, in the annual EcoVadis Corporate Social Responsibility (CSR) ratings. This achievement places the regions individually and Sappi collectively in the top 1% of over 90,000 companies assessed by EcoVadis. Enhancing trust is one of Sappi’s key strategic fundamentals. We work to make every day more sustainable for people, communities and the planet. We demonstrate this through our tangible actions, our partnerships, through public reporting, by the group’s alignment with the United Nations Global Compact and Sustainable Development Goals (SDGs) and importantly also through various assessments and verifications.
Q1 2023 highlights *Sales increased by 11% to EUR 2,787 million (2,507 million in Q1 2022) *Comparable EBIT grew by 29% to EUR 356 million, 12.8% of sales (277 million, 11.0%) *Delivery volumes were impacted by destocking in various product value chains *Operating cash flow was EUR 714 million (12 million), supported by cash inflow from energy hedges *Net debt increased to EUR 2,167 million (837 million) and the net debt to EBITDA ratio was 0.82 (0.46) *UPM Paso de los Toros pulp mill in Uruguay started up production on 15 April
Monadnock Paper Mills, Inc., the oldest continuously operating paper mill in the United States, demonstrates yet again that it’s keeping up with the times by introducing our newest “Un-Plastic®” and sustainable wide format and signage materials. “For Brands and retailers that are looking to fulfill their sustainability commitments without compromising durability, printability, and, of course, great style – the search ends here with Monadnock and our two newest product lines” said Lisa Taylor, Vice President Sales and Marketing. “We invested in developing Boulevard™ and Pavilion™ PC 100 without compromise, without plastic, and without a doubt that these times demand new signs.”
Twin Rivers Paper Company has announced the promotion of Tyler Rajeski to President and Chief Financial Officer. In the new role, Rajeski will oversee all functions of the business, including finance, procurement, operations, customer supply chain, sales and human resources. Rajeski continues to report to the Chief Executive Officer of Twin Rivers Paper, Debabrata ‘Deba’ Mukherjee. “Tyler has done a spectacular job leading several significant initiatives for Twin Rivers Paper, including a major refinancing of the business that has provided Twin Rivers with a strong working capital position, and the recent sale of the company’s Plaster Rock softwood lumber operation that benefits Twin with a long-term supply agreement,” stated Mukherjee. “Tyler’s impressive accomplishments in a relatively short timeframe have created strategic value for the business that will help ensure its long-term success.”
A longer filter lifetime is one of the key features helping to sustain operations and boost performance with minimal interruptions. This not only saves costs associated with frequent filter replacements but also reduces energy consumption and minimizes environmental impacts by lowering emissions. In addition, a longer filter lifetime can reduce the risk of system failures, downtimes, and potential equipment damage, further enhancing operational efficiency and reliability. New synthetic materials have more surface area available, therefore extending the filter lifetime and offering a more sustainable alternative to competing materials. The media can be used for both air and liquid filtration applications including air pollution control, oil, and fuel filtration. Products are easier to convert, which offers further savings for filter manufacturers. These capabilities reinforce our purpose to deliver products which Purify and Protect. "This investment is another example of our commitment to our customers in the Asia-Pacific region," says Kathrin Hueppe, Head of Asia, Filtration. "Improving our capabilities in the Hyun Poong plant allows us to serve their growing needs in high-performance filtration materials.”
UPM is replacing the use of fossil fuels with electric boilers in heat and steam production at its mills in Finland and Germany. A total of eight boilers will be installed, mainly to replace the use of natural gas. With the introduction of the electric boilers, the company will take a step towards its 2030 target of reducing CO2 emissions from the fuels and purchased electricity by 65%. In Finland, new electric boilers can reduce CO2 emissions from the use of fossil fuels by about 50,000 tonnes per year. In Germany, electric boilers will improve security of supply for heat and steam generation and achieve even greater emission reductions. "In addition to improved security of supply and emission reduction, electric boilers will significantly increase the mills’ ability to provide demand side flexibility to the electricity system and markets," says Petri Hyyryläinen, Energy Director at UPM Communication Papers.
Perce Thrower, UK sales, Crown Van Gelder - We ended 2022 on a positive note with a record-breaking volume of our Crown Letsgo inkjet-treated substrates, but due to a sudden cashflow problem, we went into administration in early 2023. The failure of the company was due to high costs of energy and pulp in the second half of 2022, and a drop in demand in the last months of 2022. During the tense weeks that followed we received a lot of positive messages from customers, merchants, OEMs inkjet press manufacturers and other paper mills, which increased our belief that Crown Van Gelder could and should survive. On 1 March we were able to announce that with the help of a new investor we could continue the paper mill as Crown Van Gelder International. The lead partner in the relaunch is EPAC Technologies, with whom we codeveloped our leading inkjet paper over five years ago, and we have continued to collaborate since. This will change the industry in a great way for our customers.
UPM has received the final operating authorization for its new UPM Paso de los Toros pulp mill from the environmental authorities. The start-up of the mill commences immediately, and first customer deliveries are expected to ship in May. The mill has gone through a comprehensive and thorough permitting process. Uruguayan environmental authority has monitored the construction of the mill on site throughout the project. The operating authorization process has included several inspections by the authorities, as well as third party audits by industry experts. UPM has an extensive environmental monitoring programme covering water and biota, air, soil, noise, and socio-economic aspects. Through the growth investment, UPM and its subcontractors will create 4,000 new jobs through the value chain, as well as approximately 6,000 induced jobs and a 2% increase in GDP for the Uruguay economy.
Billerud announces the temporary idling of the Escanaba Mill for up to three weeks as a precautionary measure to protect the health and safety of its employees and contractors due to a blastomycosis fungal infection outbreak. “Our top priority now and always is protecting the health and safety of our employees and contractors who work at our Escanaba Mill,” says Christoph Michalski, Billerud President and CEO. “We care deeply about their well-being and are doing everything we can to protect them and identify and address the root cause of the blastomycosis fungal infections. As a precautionary measure, we will temporarily idle the Escanaba Mill for up to three weeks to facilitate additional proper cleaning based on recommendations from NIOSH and other organizations, which requires larger portions of the mill to be vacant while this work is performed. The financial impact is assessed to be limited since the production at the Escanaba Mill was being adjusted to meet current market demand.”
HEINZEL GROUP is proud to announce a record-breaking year in 2022, achieving the highest turnover and the best earnings in the company's history. At the same time HEINZEL GROUP reduced its CO2 emissions substantially, in line with its climate targets and sustainability strategy. In the face of multiple crises in 2022, including the Ukraine crisis, the European energy crisis, and the steep general cost increases, HEINZEL GROUP showed resilience and responded flexibly to market changes. An all-time high in terms of pulp and paper prices contributed to an increase of HEINZEL GROUP's net sales by 36.6% to €2,777.4 million in 2022. In total, HEINZEL GROUP generated an EBITDA of €287.5 million, an increase of 46.8%, while lowering CO2 emissions (Scope 1&2) by 14.9% to 535,333 tons.
Sappi Limited announced today that the intended sale to Aurelius Group of its Maastricht Mill in the Netherlands, its Stockstadt Mill in Germany and its Kirkniemi Mill in Finland (the “Transaction”) has not materialised within the agreed timeframe of the contractual agreement and therefore the agreement has lapsed. The mills included: Sappi Maastricht Mill produces 260,000 ton per annum (tpa) of coated woodfree paper and paperboard mainly sold to printers and packaging converters globally. Sappi Stockstadt Mill is an integrated pulp and paper mill located in Germany, producing 145,000 tpa of pulp which is used to produce 220,000 tpa of coated and uncoated woodfree paper mainly sold into the European print market. Sappi Kirkniemi Mill is an integrated pulp and paper mill located in Finland, producing 300,000 tpa of bleached mechanical pulp which is used to produce approximately 750 000 tpa of a variety of coated mechanical paper grades used in the print publication industry globally.
Klabin will carry out the 2023 General Shutdown at the Puma Unit, in Ortigueira (PR), starting next week. This important event aims to ensure the proper functioning and reliability of the Unit's equipment, in addition to implementing improvements that increase the quality of the company's production process and the safety of employees and the community. Maintenance stop periods are regulatory for some industry sectors and therefore in line with Brazilian legislation. It is at this moment that the necessary interventions take place to guarantee the reliability of the operation, bringing safety to the processes and to employees and the community. The Parade also generates an opportunity for improvements and technological updates to be implemented. It should be noted that at Klabin, the stages of work are defined using the best project management practices, with a focus on safety, planning, integration and quality in the production processes of the manufacturing units.
Monadnock Paper Mills, a manufacturer of technical specialty and premium printing and packaging papers, announced that Stephen (Steve) Murphy has rejoined the Company as Director of Supply Chain and Logistics. Steve has a history with Monadnock Paper Mills. He joined the Company in January of 1988 as an hourly employee and rose to the position of Paper Machine Tender. In January1997, he was promoted to the position of Maintenance Purchasing/Stockroom Manager. Steve left Monadnock in 2007 to pursue his education and a career progression with ENCON Evaporators, Inc. of Hooksett, NH. He earned a Bachelor of Science degree in Operations Management & Supply Chain, Summa Cum Laude, from Southern New Hampshire University. While attending college, he continued his career with ENCON, holding multiple positions from 2007 through 2023 including Purchasing Manager, Operations and Production Manager, Supply Chain Manager.
Stora Enso has completed the divestment of its paper production site in Hylte, Sweden announced on 27 January 2023, and all related assets to Sweden Timber, a Sweden-based sawmill and planing mill company. The enterprise value of the transaction is approximately EUR 18 million and will result in the reduction of Stora Enso’s annual newsprint paper capacity by 245,000 tonnes. Using 2022 figures as a benchmark, the divestment is expected to reduce Stora Enso’s annual sales by approximately EUR 160 million. As announced earlier, Stora Enso will book a disposal loss of approximately EUR 35 million, in addition to an impairment loss of EUR 19 million recorded in Q4/2022 in its IFRS operating profit in Q2/2023, as an item affecting comparability. The final value will be subject to closing date adjustments.
Paper Excellence Canada is thrilled to announce today that it has been awarded the Corporate Pioneer of the Year Award at the annual Foresight Canada BC Cleantech Awards. The award was announced during an event in Vancouver on Thursday evening. Foresight Canada’s BC Cleantech Awards are an annual event to recognize inspiring change-makers from across British Columbia that are leading the charge to a net-zero economy. The Corporate Pioneer of the Year Award recognizes a large organization or company adopting, championing or leading sustainable practices in their industry. Paper Excellence was honoured to be nominated alongside other great companies, including Copper Mountain Mining Corp., Shell, FortisBC, and the Port of Vancouver.
"I am confident that Kevin Kuznicki, with his experience from a variety of positions and industries, is the right person to lead Billerud's journey in the US going forward," says Christoph Michalski, President and CEO at Billerud. “I feel very fortunate to have the opportunity to serve as President for Billerud North America and am optimistic about our future. I am honored to work with such a talented team across the company and look forward to continuing our journey and accomplishing great success together,” says Kevin Kuznicki, incoming President of North America at Billerud. Kevin Kuznicki succeeds Robert Kreizenbeck, who left the company this month.
Avery Dennison Corporation has appointed leaders for its two business segments. Hassan Rmaile has been named president of the Materials Group. Francisco Melo has been named president of the Solutions Group, a role that has been open since Deon Stander’s appointment to president and chief operating officer in March of 2022. As earlier announced, the company now consists of two reportable segments. The Materials Group comprises what was formerly Label and Graphic Materials and Industrial and Healthcare Materials. The change reflects efforts in recent years to leverage their combined operational capabilities and technologies to enhance the ability to win in their respective marketplaces. The Solutions Group was formerly Retail Branding and Information Solutions. This name change better reflects the business’s reach and ambition for its solutions beyond retail. Rmaile and Melo report to Avery Dennison President and COO Deon Stander.
UPM has completed withdrawal of its businesses from Russia by selling all its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading. The parties have agreed not to disclose the details of the transaction. Following Russia's war of aggression in Ukraine, UPM announced in March 2022 suspension of its business activities in Russia, including deliveries, wood procurement and the Chudovo plywood mill.
Paper Excellence Canada is pleased to announce that Stew Gibson, the company’s Chief Operating Officer, was recently appointed to the board of directors for Forest Products Association of Canada (FPAC). FPAC is a non-profit association that represents many of Canada’s largest forestry companies. Mr. Gibson was appointed Chief Operating Officer of Paper Excellence Canada in 2022, after previously serving as Vice President – Operations West for the company. “I’m thrilled to be representing Paper Excellence Canada on the board of FPAC and I look forward to working alongside my colleagues from other forestry companies and with the FPAC leadership to advance the interests of our industry in Ottawa and across Canada,” said Gibson.
Billerud comes second when Lund University and the business newspaper Dagens Industri rank the 131 largest companies on the stock exchange in Sweden from a sustainability perspective. “We are proud to have been awarded second place out of 131 audited Swedish companies in the 2022 edition of Sustainable Companies. This recognition shows that we stand tall in Swedish industry and that our forward leaning perspective, long-term proactive sustainability work and high ambitions are appreciated. We will continue to develop our sustainability work and constantly strive to improve to meet the challenges and opportunities of the future”, says Matthew Hirst, EVP of Commercial and Sustainability at Billerud.
Out with the old, in with the new! Georgia-Pacific has contributed $100,000 to Auburn University to help fund a new state-of-the-art digester that will give engineering students the ability to test and improve a newly patented innovation in papermaking. The current digester in the Alabama Center for Paper and Bioresource Engineering (AC-PABE) at AU is over 30 years old with many operational issues and no longer meets teaching and research needs. That’s why the AC-PABE contacted Georgia-Pacific, a long-time partner of AU and the pulp and paper program. A digester is a key piece of equipment used in the paper-making process. Pulp mill digesters use heat and chemicals to break down wood chips into pulp. The pulp is then further refined and processed to produce paper products.
Paper Excellence Canada is very pleased to announce today that it has been named as a Finalist for the fourth annual Foresight Canada BC Cleantech Awards. Paper Excellence Canada is a finalist in the Corporate Pioneer of the Year category, which features large organizations or companies adopting, championing, or leading sustainable practices in their industry. Paper Excellence Canada stands alongside other well-known finalists in this category, including FortisBC, Port of Vancouver, Shell Canada, and Copper Mountain Mining Corporation. “We are very excited and honoured to be a Finalist for this year’s BC Cleantech Awards, and we look forward to the awards event on March 30th,” said Stew Gibson, Chief Operating Officer for Paper Excellence Canada. “To be nominated as a finalist in this category confirms the work we are doing as a company, like investing in cleantech, improving our operations and developing innovative low-carbon products, is making an impact towards meeting global climate objectives.”
Phoenix Paper is pleased to announce the launch of their new product line, Phoenix Inkjet. Fall of 2022, Phoenix Paper entered the Inkjet paper market, offering Phoenix Premier™, a treated inkjet sheet, and Phoenix Preferred™, an untreated inkjet sheet to Commercial Inkjet Printers. Phoenix Paper completed the launch of their Inkjet line in March of 2023 with their 7pt. and 9pt. treated Phoenix Premier™ Grades. Field trials were conducted on each Phoenix Inkjet grade at OEMs and commercial ink jet locations to ensure the products met the paper applications required by end users. Phoenix Paper Field Tech Representatives were involved in the quality trials at major OEMs and the paper scored high in all categories.
Fourth Quarter of 2022 Highlights: *Fourth quarter 2022 net loss from continuing operations was $25.9 million, compared to net loss of $16.3 million in the third quarter of 2022on the same basis . This result reflects the sharp downturn in lumber market prices seen during the fourth quarter. *Lumber prices dropped, reflecting economic headwinds and lower demand in Q4 2022, with an average selling price of $644/mfbm compared to $800/mfbm in Q3 2022. Steadily rising interest rates since Q2 2022, in response to high inflation, reduced US housing starts and caused flagging homebuilders’ confidence, which worsened during the fourth quarter.
It is well known that Jackson Wijaya, the ultimate and sole owner of Paper Excellence, is the son of the current head of APP. In the early days, Jackson benefited from some experience gained from the family business early in his life, as well as support getting his company started. This is hardly a unique or exceptional circumstance. The situation is entirely different today. Jackson operates his Paper Excellence independently. Many stakeholders and regulators – global funding institutions, regulatory bodies and certifiers, among others – have acknowledged this reality. Paper Excellence’s acquisition of Resolute was extensively reviewed under the Investment Canada Act. As we have expanded our business, we have looked for companies and markets steeped in long traditions and with best practices to share in these areas. Our recent acquisitions of Domtar and Resolute were spurred certainly by undervalued businesses that we believe with meaningful investment can be improved and modernized, but equally by the rich experience and expertise of the leadership, and deep understanding of the norms and values of the markets in which they operate.
KPLP Q4 2022 Business and Financial Highlights • Revenue was $458.1 million in Q4 2022 compared to $424.1 million in Q4 2021, an increase of $34.0 million or 8.0%. • Net income was $16.0 million in Q4 2022, compared to net income of $42.3 million in Q4 2021, a decrease of $26.3 million. KPLP Full Year 2022 Financial Highlights • Revenue was $1,681.4 million in 2022 compared to $1,465.2 million in 2021, an increase of $216.2 million or 14.8%. • Net loss was $56.9 million in 2022, compared to net income of $42.0 million in 2021, a decrease of $98.9 million.
Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce its products will feature on a number of stands at Sign & Digital UK 2023. Taking place from 21-23 March at the NEC in Birmingham, Sign & Digital UK is the longest running event in the UK signs, graphics and display sector, welcoming a wide range of major exhibitors and thousands of visitors from all corners of the industry. Epson, Roland DG, Soyang Europe and Hybrid Services, the exclusive distributor for Mimaki printing equipment in the UK and Ireland, will all feature Drytac media solutions as part of their own product demonstrations at Sign & Digital UK 2023.
Billerud's North America President, Robert Kreizenbeck, is leaving the company. “I would like to express a big thank you to Robert for his contributions during Billerud's startup phase in North America. He has been a key person in the integration work. I wish him all the best for the future”, says Christoph Michalski, Billerud’s President and Chief Executive Officer. Robert Kreizenbeck will be leaving Billerud later in March. A successor for the role will be announced in due course.
HEINZEL GROUP announces the conversion of an idled paper machine at the Steyrermühl mill in Austria for the production of sustainable kraft papers for flexible packaging. Heinzel will take over the Steyrermühl site from UPM on January 1st, 2024, according to an agreement signed in 2022, and will enter the market with a new range of unbleached and bleached kraft papers shortly thereafter. The Steyrermühl paper mill, currently still owned by UPM, has a long history of producing top-quality graphic paper products. The conversion of the machine will enable the mill to enter the growing market for packaging papers. The new kraft paper grades produced will be used in the production of bags, pouches, and other flexible packaging products. At the site UPM today operates one paper machine for newsprint production, a sawmill, and a residue incineration plant co-owned with Heinzel's Laakirchen Papier. UPM plans to continue operations as-is until the end of 2023 when the production of graphic papers in Steyrermühl will be ceased.
Members of the Technical Association of the Pulp & Paper Industry (TAPPI) recently elected Bill Edwards, Domtar’s senior vice president of pulp and paper operations, to serve on the TAPPI board of directors. TAPPI is the leading association for the worldwide pulp, paper, packaging, tissue and converting industries. Through information exchange and events, it has provided management training and networking to the pulp and paper industry’s leaders for more than 100 years. Edwards leads Domtar’s pulp and paper manufacturing, converting/coating operations, and optimization efforts, and he brings more than 30 years of experience in the industry to his role on the TAPPI board of directors.
The Paper Excellence Group, through its wholly-owned subsidiary Domtar Corporation, announced the successful closing of its previously announced acquisition of Resolute Forest Products Inc. This acquisition creates a stronger and more resilient diversified forest products company, manufacturing a range of pulp products and specialty, printing, writing, and packaging papers, as well as lumber and tissue. The acquisition of Domtar in 2021 and Resolute today significantly increases the Group’s scale, overall product offering and geographic reach.
HIGHLIGHTS • Pulp sales of 2,759 thousand tons (+1% vs. 4Q21). • Paper sales³ of 338 thousand tons (-9% vs. 4Q21). • Average net pulp price in export market: US$831/ton (+32% vs. 4Q21). • Average net paper price3 of R$7,079/ton (+39% vs. 4Q21). • Pulp cash cost ex-downtime of R$937/ton (+25% vs. 4Q21). • Leverage ratio declines to 2.0 times in USD and 2.0 times in BRL, despite the investment cycle. • Cerrado Project completes 45% of physical progress and 41% of financial progress.
We are very happy to be at Hunkeler Innovation Days celebrating the relaunch of Crown Van Gelder International B.V. Not only is CVG now in its best financial position in our 126 year history (debt free with 30 million Euros of equity), we will actually be able to grow our 250 person work force this year. At this show, we are running our new Crown Letsgo High Performance Mail Card (235 micron / 9 pt) stock at 150 m/min on the HP PageWide Advantage 2200. This development testifies our core capability: achieving excellent inkjet print quality, with unrivaled ink consumption reduction, minimal drying requirements and highest output. A 20% better yield than other typical 7 and 9 point papers tops it off. Material savings, energy savings and postal savings. We are happy to announce that EPAC Technologies, Inc is our lead partner in CVG’s relaunch. EPAC’s solutions and technology combined with CVG’s paper knowledge will bring unmatched benefit to our customers. EPAC already provides integrated solutions to publishers, book printers, and now CVG will be able to bring these benefits to many more printers.
Stora Enso has completed the divestment of its Maxau paper production site in Germany, and all related assets to Schwarz Produktion, part of Schwarz Group. The divestment announced on 13 September 2022 was completed today after regulatory approvals. The enterprise value of the transaction is approximately EUR 210 million. The transaction will reduce Stora Enso’s annual SC (supercalendered) paper capacity by 530,000 tonnes. Based on the 2022 figures, the divestment is expected to reduce Stora Enso’s annual sales by approximately EUR 385 million. Subject to closing date adjustments, Stora Enso will book a one-time disposal gain of approximately EUR 55 million in its IFRS operating profit in the first quarter of 2023, considered as an item affecting comparability.
2022 was another strong year for Canfor, with the strength in global lumber market fundamentals experienced late in 2021 continuing well into the current year. Significant lumber demand led by solid activity in both new home construction and the repair and remodel segment, encountered tight supply due to supply chain disruptions. The result was ongoing global pricing pressure and high benchmark lumber prices through the first part of the year. As the year progressed, rising interest rates and inflation put significant downward pressure on housing affordability and global lumber market demand, leading to a rapid decline in global lumber market pricing in the latter part of the year. In response, the Company implemented reduced operating schedules at its Western Canadian operations. The Company’s strong earnings, however, reflect the continued benefit of its global diversification strategy which helped to moderate these challenges in British Columbia (“BC”).
Domtar Corporation, a part of the Paper Excellence Group, and First Quality Enterprises, Inc. today announced that they have entered into an agreement to sell Domtar’s Dryden pulp mill to First Quality. The Dryden transaction, expected to close early in the third quarter, is subject to customary closing conditions, including receipt of required regulatory approvals and the closing of the Resolute Forest Products Inc. transaction. First Quality has made clear to Domtar its commitment to the Dryden Mill, its employees and the surrounding community and that First Quality fully intends to continue business operations consistent with past practices.
Total European shipments of graphic papers in December 2022 were down 29.8% vs. December 2021 and shipments were down 14.0% year-to-date. Total European shipments of newsprint in December 2022 were down 20.1% vs. December 2021 and shipments were down 9.9% year-to-date. Total European shipments of sc-magazine in December 2022 were down 28.2% vs. December 2021 and shipments were down 16.9% year-to-date. Total European shipments of coated mechanical reels in December 2022 were down 37.2% vs. December 2021 and shipments were down 22.2% year-to-date. Total European shipments of uncoated mechanical (improved & others) in December 2022 were down 16.2% vs. December 2021 and shipments were down 13.9% year-to-date. Total European shipments of coated woodfree in December 2022 were down 45.5% vs. December 2021 and shipments were down 11.1% year-to-date. Total European shipments of uncoated woodfree in December 2022 were down 26.8% vs. December 2021 and shipments were down 12.6% year-to-date.
Solenis has completed its previously announced acquisition of the paper process chemicals business of Kolb Distribution Ltd. The deal also includes a long-term supply agreement, in which the KLK Kolb Group will manufacture paper process chemicals exclusively for Solenis. “Bringing together the Kolb team with our consumer solutions business adds to our ability to deliver expanded offerings and provide cost-effective solutions for our EMEA pulp and paper customers. Kolb’s portfolio includes the latest innovations in deposit control, cleaning and foam control agents that will strengthen our commitment to providing more value to our customers,” said John Panichella, CEO, Solenis.
Metsä Fibre, part of Metsä Group, has achieved excellent results in terms of sustainability and environmental efficiency in a study conducted by the Fraunhofer Institute for Microstructure of Materials and Systems (IMWS) in Halle, Germany. The study comprehensively examined the environmental footprint of Äänekoski bioproduct mill pulp production. The Äänekoski bioproduct mill was compared with average values of pulp mills in Europe and Latin America. Äänekoski bioproduct mill, which produces pulp e.g., for printing and writing papers, speciality papers, tissue papers and paperboards, achieves top results in the study. To sum up, pulp from Äänekoski bioproduct mill has significantly lower emissions and the lowest environmental footprint compared to the pulp produced in average level pulp mills in Europe and Latin America. The complete set of environmental impact categories can be found at the following link: Spotlight report - Life Cycle Assessment of fibres from bioproduct mill compared to fibres from average European and Latin American pulp mills
Stora Enso’s lignin, Lineo® by Stora Enso, replaces fossil-based glue in plywood. Polish plywood manufacturer Paged has started collaborating with Stora Enso to meet their customers’ demands for bio-based and more sustainable plywood. This partnership also allows Paged to cut product carbon emissions. Across markets, consumers are increasingly turning towards eco-friendly products and demanding change. At the same time, the business demand for renewable, bio-based and circular solutions is also growing rapidly. We want to do our part and replace fossil-based materials with safer and more natural alternatives. With Lineo®, Paged has the possibility to replace 40% of fossil-based glue with lignin, resulting in a more environmentally friendly end-product. The ultimate goal for Paged is to be able to achieve several thousand tons of reduction in carbon emissions.
We are excited to announce that Mondi has just added a new special paper to its NEUJET family of papers. This is the 65gsm 44# NEUJET® silk. This paper grade was specifically developed for the book publishing industry, with a very high PPI - 847, brightness – 99, Opacity - 90, and Caliper – 2.36 Pt. Mondi’s complete Neujet family includes the Neujet Silk premium, NEUJET Matte, NEUJET® silk & NEUJET® matte premium, with weights ranging from 65gsm (44#) through 7Pt, 9Pt, and 11Pt. 300gsm (111#Cover). The NEUJET® silk premium & NEUJET® matte premium lines also incorporate the HP ColorPRO technology. We are offering midrange fully treated paper lines of DNS CF (coated feel) & DNS® NF (Natural Feel). The DNS® CF (coated feel) line offers calendarized papers with a very smooth finish – thus “coated feel”. Weights offered here range from 70gsm (47#) up to 160gsm (60#Cover).
Mativ Fourth Quarter 2022 Highlights *Sales increased 69% to $660.1 million, reflecting the benefit of the merger; 6% constant currency organic sales growth, or 2% including negative currency impacts; 20%+ sales growth in release liners and protective solutions led the portfolio *GAAP Income was $2.5 million, GAAP EPS was $0.04, and GAAP Operating Profit was $26.9 million, which all included significant expenses related to the Neenah merger integration *Continued positive momentum in price/cost performance drove margin expansion *≈$5 million cost synergies realized in 2022; ≈$25 million incremental synergies expected in 2023. Mativ Full Year 2022 Highlights *Sales increased 51% to $2,167.4 million, reflecting the benefit of the merger; 11% constant currency organic sales growth, or 7% including negative currency impacts *Double-digit sales growth in release liners, protective solutions, and packaging and specialty papers led top-line performance with strong pricing more than offsetting higher input costs *GAAP Loss was $6.6 million, GAAP EPS was $(0.18), and GAAP Operating Profit was $51.4 million, which all included significant expenses related to the Neenah merger closing and integration
Seven Domtar colleagues joined nearly 90 other pulp and paper workers from across the United States in Washington, D.C. in February to educate elected officials and advocate for our industry. The employees took part in a fly-in sponsored by the Pulp & Paperworkers’ Resource Council (PPRC), a grassroots organization of hourly employees in the forest products industry. The PPRC brings pulp and paper workers to the capital annually to speak with members of Congress and administrative officials at the U.S. Environmental Protection Agency (EPA), the Office of Management and Budget, and other government agencies on issues affecting American manufacturing jobs in the industry. This year, the group made more than 550 visits with members of Congress and administrative officials to discuss the effects of legislative and regulatory decisions on the environment and on people who make their living in forest products manufacturing. These pulp and paper workers represented 57 mills in 22 states.
Sustana is thrilled to join the ranks of hundreds of companies with GHG emission reduction targets approved by the Science Based Targets initiative (SBTi) and in line with limiting global average temperature rise to 1.5° C. We committed to reduce absolute Scope 1 and Scope 2 GHG emissions 42% by 2030 from a 2021 base year and have pledged to measure and reduce Scope 3 emissions. "Sustainability has always been at the root of Sustana's identity, and this commitment furthers our mission to mitigate climate change and be good stewards of the environment," said Fabian de Armas, Chief Executive Officer for Sustana.
The Nova Scotia Innovation Hub (NSIH) is announcing the launch of a new initiative aimed at promoting Nova Scotia’s extensive bioeconomy infrastructure to audiences around the world. The Bioeconomy Sites Project showcases industrial sites across the province to national and international firms in the low-carbon renewable resource sector. “Nova Scotia’s vibrant renewable resource sectors make it an excellent location for biotechnology and bioresource firms,” says Geoffrey Clarke, Director of Business Development for Port Hawkesbury Paper, one of the locations profiled on the site. “This exciting new medium will showcase Nova Scotia to international investors and encourage innovation and collaboration within the province.”
Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce France’s ID Numérique as its latest branded dealer partner. A specialist distributor of materials and consumables for large-format digital printing, ID Numérique is a highly trusted and reputable name in the French market, working with customers across the country on all manner of projects. As a Drytac branded dealer partner, ID Numérique will offer a wide range of Drytac’s market-leading products to both new and existing customers in France.
Mactac® announces that its Spartanburg, S.C. facility, which is the most innovative pressure-sensitive materials manufacturing site in the U.S., has earned ISO 9001:2015 quality management certification. “Having the ISO 9001 certification signifies that Mactac has a systematic quality management system in place and that it is working,” says James Houser, Mactac Spartanburg Quality Assurance Manager. “This is a big deal for our customers. It assures them that Mactac has knowledgeable, trained, and experienced operators who are dedicated to producing quality products. It also provides a foundation for a quality-driven future.”
The new PrimeLineTAD machine will be supplied with state-of-the-art energy efficient process equipment to meet P&G’s demanding sustainability targets. ANDRITZ and Procter & Gamble have been strong business partners for many years. In 2007, ANDRITZ supplied and started up a TAD tissue/towel machine at Procter and Gamble’s Green Bay, Wisconsin, USA site that fully met P&G’s expectations. This was followed by another TAD tissue/towel machine at Procter and Gamble’s Box Elder facility, which started up successfully in 2011. Procter and Gamble, one of the largest manufacturers of premium consumer bath tissues and paper towels in North America, produces the brands of Charmin, Puffs, and Bounty.
Mondi, a global packaging and paper manufacturer, has maintained its Platinum status in EcoVadis’ Corporate Social Responsibility (CSR) ratings for the seventh consecutive year. The Group’s overall score of 84% places Mondi among the top 1% of global companies assessed. "As a trusted global platform for sustainability and corporate social responsibility ratings, EcoVadis is particularly useful to support our engagement with customers who request access to our disclosures. Being again rated among the top 1% of companies globally, recognises our continuous efforts to embed sustainability principles more deeply throughout our organisation and our value chain" Gladys Naylor, Mondi Group Head of Sustainable Development
Stora Enso and Valmet have started collaborating on next-generation lignin product and process development to drive Stora Enso’s lignin-based businesses and further improve the performance of the Valmet LignoBoost technology. The objective of the partnership is to further develop the quality and customer value of lignin, increase the supply by optimised process machinery and asset design, and to accelerate the speed of meeting the growing lignin demand of the future. In biomaterials innovations, where Stora Enso’s agenda is focused on lignin, we bring innovative and sustainable materials to the market to replace fossil-based materials. Through know-how, strategic collaborations, and partnerships, we work to accelerate breakthrough innovations in areas such as lignin-based carbon for energy storage and bio-binders. Already today, wood-based lignin replaces fossil-based materials in asphalt, plywood, furniture panels, and dyestuff, to name a few.
The last remaining manufacturer Opal will cease production of Reflex at the Maryvale mill, with up to 200 jobs in doubt. The M5 occupies a shed nearly half a kilometre long, turning forest pulp into tonnes of Reflex white copy paper daily. Last financial year it produced 116,000 tonnes of copy paper for the domestic market, plus 88,000 tonnes for export. In December it was switched off indefinitely. Workers signed the final roll with “last one” and “RIP M5”. The mill produced its last ream of copy paper in January. On Tuesday Reflex’s manufacturer, Opal, announced it would close the M5 and cease Reflex paper production permanently. Its packaging lines of brown kraft paper and paperboard will continue.
Tronox Holdings plc , the world’s leading integrated manufacturer of titanium dioxide pigment, reported its financial results for the quarter ending December 31, 2022: Fourth Quarter 2022 Financial Highlights: *Revenue of $649 million *Income from operations of $36 million; Net loss of $14 million *Adjusted EBITDA of $113 million. Full Year 2022 Financial Highlights: *Total revenue of $3,454 million *Income from operations of $458 million; Net income of $500 million (includes $301M of tax valuation allowance reversals) *Adjusted EBITDA of $875 million; *GAAP diluted EPS of $3.16; *Capital expenditures of $428 million *Reduced total debt to $2.5 billion
Sylvamo's board of directors entered into a cooperation agreement with Atlas Holdings, its largest shareowner, adding two new independent directors to its board. Effective March 1, Sylvamo will add Karl Meyers and Mark Wilde, expanding the company's board to 11 directors. "We look forward to welcoming Karl and Mark to our board," said Jean-Michel Ribiéras, chairman and chief executive officer. "They will bring valuable expertise to Sylvamo." The cooperation agreement includes customary restrictions and voting commitments. Sylvamo will nominate Meyers and Wilde for election with its other directors during its 2023 annual shareowners meeting. The board also determined it would terminate Sylvamo's shareholder rights plan immediately.
2022 FOURTH QUARTER HIGHLIGHTS *Operational and weather-related issues impacted paperboard operations *Completed planned major maintenance at the Lewiston, Idaho facility *Net loss of $6 million, or $0.34 per diluted share and Adjusted EBITDA of $28 million *Net sales of $527 million, up 8% compared to the fourth quarter of 2021. 2022 FULL YEAR HIGHLIGHTS *Delivered strong performance due to robust demand for paperboard products *Net income of $46 million *Net sales of $2.1 billion, up 17% compared to 2021 due to higher pricing and stronger tissue volumes *Net debt reduction of $108 million in the year, $377 million since 2020
Financial Highlights - 2022 Full Year: *Net income from continuing operations of $336 million ($7.57 per diluted share) *Cash provided by operating activities from continuing operations of $418 million *Board of directors initiated a quarterly dividend of $0.1125 per share, paid for in the third and fourth quarters for a total of $10 million *Repurchased 1,556,835 shares of our common stock for approximately $80 million in the fourth quarter, resulting in 42.6 million shares outstanding as of Dec. 31
The AF&PA Board of Directors comprises top industry leaders representing a broad spectrum of companies in the paper and wood products manufacturing sector. AF&PA also welcomed 5 new directors: Arsen Kitch, President and Chief Executive Officer, Clearwater Paper Corporation; Charles Hodges, President and Chief Operating Officer, Hood Container Corporation; Dick Carmical, Chief Executive Officer, The Price Companies, Inc.; Mark Ushpol, Executive Vice President, Food & Consumer Packaging, Ahlstrom; Ole Rosgaard, President and Chief Executive Officer, Greif, Inc.
January–December 2022 (1–12/2021): Sales were EUR 6,980 million (6,017). Operating result was EUR 1,302 million (874). Comparable operating result was EUR 1,276 million (914). Result before taxes was EUR 1,270 million (832). Comparable result before taxes was EUR 1,240 million (872). Comparable return on capital employed was 19.5% (16.2). Net cash flow from operations was EUR 1,227 million (1,023). October–December 2022 (10–12/2021): Sales were EUR 1,741 million (1,560). Operating result was EUR 316 million (221). Comparable operating result was EUR 311 million (220). Result before taxes was EUR 309 million (215). Comparable result before taxes was EUR 306 million (214). Comparable return on capital employed was 18.0% (14.7). Net cash flow from operations was EUR 399 million (427).
With Termax, Lecta boasts an extensive range of thermal papers that is constantly evolving to meet POS, ticket and label application needs. Over the last years, Lecta has developed a series of high-quality thermal products that have recently obtained the official "No phenols added" certification issued by Ineris, the French National Institute for Industrial Environment and Risk. This certification guarantees that there is no Bisphenol A (BPA), S (BPS), F (BPF) or 12 other phenolic compounds in our Termax TFX, Termax TEX, Termax TC20X and Termax TCLLX products. In addition to this "phenol-free" recognition, the entire Termax range is manufactured in accordance with ISO 14001 and EMAS environmental standards, ISO 50001 energy management standards, ISO 9001 quality standards and ISO 45001 standards for occupational health and safety management systems. The range is also available with PEFC or FSC® C011032 Chain of Custody forest certification upon request. Termax is Lecta's fully updated range of heat-sensitive papers specially designed to grow with your business.
Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “I am pleased with another strong performance from the Group which was well above pre-Covid levels and the best ever first quarter results. EBITDA of US$290 million was 21% above the prior year and in line with guidance provided in the previous quarter. The positive results were underpinned by year-on-year pricing gains for paper products which offset cost inflation, lower sales volumes and delivered an EBITDA margin of 17.5%.”
Ahlstrom now launches the Heating, Ventilation and Air Conditioning (HVAC) filter media portfolio from its brand-new production machine in Turin (Italy), supporting our customers in their ambition to offer best performing and premium quality filters to the most demanding end-uses. Uniqueness of our offering comes from state-of-the-art manufacturing technologies which deliver best reliability in performance as well as lower environmental impact. Ahlstrom has used its long experience and extensive competences to develop the complete range of filtration materials which are protecting people and equipment in closed environments. The product range covers today options from ISO Coarse 85% to ISO ePM1 80% rating (ISO16890:2016) in a standard version and in a high permeability version for most challenging requirements. All products have limited flow restriction and extended dust holding capacity with excellent consistency.
Back at high speed, the Hunkeler Innovation Days in Lucerne, Switzerland will be held from February 27 to March 2. Over the past three years, where the pandemic prevented this industry event from happening, high speed inkjet printing continued to evolve and will continue to do so according to the 2021 Smithers report “The Future of Print Equipment Markets to 2026”. For both types of high-speed presses – reel fed and sheet fed – the market is growing. In Europe, inkjet reel fed installations are expected to grow by around 50% between 2021 and 2026. Still, sheet fed inkjet installations top these figures as they are expected to grow by 126% in Western Europe and by 288% in Eastern Europe in the same period. Mondi Uncoated Fine Paper – part of the international packaging and paper group Mondi – developed the largest selection of high-speed inkjet papers in close collaboration with renowned OEMs (Original Equipment Manufacturers). The papers feature ideal gamut, reels as well as sheets in grammages ranging from 60 to 300 gsm and various surface treatments.
A number of interested parties have visited Crown Van Gelder sparking hopes that the mill could be rescued and restart production in the near future. The Netherlands-based papermaker, best known for its Crown Letsgo range of high-speed inkjet papers, filed for bankruptcy last week after running out of cash. A source close to the situation said they were hopeful for a speedy resolution: “For the time being the [paper] machines are not running but hopefully we can be up and running again soon – this is a very good company and we will restart.”
On World Wetlands Day, Paper Excellence Canada announced it has donated $150,000 to Ducks Unlimited Canada (DUC). The largest single donation in Paper Excellence Canada’s history will support wetlands conservation and stewardship in boreal forest regions of Saskatchewan and British Columbia. The donation will also support wetlands training for residents and employees in industries that operate or work in the boreal forest regions of the two provinces. “On behalf of Paper Excellence Canada, I am thrilled to present this donation to Ducks Unlimited Canada and begin this exciting investment in supporting wetlands stewardship and education,” said Carlo Dal Monte, Vice President for Paper Excellence Canada. “Paper Excellence Canada is committed to conservation and sustainability in the regions where we operate, and working with Ducks Unlimited Canada on this initiative is another example of our company’s ongoing work.”
2022 highlights • Sales increased by 19% to EUR 11,720 million (9,814 million in 2021) • Comparable EBIT increased by 42% to EUR 2,096 million (1,471 million), and was 17.9% (15.0%) of sales • Operating cash flow was EUR 508 million (1,250 million), impacted by cash outflows from energy hedges in highly exceptional energy markets • Net debt increased to EUR 2,374 million (647 million) and the net debt to EBITDA ratio was 0.94 (0.35). A significant part of the increase in net debt is temporary, due to the cash flow impacts of energy hedges and future energy generation • In April, UPM and the Paperworkers’ Union agreed on the first-ever business-specific collective labour agreements • In June, UPM announced the sale of the Steyrermühl site in Austria to secure competitiveness and adapt newsprint production to long-term market development • In September, UPM Raflatac completed the acquisition of AMC AG
Highlights: *FY22 Reported EPS of $9.21, up 4% **Adjusted EPS (non-GAAP) of $9.15, up 3%, up 11% ex. currency *FY22 Net sales increased 7.5% to $9.0 billion - Sales growth ex. currency (non-GAAP) of 13.1% - Organic sales growth (non-GAAP) of 9.5% *4Q22 Reported EPS of $1.51 *4Q22 Net sales declined 7.2% to $2.0 billion - Sales change ex. currency (non-GAAP) of (0.8%) - Organic sales change (non-GAAP) of (0.9%)
Consumer Tissue business in Spain The Navigator Company completed the acquisition of Gomà-Camps Group’s Consumer Tissue business, including the acquisition of Spanish company GOMÀCAMPS CONSUMER, S.L.U. and French company GOMÀ-CAMPS FRANCE SAS (hereinafter referred to as "GC Consumer"). This acquisition is part of an ambitious plan for diversification and development of the Navigator Group, strengthening the Group’s position as the second largest Iberian producer of tissue, with an annual production capacity that now stands at 165,000 tonnes.
As previously announced, Michigan State legislatures have approved legislation to grant Billerud investment support of up to USD 200 million in funding to support Billerud’s investment plans. Michigan Governor Gretchen Whitmer signed the legislation, approving the Michigan Economic Development Corporation’s (MEDC) appropriation of the funds. The transformation of the Escanaba Mill is planned to be the cornerstone of Billerud’s expansion into North America, one of the largest and growing markets in primary fiber premium cartonboard. The project is expected to support hundreds of high paying jobs and require a significant number of contractors during the construction period. This funding follows additional incentives recently approved by the State of Michigan Administrative Board, including approval of the Forest Products Processing Renaissance Zone. The zone exempts Billerud from paying almost all state and local property taxes at the Escanaba Mill.
Key highlights Q4: *Organic* and currency neutral sales growth of 14% *Solid operating cash flow and strong balance sheet *Shift towards softer demand and declining sentiment. Quarterly data Q4: *Net sales increased by 79% to SEK 11,971 million (6,688), whereof Billerud North America accounted for SEK 4,004 million *Operating profit was SEK 1,353 million (418), including items impacting comparability of SEK -52 million (-177) *Net profit was SEK 940 million (320). Comments by the CEO: Full-year performance 2022 has been excellent. Organic and currency neutral sales growth for the year was 16%. The EBITDA margin was 19% and earnings per share increased from SEK 7.2 to SEK 20.1. The Board of Directors proposes an approximately 75% increase of dividend to SEK 7.5 per share.
Stora Enso has signed an agreement to divest its paper production site in Hylte, Sweden and all its related assets to Sweden Timber, a Sweden-based sawmill and planing mill company. The enterprise value is approximately EUR 18 million. The completion of the transaction is expected in the first half of 2023. Concerning the Anjala paper site in Finland, Stora Enso has decided to discontinue the divestment process. The Hylte site transaction, along with the discontinuation of the Anjala divestment, concludes Stora Enso’s plan announced in March 2022 to divest four of Stora Enso’s five paper production sites. In line with its strategy, Stora Enso’s focus is on long-term growth for its renewable products in packaging, building solutions and biomaterials innovations. The retained Anjala and Langerbrugge sites will continue paper production and serving their respective customers. The agreement to divest the Hylte paper site to Sweden Timber has no immediate impact on production nor customer deliveries.
January–December 2022 compared with January–December 2021 *The carrying amount of SCA’s forest assets increased to SEK 97.9bn (84.5) as of December 31, 2022 due to continued increase in transaction prices for forest assets in Northern Sweden. *Net sales increased 10% to SEK 20,794m (18,822), which mainly related to higher selling prices in containerboard and pulp. *EBITDA increased 12% to SEK 10,194m (9,109). The increase was mainly attributable to higher selling prices. Cost increases were largely offset through control over SCA’s own value chain with a high degree of self-sufficiency in wood, energy, and logistics. EBITDA margin was 49.0% (48.4). *Operating profit increased to SEK 8,642m (7,634). *Operating cash flow was SEK 5,685m (5,216) and fully financed ongoing strategic capital expenditures.
Billerud is evaluating significant investments to transform its Escanaba mill into a world-class paperboard production facility and has applied for investment support from the State of Michigan. The Michigan House of Representatives and Senate has passed legislation approving an appropriation of up to USD 200 million in funding to support Billerud’s plans. The legislation must be approved by Michigan’s Governor, which is expected to occur within two weeks. A pre-feasibility study about Billerud’s planned conversion of the Escanaba mill to paperboard production is ongoing and planned to be completed during the first half of 2023, after which the company’s Board of Directors can make an investment decision.
Norske Skog Skogn will invest around NOK 180 million, after NOK 40-50 million in grant funding from the NOx fund, in a new thermomechanical production line (TMP) that will replace expensive recycled paper with fresh fibre. The new TMP line will reduce variable costs, significantly reduce NOx and fossil CO2 emissions, and reduce landfilled waste. Start-up is expected in the first half of 2024. Today, newsprint is produced at Norske Skog Skogn with a pulp mix, consisting of wood fiber and recycled paper. The investment will replace the use of expensive recycled paper fiber with fresh wood fiber in newsprint production. The production capacity of thermomechanical wood pulp will increase by 100,000 tonnes.
Monadnock Paper Mills, Inc. introduces Ultrahide® PC 100 Blockout Poster. Ultrahide is a high-performance, Forest Stewardship Council® Certified, 100 percent opaque blockout poster stock ideal for indoor retail, hospitality and event signage. In answer to the call for more sustainable materials to replace PVC, styrene and vinyl, Ultrahide is now made with 100 percent post-consumer waste (PCW) recycled fiber and it is curbside recyclable in the mix paper waste bin. Ultrahide is engineered for superior performance in varying moisture conditions. The bright white, uncoated printing surface is optimized for excellent photographic reproduction using offset, screen, latex inkjet, and UV inkjet printing equipment.
To better align manufacturing capacity in British Columbia with the available long-term fibre supply, Canfor is restructuring its B.C. operations by permanently closing its Chetwynd sawmill and pellet plant and temporarily closing its Houston sawmill for an extended period to facilitate a major redevelopment on the site. The Company intends to build a new, modern, globally competitive manufacturing facility that employs state of the art technology to produce high value products from the sustainable timber supply in the region. Project planning, scoping, preliminary engineering and budgeting are underway. The Company will undertake a comprehensive evaluation of the availability of economic fibre and a thorough project financial analysis, supporting a final investment decision by the end of the second quarter of 2023. Both facilities will be closed following an orderly wind down of operations that is expected to conclude early in the second quarter of 2023 and will remove approximately 750 million board feet of annual production capacity.
International Paper announced that it has entered into an agreement to sell its 50% interest in Ilim SA, the holding company for its Ilim joint venture (JV), to its JV partners for $484MM (USD) equity value. The sale is subject to regulatory approvals in Russia. This transaction indicates ~$3.5 billion in total enterprise value (TEV) for Ilim based on a ~3.1X EBITDA multiple on 2022 full-year results*. The Company also received an indication of interest from its JV partners to purchase all of the Company's shares (constituting a 2.39% stake) in JSC Ilim Group for $24MM (USD) on terms and conditions to be agreed. The Company intends to pursue an agreement to sell the JSC Ilim Group shares, and to divest other non-material residual interests associated with Ilim, to its JV partners.
Total shipments of graphic papers in November 2022 were down 23.7% vs. November 2021 and were down 12.5% year-to-date. Total shipments of newsprint in November 2022 were down 18.8% vs. November 2021 and were down 8.7% year-to-date. Total shipments of sc-magazine in November 2022 were down 18.4% vs. November 2021 and were down 15.9% year-to-date. Total shipments of coated mechanical reels in November 2022 were down 29.2% vs. November 2021 and were down 20.9% year-to-date. Total shipments of uncoated mechanical (improved & others) in November 2022 were down 13.9% vs. November 2021 and were down 13.7% year-to-date. Total shipments of coated woodfree in November 2022 were down 36.0% vs. November 2021 and were down 8.0% year-to-date. Total shipments of uncoated woodfree in November 2022 were down 20.4% vs. November 2021 and were down 11.4% year-to-date.
The District Court of Noord-Holland declared Crown Van Gelder B.V. Bankrupt. Crown Van Gelder is a producer of varios types of paper for specific applications, such as ice cream packaging, luxury shoppers and High Speed Inkjet printers. The company was forced to file for bankruptcy since she anticipated payment obligation could no longer be met.
Paper Excellence announced that it will invest nearly $50 million to upgrade its Crofton mill’s paper operations and towards reductions in its carbon footprint. The investment sees the restart of its C2 paper machine putting over 100 employees back to making paper at the site. Paper operations were recently curtailed due to weakening Chinese paper markets and escalating input costs. “This investment will enhance the development of innovative products that replace banned plastics with renewable paper while significantly reducing carbon emissions,” said Stew Gibson, Chief Operating Officer for Paper Excellence Canada. Gibson said that the Company has been working closely with Provincial and Federal Governments to restore value-added manufacturing jobs at Crofton. “The Government of Canada has contributed $14.3 million through Natural Resources Canada’s (NRCan) Investments in Forest Industry Transformation (IFIT) program and the Government of British Columbia contributed $4.5 million in provincial funds to help make today’s announcement possible” added Gibson. The C2 paper machine will be transformed to produce stronger, water-resistant paper grades which replace single-use plastics, while the investment also reduces natural gas consumption through more efficient use of waste bark fuel in the mill’s boiler.
Koskisen is a Finnish wood industry company producing sawn timber and panel products, such as birch plywood, furniture, and construction boards made of chip board. Koskisen uses Stora Enso’s bio-based binder, NeoLigno® by Stora Enso, to replace fossil-based resins used in furniture boards. Both the furniture board raw material and the binder are made of wood and sourced from the production process flows of both companies. This results in all raw materials of the Zero Furniture Board being bio-based.
Together with RISE, IsoTimber and Moelven, Stora Enso has been working on the most recent development of NeoLigno – 100% fossil-free structural boards and building elements. Stora Enso has launched NeoLigno®, a revolutionary lignin-based binder for particleboard and insulation applications. We are committed to doing good for people and the planet, which is why we always look to innovate new, renewable alternatives where fossil-based materials are being used today. In this case, we asked ourselves: What if we could come up with a bio-based binding agent that keeps all the technical qualities of traditional binders while also being safe and renewable? Our answer to this question is NeoLigno® by Stora Enso.
Maine Governor Janet Mills announced an award of $1,000,000 from the final round of the Forest Recovery Initiative of her Maine Jobs & Recovery Plan to ND Paper (NDP) for an upcoming project at NDP’s Rumford Division to enhance the efficiency of its R15 packaging paper machine. “This financial support will greatly assist our efforts to increase the efficiency of our R15 paper machine and, ultimately, the long-term sustainability of the Rumford Mill,” said Ken Liu, Group Deputy Chairman and Chief Executive Officer. “With help from the State of Maine, we are able to improve critical areas on the machine that will benefit our customers and establish R15 as a leading producer of packaging papers in North America.” “The work we’re doing at our Rumford Division is a huge part of our future and our 100-year vision to thrive as a business and as a positive contributor to the communities in which we operate,” said Liu. “We would like to extend our sincere thanks to Governor Mills and the State of Maine for their support of both ND Paper and the forest products industry through this exceptional program.”
Together in cooperation with customers, Ahlstrom has developed a new portfolio that consists of the most effective solutions for the plasterboard market. FibRoc® Plasterboard is a new offering of protective and durable solutions for high performance plasterboard applications. What differentiates it from other solutions on the market is that it is a combination of glass, synthetic and natural fibres, delivering excellent dimensional stability, good protection, durability and reduced environmental impact in all high performance application areas. “Our high performance solutions for plasterboards deliver excellent fire and moisture resistance,” says Pierre Mary, Vice President, Nonwovens. “Delivering protection against flame spread, protecting against moisture and producing no mold growth in wet and humid environments, ensuring better indoor air quality.” he adds.
Drytac, the leading international manufacturer of self-adhesive materials for the large-format print and signage markets, is delighted to announce the appointment of Cathy Radoncic as its new Northeast Territory Manager for the US, with immediate effect. Cathy brings a wealth of knowledge and experience to the Drytac team, having worked in the print industry for more than 35 years across a range of management roles with both manufacturers and suppliers. In this management role of Northeast Territory Manager, Cathy will be responsible for Drytac’s operations in Maine, New Hampshire, Vermont, Massachusetts, New York, Rhode Island, Connecticut, Pennsylvania, New Jersey, Delaware, Maryland and Virginia.
West Fraser Timber Co. Ltd. announced today that it will indefinitely curtail its Perry Sawmill in Florida later this month. Today’s decision is the result of high fiber costs and softening lumber markets. The indefinite curtailment of Perry Sawmill will impact approximately 126 employees and will reduce West Fraser’s US lumber production by 100 million board feet. West Fraser expects to mitigate the impact on effected employees by providing work opportunities at other West Fraser operations. High fiber costs at Perry and a low-price commodity environment have impaired its ability to profitably operate. The indefinite curtailment of Perry Sawmill better aligns our production capacity with demand.
For many years, Mitsubishi HiTec Paper's matt inkjet papers have established themselves as the standard in the market. Now the Bielefeld-based speciality paper manufacturer has revised the entire matt portfolio of its jetscript® inkjet media. The new generation of matt inkjet papers with basis weights from 70 to 228 g/m² impresses with a whole range of product improvements. The optimised coated ink-receiving layer enables particularly vivid, lifelike and brilliant colours. The homogeneous, even surface of the new papers is particularly noticeable with large-area prints. The higher optical ink density optimises the reproduction of dark and black shades in particular. The application areas of the new inkjet papers range from large-format and poster prints in retail and at the POS, direct mailings, publishing and brochures to photos and photo books.
Interfor Corporation announced plans to reduce its lumber production output in the first quarter of 2023 by at least 100 million board feet, or 8% of quarterly capacity, as economic conditions and market uncertainty continue to impact lumber demand. This temporary reduction in output is expected to be mostly concentrated outside of Interfor’s US South operating region. The Company currently expects to resume its normal operating schedule in April 2023, but will closely monitor market conditions and adjust its production plans accordingly
Following extensive analysis of its operating footprint and the long-term supply of economic residual fibre, Canfor Pulp Products Inc. (TSX: CFX) is announcing the decision to permanently close the pulp line at its Prince George Pulp and Paper Mill, which will result in a reduction of 280,000 tonnes of market kraft pulp annually. The Specialty Paper facility at the site will continue to operate. “In recent years, several sawmills have permanently closed in the Prince George region due to reductions in the allowable annual cut and challenges accessing cost-competitive fibre. This has had a material impact on the availability of residual fibre for our pulp facilities and we need to right-size our operating platform. As a result, we have made the very difficult decision to shut down the pulp line at Prince George Pulp and Paper Mill and will continue to operate the Specialty Paper facility,” said Kevin Edgson, President and CEO, Canfor Pulp. Over the next few months, the Company will be following an orderly wind down process. The pulp line is expected to close by the end of the first quarter of 2023 and is anticipated to impact approximately 300 positions across the organization by the end of the year.
Monadnock Paper Mills, a manufacturer of technical specialty and premium printing and packaging papers, announced that Brigitte O’Connor has joined the Company as Southeast Regional Sales Manager. Brigitte has more than 25 years of experience in the industry with a strong background in graphic communications, paper, packaging and printing. Most recently, she was a senior account executive for Standard Press, Atlanta, GA, where she demonstrated strong territory growth through strategic and educational initiatives. Previously Brigitte held sales and account development roles for Unisource Worldwide and Fox River Paper.
CTI Paper USA, a leading full-service supplier of premium printing and converting substrates, has launched COLORMATES®, a comprehensive new line of printing papers featuring high-bright favorites and fashion-forward colors. The new uncoated text and cover papers target merchants, commercial and in-plant printers, as well as converters and brand marketers/designers in the U.S. and Canada. A new COLORMATES® swatchbook and print demonstration is now available. COLORMATES® is Forest Stewardship Council certified and produced elemental chlorine free. The premium line—in 20 colors including one bright white—is available in 111-lb. cover and 81-lb. text, folio and cut-size, with select matching envelopes. Applications include dry toner, laser and offset printing as well as converting and high-end packaging.
Paper Excellence Canada announced it has donated $50,000 to the Canadian Red Cross. A majority of the donation will support ongoing emergency management operations in British Columbia and Saskatchewan, while a donation of $20,000 was made earlier this fall to Nova Scotia Red Cross in response to Hurricane Fiona. Paper Excellence Canada currently has operations in British Columbia, Saskatchewan, and Nova Scotia. “The Red Cross is a constant, comforting presence across the world, but that is especially true here at home in Canada, so we are very pleased to be supporting the Red Cross in the provinces where Paper Excellence Canada operates,” said Graham Kissack, Vice President EH&S and Corporate Communications for Paper Excellence Canada.
In 2023, Domtar is celebrating 175 years of manufacturing products people use every day. Our company is built on more than a century of anticipating what our customers need and what consumers want to buy for everyday living. Our story is one of successful reinvention, and as we continue to change and grow, we take confidence from our strong legacy. Our next chapter begins now. Our roots trace back to 19th-century England. That’s when Henry Potter Burt established Burt, Boulton Holdings Ltd. His company specialized in treating lumber to prevent decay, and business boomed as demand for railway ties and wharf pilings grew in Europe and North America. As the company grew, he moved to Canada and founded Dominion Tar and Chemical Company in 1903. We grew along with Canada’s industrialization and diversified over the years, making products including chemicals, consumer products, construction materials, and paper and packaging. Over the years, we purchased other facilities and companies across North America, some of which are integral parts of Domtar today.
Canfor Corporation is announcing an extension of sawmill curtailments in British Columbia (B.C.) due to ongoing weak market conditions and the lack of available economic fibre. The production capacity will be reduced through two-week curtailment extensions in January at select solid wood facilities in B.C. This will remove approximately 21 million board feet in addition to the 150 million board feet previously announced on December 5, 2022. The Company will continue to adjust operating rates to align with market conditions and the available supply of economically viable timber.
GreenFirst Forest Products Inc. announces the retirement of its Chief Executive Officer, Rick Doman, for personal reasons effective December 31, 2022. GreenFirst’s Chairman, Paul Rivett, has temporarily assumed the role of Executive Chair and interim CEO in order to ensure the focus of the company during this transition, including continuing the progress of initiatives that are underway and beginning the search for a new executive to replace the retiring Mr.Doman. Mr. Doman will continue as a Director of GreenFirst, and Marty Proctor has become Lead Independent Director.
Stora Enso has completed the divestment of its Nymölla paper production site in Sweden, and all related assets to Sylvamo, a US-based global producer of uncoated paper. The divestment announced on 15 September 2022 was closed today after regulatory approvals. The enterprise value of the transaction is approximately EUR 150 million. The Nymölla site’s capacity is 485,000 metric tonnes of woodfree uncoated office papers, with Multicopy as the leading paper brand. Based on the 2021 figures, the divestment is expected to reduce Stora Enso’s annual sales by approximately EUR 290 million. Subject to closing date adjustments, Stora Enso will book a one-time disposal loss of approximately EUR 25 million (including currency translation adjustments) in its IFRS operating profit in the first quarter of 2023, as an item affecting comparability.
The Paper Excellence Group, through its wholly-owned subsidiary Domtar Corporation, a global diversified manufacturer of pulp and specialty, printing, writing, and packaging papers, and Resolute Forest Products Inc., a global forest products company, jointly announced that the Canadian Commissioner of Competition has entered into a consent agreement regarding the parties' business combination. Once the combination has been finalized, Domtar will acquire all of the outstanding common shares of Resolute stock for $20.50 per share and one contingent value right tied to potential duty deposit refunds of up to $500 million. The consent agreement filed by the Canadian Commissioner of Competition with the Competition Tribunal today completes one of the remaining conditions to the closing of the transaction. The transaction remains on course to close in the first half of 2023, subject to the satisfaction or waiver of the other conditions to the closing of the merger. (All financial information is in U.S. Dollars)
Rayonier Advanced Materials Inc. announced that its facility at Jesup, Georgia has been impacted by a force majeure declared by its natural gas provider, Southern Natural Gas Company, L.L.C., due to an unscheduled outage of the Elba Express Pipeline’s Hartwell Compressor Station. Southern Natural Gas Company has asserted that, during the period of the SNG Force Majeure Event, which commenced on December 24, 2022, RYAM’s Jesup facility will be subject to a financial penalty for each MMBtu of natural gas consumed in excess of a contractually allocated amount. Based on this and other current assumptions, the Company expects the Event could reduce EBITDA by approximately $775,000 to $900,000 per day. Accordingly, if the SNG Force Majeure Event were to continue through the end of 2022, the Company estimates that its aggregate EBITDA would be approximately $6 to $7 million lower than it otherwise would have been without the financial penalty. The Company’s facility at Fernandina Beach, Florida is not affected by the SNG Force Majeure Event.