Solenis to Increase Prices on all Process Chemicals Globally

Smurfit Westrock was dismissed Monday from a price-fixing lawsuit against numerous major paper and packaging companies. The antitrust case continues against other defendants, a list that includes Smurfit Kappa and WestRock, the companies that combined last year to create Smurfit Westrock The defendants — which include Cascades, Georgia-Pacific, Graphic Packaging International, Greif, International Paper, Packaging Corporation of America and Pratt Industries — collectively filed a motion on Monday to dismiss the case on the grounds of plaintiff Artuso Pastry’s “failure to state a claim.” Separately, Packaging Corporation of America and Pratt Industries each filed their own motions to dismiss. Artuso’s responses to the motions to dismiss are due in December, and the defendants will have until January to submit reply briefs.

Billerud is hosting a Capital Markets Day in Stockholm, where the updated strategy will be presented. Ahead of this event, the Board of Directors has decided on new long-term financial targets and on strategic investments in North America. Billerud’s updated strategy, “Way Forward”, reflects the company’s ambition to continue to be a leader in high performance paper and packaging materials. It aims to evolve towards paperboard while remaining committed to graphic and specialty paper in Region North America, and to strengthen the performance in Region Europe. “Going forward we will prioritize profitability over growth and drive performance. We will leverage the growing demand for fiber-based packaging and Billerud’s attractive niche positions, strong manufacturing capabilities and flexible production system. Successful delivery on our plans will enable a strong and competitive Billerud. We target to achieve EBITDA of above SEK 6 billion through our strategic initiatives,” says Ivar Vatne, President and CEO of Billerud.

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “I am very pleased with an excellent performance from the group. We outperformed the guidance provided at the end of the last quarter with EBITDA at US$240 million, a 36% increase over the prior quarter (US$177 million) and more than double the equivalent quarter last year (US$98 million). Robust market demand in all product segments combined with the implementation of higher sales prices facilitated the growth and offset rising costs. This achievement was despite logistics and transport bottlenecks, as well as significant increases in energy, pulp and other raw materials.” Financial summary for the quarter: • EBITDA excluding special items US$240 million (Q1 FY21 US$98 million) • Net debt US$1,917 million (Q1 FY21 US$2,056 million) • Profit for the period US$123 million (Q1 FY21 loss of US$17 million)