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Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 3 April 2020 down 41.4% from the 5 April 2019 level.

In this issue of Disconnected Comparisons, we evaluate Rayonier and Sappi.

Reported insider trading since the last issue of PaperMoney.

Paperitalo Publications is doing a follow-up survey regarding the coronavirus and how it's affecting the pulp and paper industry.

I'll bet dollars to donuts that, last fall, when everyone assembled their plans for this year, no one predicted what we are experiencing now.

The shelves of some stores may not have products like diapers, but they are weaving through the supply chain, according to International Paper CEO Mark Sutton.

Having seen toilet paper panic buying in Asia as the COVID-19 virus began spreading outside of China, U.S. manufacturers said they ramped up production to avoid being caught flat-footed.

The COVID-19 pandemic is creating disturbance in Huhtamaki's global trading conditions and the demand for food-on-the-go packaging is being significantly impacted.

Norbord Inc. announced that effective March 30, it will commence reducing production across its portfolio of North American oriented strand board (OSB) mills in response to the demand impact of the COVID-19 pandemic.

Interfor has announced it will implement a number of initiatives in order to adjust its business to operating conditions being impacted by COVID-19.

This is expected to reduce paper production by approximately 70,000 tons, and the mill is expected to restart on July 6, 2020.

Nova Scotia's last major mill will curtail buying wood in April and scale back planned deliveries in May as it deals with ongoing market decline, compounded by the effects of the COVID-19 pandemic. The move is the latest blow to a forestry industry struggling to maintain a toehold following the loss of its major player.

Södra Wood is implementing temporary partial furloughs at its production facilities in Mönsterås and Orrefors due to a reduction in demand in the UK and the Republic of Ireland during the ongoing pandemic. Södra Wood Ltd in the UK and the production facility in Hamina, Finland, may also be affected by the decision.

In response to the COVID-19 outbreak West Fraser is taking steps to protect its employees and respond to changing market conditions.

Huhtamaki has completed the acquisition of full ownership of its joint venture company Laminor S.A. in Brazil. Laminor is specialized in high-quality tube laminates, particularly for oral care applications, and was set up in 2002 as a 50/50 joint venture together with Bemis Company, which is now part of Amcor.

In this project, Klabin S.A. is carrying out an expansion of its existing facility in Paraná State in southern Brazil. By further promoting the use of biofuel it is expected to control the GHG emission. This project will contribute to the development of Brazil's sustainable forest industry and to strengthening the supply chains.

Klabin announced in a filing it will stop contruction work at its Puma II project in southern Brazil due to the COVID-19 pandemic.

International Paper has entered into an agreement to sell its Brazilian corrugated packaging business to Klabin S.A. for R$330 million, with R$280 million to be paid at closing and R$50 million one year thereafter, subject to certain adjustments.

Kokusai Pulp & Paper ("KPP") and SEQUANA SA have entered into an agreement, according to which KPP agreed to acquire 53,395,148 ordinary shares of Antalis SA held by Sequana, representing approximately 75.2% of Antalis' share capital and 82.5% of voting rights.

Neenah, Inc. announced that it had not closed on its agreement to acquire Vectorply Corporation on April 1 as originally contemplated. Neenah had agreed to acquire Vectorply from MSouth Equity Partners for $155 million in cash.

Investigators were back on the scene Monday, March 16, to determine the origin of an early morning fire that caused extensive damage to the International Paper mill in Coosa.

Australia's richest man Anthony Pratt has donated $1million to fund the trial of two drugs that may help patients suffering from COVID-19.

Canfor Pulp Products Inc. is announcing actions in response to the COVID-19 pandemic and resulting economic uncertainty.

Mondi is committed to playing its part to produce important supplies and components during the COVID-19 outbreak.

Sappi has declared force majeure on the Vulindlela expansion and upgrade project at its Saiccor Mill in alignment with the South African Government's declaration of a nation-wide lockdown to combat the COVID-19 Epidemic.

He was 58 years old.

Lecta says it has decided to stop production at the Cartiere del Garda woodfree coated paper mill in Italy amid the rising number of coronavirus infections in Europe and related industrial and logistical issues. Operations are to be stopped 19 March at the end of the second shift and the downtime is scheduled to last until 25 of March.

LP Building Solutions announced adjustments to operating schedules, reductions in capital expenditures, and steps to enhance an already strong balance sheet. LP also announced amended guidance consistent with these plans and the uncertainties surrounding the impact of COVID-19, governmental responses, and subsequent economic recovery.

As the COVID-19 pandemic is quickly evolving, the companies will continue to monitor the circumstances of the virus and any recommendations or directives of government and health authorities and will advise shareholders as necessary of any further updates regarding the AGMs.

Sententia Capital Management, LLC and its affiliates announced that it has delivered a letter to the LSC Communications Board of Directors and stockholders.

Weeks after issuing an earnings that report that revealed the company lost $295 million last year, publication printer LSC Communications is preparing to file for Chapter 11 bankruptcy, according to reports, citing "people with knowledge of the plans."

COVID-19: Life keeps changing

Minnesota-based company 3M has doubled its production of coronavirus-protecting N95 respirator masks over the last two months - to a rate of more than 1.1 billion a year, or almost 100 million a month, according to a report.

Harmac Pacific produces a soft blend of pulp made from cedar, which is then used to make medical masks, gowns, drapes, screens, and other hospital supplies that are much needed during the COVID-19 crisis.

Columbia Pulp has stopped its pulp mill operations at Lyons Ferry because of a disruption in its supply chain and concerns about not being able to follow COVID-19 precautions, the company announced.

An International Paper employee at the Eastover mill in Richland County, South Carolina has tested positive for coronavirus (known officially as 2019-nCoV or COVID-19), according to an email issued to company employees March 22.

Clearwater Paper says it's experiencing a significant increase in demand for its retail tissue products and an increase in demand for paperboard used for packaging food and pharmaceutical products.

The COVID-19 pandemic is impacting global demand for forest products. In response, effective April 6, 2020, Conifex Timber Inc. will temporarily curtail operations at its Mackenzie, British Columbia, Canada sawmill for two weeks.

Kruger Specialty Papers announced the temporary shutdown of its Brompton facility, effective Friday, April 3, for an indefinite period of time.

Production cuts announced.

The point of origin for a huge fire at International Paper Saturday night and Sunday morning (March 14-15) has been narrowed down to a pair of locations, according to Rome Fire Marshal Mary Catherine Chewning.

The J.D. Irving Sawmill near Truro, N.S., has reported that three of their staff members have been diagnosed with COVID-19. The first staff member to be diagnosed has received the appropriate medical care and is now self-isolating as recommended by health care professionals. Two more have since been diagnosed, leading to a temporary shut down of the mill.

Mike, who asked that his surname to be withheld, learned at work Tuesday morning that his daughter had been tested for COVID-19 at the recommendation of three separate doctors. His 25-year-old daughter had visited the family in their Cowlitz County home about a week prior and exhibited "extremely mild symptoms" of the disease. She thought were her seasonal allergies acting up, but after she returned to her home north of Seattle "it obviously got progressively worse," her father said.

"As the global outbreak of COVID-19 continues to spread, we wanted to share how Mondi is addressing the challenge to ensure that the safety and health of our employees and their families is prioritized. We also recognize the importance of business continuity and serving our customers with products that are needed to sustain the public and the communities where we operate."

Georgia-Pacific spokesman Mark Brown said the Palatka Fire Department was called to the facility on March 14.

A Procter & Gamble Co. manufacturing plant that makes Charmin toilet paper and Bounty paper towels suffered fire damage, but workers are getting equipment affected by the blaze back into service.

Wapakoneta Mayor Tom Stinebaugh on Friday notified residents that a truck driver for Pratt Industries has reportedly tested positive for the novel coronavirus, while a second employee has since been sent home to self-quarantine for two weeks.

Resolute Forest Products Inc. provided an update on the impact of the COVID-19 situation to its business.

Georgia-Pacific values the health and safety of our employees, customers and consumers. In light of the ongoing outbreak of the COVID-19 coronavirus, we are taking the steps necessary to ensure that we are doing our part to prevent the spread of this virus in our workplaces and to help our customers maintain their businesses in a normal manner.

Governor Gretchen Whitmer has ordered U.S. and Michigan flags to be lowered to half-staff on Saturday, March 21, 2020, to honor the life and service of Forsyth Township Fire Fighter Benjamen "Ben" Lauren, who was killed in the line of duty.

In response to the continuing COVID-19 pandemic West Fraser is taking additional steps to respond to changing operating and market conditions.

Weyerhaeuser Company provided an update on actions it is taking in response to the COVID-19 pandemic.

A contractor working at the Kimberly-Clark facility in Conway was tested for coronavirus, it was reported on Tuesday, March 17.