Sappi and UPM have today announced the signing of a non-binding letter of intent to form a non-listed, independent 50/50 Joint Venture for graphic paper. This Joint Venture will bring together Sappi’s European Graphic Paper business with UPM’s Communication Papers business in Europe, the UK and the US. Sappi and UPM will sell their respective businesses and assets mentioned below to the newly formed Joint Venture with a combined enterprise value of €1,420 million excluding the value of the expected synergy benefits. At closing the Joint Venture will raise debt to fund the purchase prices payable to Sappi and UPM respectively. The Joint Venture’s dividend policy will be to distribute all excess cash to its shareholders.   The Sappi business is valued at €320 million which, based on an FY2025 EBITDA of €64 million represents a 5x multiple. Sappi will transfer pension and other liabilities of €53 million and net assets valued at €267 million to the Joint Venture. In return Sappi will receive cash of €139 million and 50% shareholding in the Joint Venture.   The UPM business is valued at €1,100 million, which represents a 4.6x multiple of the last reported 12 months to September 2025 EBITDA. UPM will transfer pension and other liabilities of €360 million and net assets of €740 million to the Joint Venture. In return UPM will receive cash of €613 million and 50% shareholding in the Joint Venture.  Sappi will contribute the following assets: Gratkorn Mill (Austria); Ehingen Mill (Germany), Maastricht Mill (The Netherlands), and Kirkniemi Mill (Finland); as well as Sappi Europe’s wood supply Joint Ventures. UPM will contribute their Communication Papers business assets which are located at the following UPM mills: Augsburg (Germany), Schongau (Germany), Nordland paper lines 1 and 4  (Germany),  Rauma including UPM RaumaCell (Finland), Kymi (Finland), Jämsänkoski paper line 6 (Finland), Caledonian (United Kingdom), and Blandin (United States of America).

Domtar, which owns the mill, cited the lack of available fibre and poor pricing in global pulp markets for the shutdown. The Crofton pulp and paper mill, a fixture in the region since 1956, is closing permanently. Domtar, which owns the mill, cited the lack of available fibre and poor pricing in global pulp markets for the shutdown, which will put 350 employees out of work. The company said the mill will cease operations on Dec. 15, but will continue to employ workers at the site until February. It said it is exploring possibilities for the property, including putting the site up for sale. The closure follows the curtailment of the mill’s paper machines in late 2024, which sidelined more than 100 workers. Steve Henry, Domtar paper and packaging president, said Tuesday the Crofton mill has faced challenges for some time. “Over the last 18 months, Crofton employees worked hard to reduce operational costs, and they made some extraordinary gains,” Henry said in a statement. “Unfortunately, continued poor pricing for pulp and lack of access to affordable fibre in B.C. necessitate the closure.”

From November 10 to 21, 2025, nations and organisations gathered in UN’s annual climate conference COP30 to discuss global climate action, including nature and communities. This year, the conference took place in Belém, Brazil, and Stora Enso was proud to be part of the Finland Pavilion. We partnered with Veracel, our Brazilian joint-operation with Suzano, that produces eucalyptus pulp for the needs of a circular bioeconomy. Now as a week has gone past since COP30, it’s time to take look at some of our key takeaways. Session 1: Resilient communities – Mitigating climate change impacts on livelihoods Session 2: Forest restoration – From incremental gains to systematic impact Session 3: Towards net positive impact on nature – Using science-based metrics to measure biodiversity gains

Monadnock Paper Mills has appointed Andrew Manns as Chief Executive Officer, following the planned leadership transition initiated by the late Richard G. Verney. Manns brings 30 years of experience with Monadnock, joining the company in 1995 as Vice President of Finance and serving as Chief Financial Officer and Treasurer before being personally requested by Verney to lead the company as CEO.

Suzano’s new pulp mill in Ribas do Rio Pardo, Brazil, which operates entirely with ANDRITZ technology, has reached its nominal production capacity of 2.55 million metric tons of bleached pulp per year in record time. After just three months of stabilization following start-up, the mill entered a production ramp-up and reached nominal capacity within one year – a new benchmark in the industry. This milestone establishes the mill as one of the largest and most efficient pulp production facilities in the world.

China’s paper industry is undergoing a profound transformation characterized by a dramatic surge in production capacity, which is set to reshape the global pulp and paper market landscape in 2025 and beyond. In coastal hubs like Shandong and Guangxi, new large-scale paper production facilities are coming online led by top manufacturers such as Sun Paper and Huatai Group, both of which are pursuing ambitious integrated production strategies. Sun Paper’s state-of-the-art Beihai base and Huatai’s major new project in Shandong are just two examples due to commission by late 2025, which will further consolidate China’s dominance in global paper output. Zhiyan Consulting reports that from January to August 2025, China’s machine-made paper and paperboard output achieved 106.659 million tons—a year-on-year increase of 2.7%—demonstrating the rapid growth trajectory and scale of operations now standard in the industry.

Kruger Products has unveiled plans to build a new state-of-the-art tissue facility in the western United States, a major investment designed to support the company’s fast-growing U.S. consumer tissue business. The announcement accompanied the company’s third-quarter financial release. The project includes a modern through-air-dry (TAD) machine and associated converting lines, with an estimated annual capacity of 75,000 metric tonnes. Production is expected to begin in 2028. Kruger Products has invested more than $1 billion in Canadian manufacturing since 2018, and the new U.S. site marks the next phase of its North American expansion strategy. The facility will enhance service to U.S. retailers and strengthen the company’s position in the premium and ultra-premium tissue categories.

Following the strategic review, the Board of Directors of Stora Enso has decided to initiate preparations for the separation of the Swedish forest assets business of Stora Enso into a new publicly-listed company through a statutory partial cross-border demerger, expected to be completed during the first half of 2027. All shares in the new company would be wholly owned by Stora Enso's shareholders. The separation of the Swedish forest assets was assessed to be the best alternative to enhance focus on respective businesses’ core strengths and market opportunities, maximising operational and shareholder value, as well as to reduce group complexity. It intends to create Europe's largest listed pure play forest company, comprising over 1.2 million hectares of forest land in Sweden with a fair value of approximately EUR 5.7 billion as of 30 September 2025.

Sylvamo outlined its global strategy and operational priorities in its third-quarter 2025 financial report, emphasizing initiatives to strengthen efficiency, reduce costs, and secure long-term competitiveness across its worldwide operations. Following International Paper’s decision to convert its Riverdale, Alabama, mill to containerboard, Sylvamo confirmed that its supply agreement will remain in effect until May 2026. The mill is expected to deliver approximately 260,000 short tons of uncoated freesheet in 2025 and 100,000 short tons in 2026. After the agreement ends, Sylvamo plans to leverage production from its European mills and additional Eastover capacity to maintain supply to U.S. and Mexican customers. Sylvamo remains singularly focused on uncoated freesheet paper, the largest and most resilient segment of the graphic paper market. By reinforcing its core business and investing in operational excellence, the company aims to deliver consistent earnings, reliable cash flow, and enduring shareholder value.

West Fraser announced that it will permanently close both its Augusta, Georgia and 100 Mile House, British Columbia lumber mills by the end of 2025 following an orderly wind-down. The decision is the result of timber supply challenges and soft lumber markets. The 100 Mile House lumber mill is no longer able to reliably access an adequate volume of economically viable timber. Challenging softwood lumber demand, higher duties and additional tariffs have compounded this situation. The mill closure will impact approximately 165 employees at the site and reduce West Fraser's capacity by 160 million board feet. The closure of the Augusta lumber mill is a result of challenging lumber demand, and the loss of economically viable residual outlets, which combined has compromised the mill's long-term viability. The closure will impact approximately 130 employees at the site and reduce West Fraser's capacity by 140 million board feet.

Billerud announced that the North American operations will meet EUDR compliance effective December 1, 2025. Aaron Haas, Sr Vice President of Marketing stated "We expect to be able to provide compliant due diligence statements and GeoJSON files for newly manufactured product starting December 1st. For customers that have requested EUDR information, EUDR data files will be generated the first week of December for shipments invoiced starting on December 1st. EUDR information will be communicated via emails generated after the time of shipment."

Sappi Europe, a leading producer of high-quality graphic papers, announced a general price increase of 5-7% across its Coated Mechanical portfolio, effective from 1 January 2026 This adjustment is driven by a continued escalation in key input costs and the need to ensure the long-term financial sustainability of our operations. Despite significant internal efficiency programs and cost-saving initiatives, the industry continues to face a structurally elevated cost environment. Costs related to energy, transport, labour, chemicals, and fibre remain at levels that materially impact production economics.  "The cost situation has not reverted to pre-crisis levels, and the paper value chain continues to operate under inflationary pressure. At the same time, profitability in coated mechanical reels remains unsatisfactory and below the level required to justify ongoing investment and secure future supply. This price adjustment is therefore necessary to continue serving our customers reliably and sustainably." said Antti Makkonen, Sales Director Graphic Papers

Voith and Wuzhou Special Paper have successfully commissioned the new PM 21 specialty paper machine in Hanchuan, Hubei Province. It is the world's widest machine for the production of release paper. The machine, supplied entirely by Voith, demonstrates the technology group's leading role in the field of high-quality specialty papers. With a working width of 8.100 meters at the reel, the PM 21 produces around 300,000 tons of specialty paper per year with basis weights ranging from 35 to 120 g/m² – primarily lightweight glassine base paper. Release paper is often used in everyday life to protect sticky surfaces, e.g., in separation applications. The base paper must meet specific requirements in terms of tear resistance, tensile strength, transparency, dense sheet structure, and low surface absorbency. It is characterized by a non-stick surface, which is achieved by coating it with silicone.

Asia-Pacific's tissue and household paper sector is undergoing a period of unprecedented consolidation and transformation in 2025, propelled by a series of landmark mergers and acquisitions that are fundamentally reshaping regional competitive dynamics, supply chain control, and sustainability strategies. The region, long characterized by rapid market growth and aggressive capacity expansions, now faces a new reality where scale, integration, and environmental stewardship are critical to achieving long-term profitability and operational resilience. The two most prominent moves this year are the USD 3.4 billion joint venture between Brazil's Suzano and Kimberly Clark, and the complete integration of Vinda International Holdings (now part of Indonesia’s Royal Golden Eagle, RGE group) following Indonesian tycoon Sukanto Tanoto’s USD 3.3 billion acquisition in late 2023. These transactions position their respective entities as dominant pan-Asian players: the Suzano-Kimberly Clark alliance forms a global tissue leader with 22 manufacturing sites across 14 countries, covering key Southeast Asia markets and holding about 1 million tonnes of annual capacity, while Vinda’s absorption into RGE achieves vertical integration spanning plantation supply, pulp production, and finished household tissue and hygiene products.

The European paper market is witnessing a period of dynamic growth and transformation in 2025 as regional manufacturers, technology providers, and supply chain stakeholders adapt to rapidly changing consumer demands, regulatory mandates, and global supply chain pressures. According to the latest industry analysis, the Europe paper market size stood at 71.14 million tonnes in 2025 and is projected to reach 87.84 million tonnes by 2030, reflecting a compound annual growth rate (CAGR) of 4.31%. This trajectory highlights robust demand across packaging, hygiene, printing, and specialty sectors, with sustainability and resource efficiency emerging as dominant drivers shaping investment, manufacturing processes, and product innovation. A major catalyst for the sector's expansion is the European Union's decisive regulatory push toward circular economy goals. The EU mandates that all packaging placed on the market must be recyclable or reusable by 2030, creating a surge of demand for fiber-based packaging materials. Packaging manufacturers and converters are accelerating the adoption of advanced de-inking, closed-loop recovery, and process automation systems to maximize yields from recycled fiber sources and track regulatory compliance.

Kimberly-Clark Corporation (NASDAQ: KMB), a global personal care leader, and Kenvue Inc. (NYSE: KVUE), a global consumer health leader, today announced an agreement under which Kimberly-Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly-Clark common stock on October 31, 2025. The total consideration represents an acquisition multiple of approximately 14.3x Kenvue's LTM adjusted EBITDA1 or 8.8x including expected run-rate synergies of $2.1 billion, net of reinvestment. This transaction brings together two iconic American companies to create a combined portfolio of complementary products, including 10 billion-dollar brands, that touch nearly half the global population through every stage of life. The combined company, with teams of talented people around the globe, will harness a superior commercial engine – fueled by strategic customer partnerships, category-defining growth, industry-leading science and innovation, a differentiated digital model, best-in-class marketing and a culture of operating excellence – to unlock the full potential of the combination and better meet the evolving needs of consumers.

Kruger has once again halted newsprint production at its Corner Brook Pulp and Paper mill in Newfoundland and Labrador, eastern Canada, this time due to historically low water levels at the Grand Lake reservoir that have forced a temporary shutdown effective Monday, November 3. The company declared force majeure, citing extremely low precipitation in Newfoundland and Labrador that has left Deer Lake Power unable to supply enough energy to keep the mill running. The shutdown will remain in effect until water levels recover, with workers reassigned to other duties in the meantime. Kruger said it will manage customer needs by "leveraging inventories to minimize disruption"

Although box shipments ticked up in September and early October, full-year volumes are now expected to be down, executives said on Thursday’s earnings call. “The North American team is facing headwinds that we didn’t expect, but we’re being aggressive with the realities of that. We’re getting after it,” said International Paper CEO Andy Silvernail during the company’s third-quarter earnings call Thursday. “In Europe, it’s been a tough market, no doubt about it.” Specifically, “the soft market has cost more than $500 million in profit this year alone,” he said. September box shipments were up 1% year over year, and that trend continued into October, said CFO Lance Loeffler.

Domtar marked the first anniversary of its unification under the single brand “Domtar – The Fiber for the Future,” reflecting a year of strategic growth, environmental stewardship, and strengthened partnerships across North America. In its statement, the company emphasized the progress made since integrating the former Paper Excellence, Domtar Corporation and Resolute Forest Products businesses under one brand. John Williams, Non-Executive Chairman of Domtar’s Management Board, commended the teams’ efforts over the past year, calling it “an important moment to recognize the milestones that define our first year as one company.” Domtar received multiple honors during the year, including the AF&PA Leadership in Sustainability Award for Water Management, recognition by Corporate Knights among the 25 most sustainable private companies, and awards from the National Recycling Coalition and Crayola for corporate leadership and renewable energy initiatives. The company also aligned its corporate policies on environment, sustainability and Indigenous relations, reinforcing its shared values and guiding principles across all divisions.

As reported by Fastmarkets, International Paper (IP) and Sylvamo reached a new agreement that will see IP continue supplying uncoated freesheet (UFS) paper to Sylvamo from its Riverdale, Alabama, mill until April 30, 2026. Under the revised terms, IP will maintain supply to Sylvamo through the end of April 2026, with a wind-down period in May. The supply agreement is set to terminate on May 30, 2026, unless it is further extended.

Sappi Europe announced in July the commencement of a consultation process for the potential closure of Paper Machine 1, Paper Machine 4, Offline Coater 2 and Sheet Finishing at its Alfeld Mill in Germany. The consultation process, aimed at improving the mill’s profitability and cost competitiveness, has been completed, resulting in the final closure of the assets. The closures will lead to a reduction of approximately 180 positions, to be realised through a combination of unfilled vacancies, voluntary agreements, and, where necessary, redundancies. Sappi is committed to managing this process in a responsible and considerate manner.

The formal takeover of the new containerboard machine PM1 at Norske Skog, Golbey in France was completed during the 3rd quarter, marking a major step in the group’s long-term transformation from publication paper to packaging paper production. Norske Skog expects full utilization during the first half of 2027.

Billerud recorded another strong quarter in North America, where favourable market dynamics and increasing customer interest following the US import tariffs supported growth. In contrast, the European operations continued to face difficult conditions due to muted packaging demand, cost inflation and structural overcapacity in board grades. In North America, local production remains a key competitive strength, ensuring high-quality products with short and predictable lead times. Currency-neutral net sales increased by 4%, and the EBITDA margin reached 16%. Demand for graphic and label papers remained strong, and the company reported growing customer interest in its new packaging materials, Tribute® and Voyager™, which have seen accelerating deliveries from the Upper Michigan mills. In Europe, market conditions remained weak across all product segments except market pulp. The board sector continued to suffer from overcapacity and declining demand. Maintenance stops and higher fixed costs further weighed on performance, leading to an EBITDA margin of 10% for the quarter.

China’s General Administration of Customs (GACC) announced important new regulations tightening the importation of recycled paper pulp, an action reverberating through the Asian pulp and paper industry and the global recovered fibre trade. Under the directive, all importers must now officially declare whether imported recycled pulp has been produced using a dry or wet process. This targeted policy shift is China’s response to ongoing concerns over improper importation channels and attempts to disguise unprocessed waste paper as legally compliant pulp. For context, recycled wet pulp is manufactured via the disintegration, cleaning, and beating of waste paper, then formed into compressed, dewatered blocks. Dry-milled pulp, however, is processed by crushing waste paper into small fragments and compressing them into dense bales, a method that generally lacks rigorous purification, disinfection, and sterilization steps.

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.

INTERFOR CORPORATION announced revised operating plans for the fourth quarter of 2025. Due to persistently weak market conditions and ongoing economic uncertainty, Interfor will further temporarily reduce lumber production across its operations in British Columbia, Ontario, the US Pacific Northwest and the US South. These curtailments are expected to reduce lumber production in the fourth quarter of 2025 by approximately 250 million board feet, or 26%, as compared to the second quarter of 2025, which reflected a more normal operating stance. The curtailment volumes are approximately evenly split between Interfor’s Canadian and U.S. operations.

Condat paper mill will file for protection with the Commercial Court in Bordeaux on October 22 to facilitate the search for potential buyers, while safeguarding jobs. Since 2019, the Group has invested heavily to modernise the site with a state-of-the-art glassine paper line and a new biomass boiler. Despite these major upgrades, successive market crises have significantly impacted Condat’s financial stability. Through this legal procedure, Condat aims to temporarily freeze its debts—which are held mostly by the Group —and work with the Court to identify solutions that ensure business continuity and preserve employment. Production at the Condat site will continue as normal during the procedure, maintaining the quality of service to its customers and safeguarding jobs.

The Kapuskasing paper mill is resuming operations, after securing funding from the federal and provincial governments. At the end of September, Kap Paper announced it would start the idling process because it no longer had the money to keep running without more government support. Most of the 350 mill workers were sent home, while about 2,500 forestry workers in the area also faced possible layoffs. On Friday, Minister of Jobs and Families, Patty Hajdu announced the federal government is giving Kap Paper a $10 million conditional repayable loan through FedNor’s Northern Ontario Development Program. It’s also giving an additional $2 million conditional repayable contribution through the Regional Economic Growth through Innovation Program. Additionally, the Ontario government said Friday it is providing the company a $16.8 million dollar loan to support its continued operation. That money is on top of a $10 million provincial loan Kap Paper received in January 2025.

Sappi has once again earned a place on the prestigious Forbes magazine and Statista World’s Best Employers list for 2025 (#289 globally and #5 in South Africa) as well as the World’s Top Companies for Women list for 2025 (#144 globally and #2 in South Africa). These recognitions reaffirm Sappi’s continued commitment to creating an inclusive, engaging and purpose-driven workplace - one where people feel valued, empowered and inspired to grow. The dual recognition highlights the company’s strong international standing, as well as its leadership within the local business landscape and across its sector.

To meet the growing demand in the North American market, Sofidel, tissue paper group headquartered in Lucca (Italy) and one of the world’s leading manufacturers of paper for hygienic and household use – known especially in Italy and Europe for its Regina brand – today announces a new investment to further expand its production capacity in the United States. The investment includes the installation of a Valmet TAD (Through-Air-Dried) paper machine with an annual production capacity of 75,000 metric tons, along with related converting lines – for an equivalent production capacity – for the manufacture of finished products. The location for the new investment, intended to be within one of Sofidel’s existing facilities, has not yet been finalized. Overall, the Sofidel Group now operates 14 production sites across 11 US states – Idaho, Nevada, Arizona, Oklahoma, Minnesota, Illinois, Mississippi, Florida, Ohio, South Carolina, and North Carolina – and has a corporate office in Horsham, Pennsylvania. In just over 10 years, the Group has become the fourth-largest tissue producer in the North American market and one of the leaders in the Private Label sector.

Rayonier  and PotlatchDeltic  announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a leading domestic land resources owner and top-tier lumber manufacturer. Based on the closing stock prices of Rayonier and PotlatchDeltic on October 10, 2025, the last business day prior to the execution of the agreement, the combined company is expected to have a pro forma equity market capitalization of $7.1 billion and a total enterprise value of $8.2 billion, including $1.1 billion of net debt. Upon completion of the transaction, the combined company will become the second-largest publicly traded timber and wood products company in North America and will be well-positioned to capitalize on an improving housing market as well as opportunities in higher-and-better-use (HBU) real estate and land-based / natural climate solutions. The combination will bring together two leading land resources companies, leveraging significant timberland and real estate expertise as well as operational excellence in lumber manufacturing. Together, the combined company will have a productive and diverse timberland portfolio comprising approximately 4.2 million acres, including 3.2 million acres in the U.S. South and 931,000 acres in the U.S.  Northwest.

As the United States solicits feedback on the U.S.-Mexico-Canada Agreement ahead of the deal’s review next year, manufacturers are mulling how they can minimize their exposure to tariffs. Cross-border trade in North America has already gone through a series of changes, first with the scrapping of the North American Free Trade Agreement for USMCA in 2020, then with 25% tariffs placed on imports from Canada and Mexico earlier this year. A tariff exemption was granted for USMCA-compliant goods, although levies on non-qualifying imports from Canada now face a 35% duty. Mexico and Canada are the U.S.’ largest trading partners, with the country importing $505.5 billion and $411.9 billion worth of goods from the countries in 2024, respectively. The tariff exemption has led many firms already manufacturing in and sourcing from the two nations to reevaluate their products to see what qualifies. Some have seen increased business or a competitive advantage due to their existing compliance with USMCA. But the tariff situation has been too fluid to prompt major moves for manufacturers with global supply chains, according to trade consultants and attorneys.

Norske Skog continues its efforts to increase revenue from the growing packaging market. At the same time, Norske Skog operates in the publication paper market with declining demand for parts of the group's product portfolio. The markets have been characterised by overcapacity and low margins for a long period, while the industry also experiences challenging framework conditions. Significant inflation in energy and raw material prices has put further pressure on profitability. As a result, Norske Skog has conducted a thorough review of its entire cost base. This process has identified several cost-reducing opportunities and more efficient organisation of operations. Following this, a number of measures have been implemented to reduce the group's costs and improve competitiveness. Among the measures are downsizing of operational and support functions across all units of the group by up to 200 full time employees during the period from 2025 to 2027. Part of the downsizing will occur through natural attrition and hiring freezes.

A nitrile glove manufacturer will take over the shuttered mill in Chillicothe, one local source and one state government source have shared with the Statehouse News Bureau. U.S. Medical Glove Company, an Illinois-based company, is currently closing on the sale of the site, each source said. The sale is not yet reflected in the Ross County Auditor’s Records. The move could come with as many as 550, likely non-union, jobs—and manufacturing of surgical and exam gloves and boxes for gloves could start as soon as three weeks from Thursday.