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The PM40 closed Friday, 14 June 2024, at 5539.

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 14 June 2024 up 11.3% from the 16 June 2023 level.

In this issue of Disconnected Comparisons, we evaluate Quad and Universal Forest Products.

Reported insider trading since the last issue of PaperMoney.

The first class of inductees to the Paper Industry International Hall of Fame was inducted more than two decades ago in 1995, and today, more than 150 papermaking innovators and legends have been enshrined. This month, we profile the late Tad Bretting, who was president and CEO of C.G. Bretting Manufacturing Company in Ashland, Wisconsin, who was inducted into the Hall of Fame in 1999.

How well do you know your coworkers?

Italian recycled cardboard manufacturer chooses ABB's L&W Autoline for automated paper testing.

Andritz has acquired the Finnish company Procemex, the global leader in integrated web monitoring and web inspection solutions for the pulp and paper industry. The acquisition further strengthens Andritz's automation and digitalization portfolio.

Kemira upgrades its outlook for 2024, particularly for operative EBITDA. Kemira's end-markets have continued to recover, and Kemira's strong performance in both segments has continued.

Valmet estimates that net sales in 2024 will remain at the previous year's level in comparison with 2023 (EUR 5,532 million) and Comparable EBITA in 2024 will increase in comparison with 2023 (EUR 619 million).

Runtech delivers a ropeless tail threading systems to Munksjo Caieiras Ltda, Brazil. The delivery includes Runshooter technology with detailed engineering and startup support. With the upgrade Caieiras targets more fluent and faster tail threading and improved operator safety.

Solenis, a leading global producer of specialty chemicals, announced it has acquired Aqua ChemPacs, LLC, on June 10, 2024.

Strategic acquisition provides enhanced quality and sustainability for food and beverage and institutional customers.

The project is scheduled to be completed by the end of 2024.

The delivery is scheduled for the Q2 2024.

Valmet has secured a contract to provide a 50 MW pellet-fired heating plant to Göteborg Energi AB, which will be located at Mölndal Energi's Riskulla site in Mölndal, Sweden. The plant, set to start operations in late 2026, will enhance the renewable energy capacity in the region​​.

Cascades is pleased to announce the creation of a mural on one of its Kingsey Falls factories on the occasion of its 60th founding anniversary in 2024. The work will be created this summer by the artist Nicolas Lareau, a muralist from Sherbrooke.

The UN SDGs provide the global community with a roadmap on how to combat challenges related to economic, social, and environmental sustainability.

Mondi introduces ProVantage SmartKraft Brown and White, an innovative blend of fresh and recycled fibres, setting new standards in sustainability and performance.

Södra's Frontwood® has been chosen for parts of the interior design in Construction City to create a unique and harmonious impression. The ongoing construction of Construction City, a 100,000 square meter office building, are expected to be completed by 2025.

Georgia-Pacific is relaunching its ARIA® brand of bath tissue as a three-ply premium product made from 100% recycled fiber and wrapped in recyclable paper packaging.

Ingevity Corporation has published its seventh annual Sustainability Report highlighting the advancement of environmental, social and governance sustainability initiatives and commitment to innovating products that assist customers and end users with reducing ecological impact.

On Tuesday, June 5, KBX Logistics/Georgia-Pacific surprised the Paper Transport (PTI) team with the prestigious 2023 CPG Dedicated Carrier of the Year award. Receiving the award for the 10th time in company history reflects the consistent capacity and superior service of PTI.

Aligned with its ESG strategy, the report presents last year's progress on implementation of the 2030 Agenda.

LP Building Solutions (LP), a leading manufacturer of high-performance building products, announced that it has been recognized for the third consecutive year as a winner of the Top Workplaces of Middle Tennessee Award by The Tennessean, the state's largest newspaper and a member of the USA Today Network.

Stora Enso and Marimekko teamed up with the goal of updating Marimekko's gift packaging with a Nordic design solution and enhanced user experience eliminating unnecessary paper, ribbons or stickers while also protecting fragile products such as plates, vases, trays, and mugs.

Metsä Board, the leading European producer of premium fresh fibre paperboards, has once again, achieved the highest Platinum level in EcoVadis' sustainability assessment with a record score. The company has achieved the highest level rating every year since 2017.

In today's retail landscape, gift cards are a popular staple of modern shopping experiences for busy consumers. However, this convenience comes at a considerable environmental cost. According to the International Card Manufacturers Association (ICMA), nearly 30 billion plastic cards are produced globally each year.

PaperWorks Industries Inc., formerly Boehmer Box, is thrilled to announce the celebration of its 150th Anniversary on Saturday, June 22, from 10 AM to 2 PM at 120 Trillium Drive. This milestone event will honour the company's rich history and significant impact on the Kitchener-Waterloo region.

The video campaign showcases Sappi's dedication to responsible forestry management using recyclable wood fiber..

Tetra Pak announces the launch of the Tetra Pak® Industrial Protein Mixer, a groundbreaking new product designed to reduce product loss in liquid protein mixing.

Partnership to feature award-winning innovations, including Tork PeakServe Continuous Hand Towel System and Tork Vision Cleaning, helping arena reduce waste and increase efficiency.

UFP Industries, Inc. has been named to the FORTUNE 500 list of the largest U.S. companies based on revenue for the third consecutive year.

The prestigious list recognizes the 500 largest corporations in the United States by total revenue for the 2023 fiscal year. WestRock rose to the top of its industry in 2022 and maintained its position in 2023 with $20.3 billion in annual revenue..

Conifex Timber Inc. announced that it has completed a $25 million secured term loan with PenderFund Capital Management Ltd. ("Pender"), an independent investment firm located in Vancouver, British Columbia, Canada. A portion of the term loan was utilized to repay and retire Conifex's existing lumber segment credit facility with Wells Fargo Capital Finance Corporation Canada in the amount of approximately $11 million. The balance of the term loan will be available for working capital and general corporate purposes.

Hygiene and health company Essity is presenting new financial targets based on the company's portfolio following the divestment of the subsidiary Vinda. The new targets are an increase in ambition with an emphasis on profitable growth and are based on the company's robust platform with leading positions in growing and attractive markets.

According to GEF, the tube and core and protective packaging products price increase is a consequence of the URB price increase, the primary raw material contained in those products.

Greif, Inc., a world leader in industrial packaging products and services, announced it is implementing a $50 to $70 per short ton increase for all grades of uncoated recycled paperboard (URB) products.

The recent financing, which includes new capital investment and amendments to the Company's credit facilities, was completed in collaboration with the Company's existing lenders and has substantially bolstered the Company's cash liquidity position.

This price action is necessary to offset increased input costs, the company insists.

Following the announcement of 25th March 2024, Sonoco announced it is implementing a further price increase as input costs have continued to rise beyond our initial estimation.

Sonoco-Alcore S.a.r.l. announced today that due to continued inflationary pressure on the business, it will raise prices by 7% on all tube and core grades sold in the company's EMEA regions. The increase is in direct response to the continued escalation of its cost base and will be effective for all shipments made on or after 15th June, 2024.

Metsä Group and the technology company Andritz will investigate the possibility of building a carbon capture facility in connection with the bioproduct mill. The work focuses on the capture of 4 million tonnes of carbon dioxide from a mill the size of the Kemi bioproduct mill. The Kemi mill is the largest wood-processing mill in the northern hemisphere.

After a three-year battle in court, lawyers for New-Indy Catawba LLC; parent company New-Indy Containerboard LLC and roughly 6,000 plaintiffs have reached settlement agreements of about $103 million.

Ahlstrom, in its ongoing dedication to addressing the global need for clean air and water, has successfully completed a EUR 2 million investment for a new laminator at its Louveira plant in Brazil.

Norske Skog will initiate a main study aiming to enter the bleached chemi-thermomechanical pulp (BCTMP) market by starting production at Norske Skog Saugbrugs in Halden, Norway.

Södra is investing in a production line at Värö which will create a vegetable tanning agent from bark. This new tannin can be used to process leather in a more environmentally friendly way. Scheduled to be commissioned in 2026, the plant will have the capacity to produce tannins for millions of square metres of leather.

Sundsvall's new Logistics park and SCA's new container port have been officially inaugurated. This means that a process that began in 2008 has reached its goal and one of the region's biggest investments in sustainable transport can begin to create benefits for the green transition in northern Sweden.

Smurfit Kappa, Europe's largest paper packaging producer has invested over €30 million across two projects in Spain to further reduce CO2 emissions.

SMC Packaging Group operates across multiple locations in Missouri, Arkansas, and Oklahoma.

International Paper Co.'s top boss traveled to London to reaffirm his company's commitment to merger partner DS Smith Plc, downplaying a takeover offer from Suzano SA that threatens to derail their pending $7.4 billion deal, according to people with knowledge of the matter.

Smurfit Kappa, one of the world's leading providers of sustainable packaging solutions, has announced it has signed an agreement to acquire Artemis Ltd., a Bag-in-Box packaging plant located in Shumen, Bulgaria.

Analysts from Jefferies are predicting a potential cash offer for IP in the range of $54-57 per share, a figure that aligns with previous investor expectations. However, IP's board may value the company significantly higher.

Under the terms of the agreement, Suzano will acquire a 15 percent stake in Lenzing from B&C and the two shareholders will form a long-term syndicate which will hold the majority stake (52.25 percent) in the company. Subject to the closing of the transaction, B&C will hold a 37.25 percent stake in Lenzing and keep the role as controlling member of the new syndicate, with Suzano holding the minority stake of 15 percent. The price per share will be EUR 39.70, with a total acquisition purchase price of EUR 230 million to be fully paid at closing.

WestRock Company, a leading provider of sustainable fiber-based paper and packaging solutions, announced that, based on the preliminary vote count, WestRock stockholders voted to approve the Transaction Agreement and other proposals related to the combination of Smurfit Kappa Group plc ("Smurfit Kappa") and WestRock (the "Combination") at WestRock's Special Meeting of Stockholders held earlier today (June 13).

Protective packaging supplier Sealed Air (SEE) has announced the appointment of Patrick Kivits as its new chief executive officer, effective 1 July 2024. Kivits is now serving as president of corrugated packaging at paper and packaging company WestRock, overseeing all the company's business in Central America.

Starkraft, a business unit of Heinzel Pöls, part of the Heinzel Group, announces the successful launch of its PM6 at the Steyrermühl paper mill in Austria, marking a significant milestone in its journey towards enhanced productivity and global expansion. With this strategic investment, Starkraft elevates its production capacity to a total of 350,000 tons of kraft paper per year.

Sustana, an innovator of clean materials and the industry-leading producer of sustainable, recycled fiber-based products and services, announced the appointment of Nathan Jeppson as Chief Executive Officer, succeeding Fabian de Armas. Mr. Jeppson brings more than 20 years of leadership experience driving growth and innovation at premier manufacturing, industrials, and materials businesses, including global roles at Shell Chemical LP and Dow.

Accelerates alternative fiber strategies with new ambition to be 100% Natural Forest Free across product portfolio beyond 2030.

Mercer is spearheading the advancement of wood technology to redefine the North American construction landscape and is being recognized for its leadership and commitment to educating customers on the value of sustainably managed forests and promoting SFI certification in the supply chain.

Visy Pulp and Paper Pty Ltd must pay more than $200,000 after untreated wastewater from their Tumut paper mill polluted local creeks in October 2022.

Texas-based solar project propels WestRock's pursuit of its science-based targets to reduce greenhouse gas emissions.

Conifex announced the curtailment of its sawmill and planer operations for two weeks starting June 17, 2024. This decision follows ongoing weather-related transportation issues that have delayed spring log deliveries, resulting in lower-than-expected log inventories, according to the company.

The cause is under investigation by the fire marshal's office.

Sappi say the company's most recent three-year contract offer included wage increases, retirement plan improvements and a signing bonus but said a majority of the 150 union workers represented by the National Conference of Firemen and Oilers Union turned down the company's offer and have voted to authorize a potential strike.

The new collective labour agreements will have a two-year contract period and will enter into force immediately. The agreed wage increases in the collective agreements will take effect from 1 July 2024.