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The PM40 closed Friday, 1 April 2022, at 4400.

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 1 April 2022 up 5% from the 1 April 2021 level.

In this issue of Disconnected Comparisons, we evaluate Greif and Stora Enso.

Reported insider trading since the last issue of PaperMoney.

As I have said many times before, the pulp and paper industry is a place of constant change (I suspect other industries and businesses are, too, I just happen to know this one). Just look at what has happened so far this year....

PM18 is scheduled to start-up in fall of 2023.

The PM10 at Laakirchen Papier AG, part of the Heinzel Group, Austria, that was rebuilt by ANDRITZ has become the world's fastest converted containerboard production machine with speeds of up to 1,420 m/min at a basis weight ranging from 80 to 140 g/m².

Start-up is scheduled for the first quarter of 2023.

ANDRITZ has received an order from the Chinese pulp and paper producer Liansheng Pulp & Paper to supply the most value-adding and resource-saving technologies for a new pulp mill in Zhangzhou, Fujian province, China.

Start-ups are estimated for the end of 2022.

Start-up is planned for 2023.

Due to the planned investment Arctic Paper Kostrzyn S.A. will be able to improve the quality of paper production and further improve the production efficiency.

The AngleSet gauge is used to set the proper angle for doctor, roll cleaning, and scraper blades for improved performance and extended blade life. Using the correct blade angle can optimize the life of the roll.

Valmet's delivery is part of Norske Skog's major paper machine conversion project aiming at switching Bruck's PM 3 production from newsprint to recycled containerboard which will introduce 210,000 tons of competitive containerboard capacity.

Solenis, a leading global producer of specialty chemicals, is partnering with BIO-LUTIONS, a Hamburg-based CleanTech company, to develop more sustainable disposable products to replace various single-use plastic products in food packaging applications.

After two consecutive years achieving a Gold Level evaluation status, Solenis has earned the Platinum Recognition Level for Corporate Social Responsibility (CSR) performance by EcoVadis, a collaborative platform providing sustainability ratings and performance improvement tools for global supply chains.

With this invention Valmet offers the opportunity to make premium grade products at a competitive cost, which in turn can lead to increased market value for nonwovens web producer.

Valmet will launch a new R&D and innovation project called Beyond Circularity, which improves Valmet's readiness to support the green transition in Valmet's customer industries based on the company's technology vision 2030.

Valmet Oyj ("Valmet") and Neles Corporation ("Neles") announced on July 2, 2021 that Valmet and Neles will merge creating a leading company with unique offering for process industries globally (the "Merger").

Ahlstrom-Munksjö continues to expand in the packaging tape market by launching MasterTape™ Pack Green tape backing offering consisting of bio-based tape backings with greater sustainability attributes.

If retailers want to attract and keep more environmentally conscious consumers in today's demanding marketplace, their products should have clearer directions on recycling, according to a national survey by sustainable packaging leader DS Smith.

A new report from Finland's Technical Research Center (VTT), "Recycling Food Packaging", highlights those technology solutions expected to become commercially available in the next five years and says partnerships are essential to deliver the necessary technological innovations in food packaging recycling.

Leading global provider of fiber-based consumer packaging, Graphic Packaging International ('Graphic Packaging') is helping grocer New Seasons Market to build on its commitment to the highest levels of environmental stewardship.

To support the shift to renewable and recyclable materials in shopping and takeaway bags, Stora Enso launches CarrEco Brown™. Made from 100% fresh fibers, the material has high strength and tear resistance properties and is also safe for direct food contact.

WM International, a leading global producer of nonwoven media, has launched DelporeTM Advanced Filtration Media - ideal for surgical facemasks, N95 offerings, and other facemask applications.

Chatham Asset Management, LLC ("Chatham"), a private investment firm which manages funds that beneficially own approximately 6.3% of the outstanding common stock of Rayonier Advanced Materials ("RYAM" or the "Company") (NYSE: RYAM) and is a substantial bondholder of the Company, today sent a letter to the independent members of RYAM's Board of Directors (the "Board") expressing its concerns that management is not taking action quickly enough to proactively address the Company's upcoming debt maturities.

Myles Cohen has served as a division president at both Pratt Industries and Sonoco Products Company over the past two decades.

This surcharge is necessitated by the impacts of rapidly escalating inflation and directly correlates to the significant increase in the Company's costs for energy, logistics, chemicals, and wood.

Rayonier Advanced Materials Inc. issued the following statement in response to the March 17, 2022 letter from Chatham Asset Management, LLC ("Chatham") sent to the independent members of Company's Board of Directors.

Sappi Europe continues to face increasing costs to its Graphic Paper business, related to energy costs as well as raw material cost rises due to availability challenges. It is forecast that this volatile environment will persist for now due to the current uncertain political and economic climate.

Södra makes a broad timber price increase and raises the price for timber, pulpwood, low timber and fuel wood. At the same time, contractors are also compensated for the cost increase that has taken place due to higher fuel prices.

SCA says it will be hiking the prices on white and brown kraftliner in Europe by Euro 100 per tonne. The new price is valid from April 1, 2022.

Sonoco, one of the largest global sustainable packaging companies, provided updated first-quarter 2022 earnings guidance and announced its earnings release date and investor conference call information.

Kruger Products L.P. has entered into a charitable partnership with One Tree Planted Inc. to plant 100,000 trees throughout North America over the next three years, another example of Kruger Products' bold commitment to grow the company while still reducing its environmental footprint through its Reimagine 2030 sustainability initiative.

The lease agreement provides OLCV with exclusive rights to develop and operate a carbon sequestration hub on more than 30,000 acres of subsurface pore space controlled by Weyerhaeuser.

The Columbia Riverkeeper filed a lawsuit accusing a timber company of violating stormwater quality laws at its Longview mill, the group said in a news release.

The facility will be part of APRIL's operations in Riau province and have the capacity to produce 1.2 million tonnes of folding box board annually that is fully recyclable and biodegradable.

Kimberly-Clark Nigeria, a subsidiary of US-based multinational personal care corporation Kimberly-Clark, has opened a new $100m (N41.51bn) state-of-the-art diaper manufacturing facility in Ikorodu. The new site has the capacity to create more than 1,000 direct and 5,000 indirect jobs.

Mondi is investing Euro 280 million in Corrugated Packaging operations across four countries. This includes around Euro 185 million across its central and eastern European Corrugated Solutions plant network and Euro 95 million at Mondi Świecie's containerboard mill in Poland. These investments together represent an important part of Mondi's announced Euro 1 billion in expansionary capital investment projects this year to accelerate growth in sustainable packaging.

Stora Enso is investing in the carbon neutrality of its Skutskär Mill in Sweden. This Euro 40 million investment takes the next important step towards a climate positive contribution by reducing power consumption and water utilization as well as enabling lowering the use of bleaching chemicals. The mill is already very close to being carbon neutral as it has achieved 99% fossil-free production.

WestRock Company, a global manufacturer of differentiated paper and packaging solutions, broke ground on a 285,000 square foot expansion at its consumer packaging facility in Claremont. The $47 million investment was bolstered by a performance-based grant from the One North Carolina Fund and is expected to create 50 new jobs by the end of next year.

BillerudKorsnäs announces the completion of its acquisition of Verso for a purchase price of approximately USD 825 million in cash. Verso is a leading producer of coated paper in North America, with 2021 net sales of USD 1 278 million and adjusted EBITDA of USD 223 million.

Metsä Board announced on 16 December 2021 that it has signed an agreement to sell its entire share capital of its fully owned subsidiary Oy Hangö Stevedoring Ab to Euroports Finland Oy. The arrangement has been completed on 31 March 2022.

Pactiv Evergreen Inc. announced that its wholly-owned subsidiary, Evergreen Packaging International LLC, completed the previously announced sale of its 50 percent interest in Naturepak Beverage Packaging Co Ltd to affiliates of Elopak ASA. Naturepak Beverage Packaging Co Ltd supplies customers in the Middle East and Africa region from manufacturing plants in Morocco and Saudi Arabia. Financial terms were not disclosed.

Paper Excellence Group is seeking as much as US$400 million from the sale of a British Columbia pulp mill, people with knowledge of the matter said, as it works to satisfy the Canadian competition regulator's requirement for its US$3 billion acquisition of Domtar Corp.

Peak Renewables Ltd. has acquired the Chetwynd Pulp Mill previously owned and operated by Paper Excellence. The Chetwynd Pulp Mill has not operated since 2015. Peak Renewables will remediate the mill site and repurpose the land and buildings to other industrial uses.

Veritiv Corporation, a full-service provider of business-to-business products, services and solutions, announced that it has signed a definitive purchase agreement to sell its Veritiv Canada, Inc. business to Imperial Dade.

Amcor, a global leader in developing and producing responsible packaging solutions, issued the following message from its CEO, Ron Delia, to its global workforce on the ongoing conflict in Ukraine and the company's operations in the region.

Canfor Pulp Products Inc. is pleased to announce the appointment of Kevin Edgson as President and CEO effective April 11, 2022.

Greif is outraged and dismayed at the invasion of Ukraine and the continuing attack on the country and its citizens. We strongly condemn the actions of the Russian government.

Mercer International Inc. announced that David Gandossi, who has served as chief executive and president since 2015, is retiring. The company said its board of directors has appointed Juan Carlos Bueno to succeed Mr. Gandossi as CEO and president, effective May 1, 2022.

ND Paper, the US subsidiary of Nine Dragons Paper (Holdings) Limited, is taking critical steps to build on its growth in packaging products. At ND Paper's Biron, Wisconsin mill, the company will be converting its B26 paper machine at the end of 2022 from coated mechanical papers to lightweight, high-strength recycled packaging products.

Resolute is proud to be among 18 Quebec companies coming together to support families in need from Ukraine. Resolute will be working in collaboration with the other companies, government authorities, community leaders, and charitable organizations in an effort to secure employment opportunities and other assistance.

Smurfit Kappa has become the latest business to announce that it is to exit the Russian market. In a statement, the company said it stands in solidarity with the people of Ukraine and everyone impacted by the "totally unjustified attack on Ukraine and its people."

Stora is looking for buyers for its mills in Finland's Anjala, Germany's Maxau and Sweden's Hylte and Nymolla, while planning to keep its mill in Langerbrugge in Belgium.

The Paperworkers' Union announced March 31 that the strike at most UPM's Finnish mills will continue until 30 April 2022, unless new collective labour agreements are reached before that.

This transaction brings together two organizations with highly complementary technologies, geographies and product portfolios in specialty materials. The combined company will capitalize on powerful megatrends with strong positions in large, growing categories including Filtration, Healthcare & Wellness, Protective & Adhesive Solutions, Industrial Solutions, and Packaging & Specialty Paper.

If you remember, Chatham also sent multiple letters to RR Donnelly.

About 190 employees will lose their jobs, but the company said those employees will be able to apply for other jobs in the company. That includes more than 100 new jobs that will be created with a $500 million expansion of the Broadway Mill in Green Bay. That expansion is for production of premium paper towels.

Closure will be completed by the end of May 2022.

One of these partners, Columbia Pulp -- the only North American supplier responsible for processing wheat straw into pulp to make Mohawk Renewal Straw -- announced in February 2022 that they were ceasing operations. We have exhausted every avenue in Columbia Pulp's absence, but without a supplier, we cannot continue to support this industry-disrupting product and will have to discontinue Straw from the Mohawk Renewal portfolio effective immediately.

PotlatchDeltic will recognize a pre-tax noncash pension settlement charge in the first quarter of 2022.

Recent research and development announcements in the pulp and paper industry

Ahlstrom-Munksjö has published its Sustainability Report 2021 on the company's website http://www.ahlstrom-munksjo.com.

Borregaard has entered into a ten-year sustainability-linked loan agreement with the Nordic Investment Bank (NIB). The USD 50 million loan will contribute to financing Borregaard's investments to reduce CO2 emissions and water effluents.

For more than 20 years, Domtar has put sustainability at the heart of everything we do. Our newest sustainability report details our sustainability priorities for the years ahead. We have developed these sustainability priorities through the leadership of our cross-company Environmental, Social and Governance Committee and with input from a wide variety of stakeholders.

Ducks Unlimited Canada (DUC) and Weyerhaeuser Company announced the signing of a memorandum of understanding (MOU), spanning five years and including $250,000 in new funding commitments. The new MOU will provide the framework for both organizations to work together to demonstrate a long-term commitment to support wetland and waterfowl stewardship throughout Weyerhaeuser's Canadian operating areas located in the temperate and boreal forest regions of Alberta, British Columbia, Ontario and Saskatchewan.

Huhtamaki's site in Alf, Germany is switching its focus from plastics to smooth molded fiber (SMF) products to meet the growing demand for plastic free alternatives for food packaging. In 2022, the unit plans to replace more than 2,000 tonnes of plastic with fiber. Huhtamaki's state-of-the-art automated manufacturing site will have the capacity to manufacture up to 3.5 billion fiber products annually. This represents the first such large scale production capability in Europe.

PEFC is the largest forest certification system in the world, with more than 330 million hectares of certified forests. An international nonprofit, nongovernmental organization, PEFC is dedicated to promoting sustainable forest management through independent third-party certification.

More than $150 million worth of environmental upgrades were announced by Irving Pulp & Paper, Limited. The proposed upgrades include a new environmental treatment facility, as well as a cooling water heat exchanger and pumphouse closer to the mill.

Neenah, Inc., a leading global manufacturer of specialty materials focused on filtration, specialty coatings, engineered materials, and imaging and packaging released an update to its 2021 Environmental, Social, and Governance (ESG) report which highlights the ways in which Neenah is enabling sustainable practices that prioritize the safety and well-being of employees, our communities and environment.

The province delivered the terms of reference to Northern Pulp for the environmental assessment of its proposed $350 million new effluent treatment plant and mill transformation.

Rayonier Advanced Materials Inc., a pioneer in the production of fluff pulp, announced that it qualifies as an "Inspected Raw Material" by Nordic Swan Ecolabelling. The Nordic Swan Ecolabel sets strict environmental requirements in all phases of manufacturing, including requirements for eco-friendly chemicals used in ecolabeled products. The status will appear on products made with RYAM's fluff pulp and indicates to consumers and commercial buyers that the product is sustainably produced and environmentally friendly.

WestRock Company , a leading provider of differentiated paper and packaging solutions, announced Alpa Sutaria has joined the Company as senior vice president, Strategy and Sustainability.

In February, company employees said the mill was expected to shut down by the end of August.

Wahlroos has announced that the commencing term will be his last as the Chairman.

It is anticipated that the reduced operating schedules will impact production capacity by a minimum of 100 million board feet.

Canfor Pulp Products Inc. is announcing a minimum six-week extension of the curtailment of BCTMP production at Taylor Pulp due to the ongoing transportation shortages that have resulted in continued high finished product inventories at the pulp mill.

A 44-year-old maintenance worker died when a machine he was working on re-engaged Friday, March 18, at Pactiv Evergreen/Evergreen Packaging in Pine Bluff, Arkansas, said officials at the Jefferson County sheriff's office.

A fire shortly after midnight on Wednesday, March 16, occurred at the Pixelle Speciality Solutions paper mill in Chillicothe in the area where wood chips are kept, according to officials.

Kimberly-Clark Corp. said that Chief Financial Officer Maria Henry will retire from the company. She joined in 2015 and will stay on in an advisory capacity until September 1.

Employees at the Longview paper mill NORPAC narrowly voted against unionizing last month in the staff's first effort to organize.

Norwegian pulp-and-paper company Norske Skog ASA said that its Bruck paper mill in Austria will gradually resume production Monday, March 21, following its March 9 decision to introduce temporary downtime as unprecedented energy prices made operations unsustainable.

Union workers took to the streets last month in demonstrations, to fight for a new contract.

This was the mill's second blaze in as many months, although it was not as severe as the Jan. 22 fire that wrought $500,000 in damage, according to the East Jefferson Fire Rescue report.

Conciliator Leo Suomaa has submitted a proposal for a settlement in the collective labour agreement negotiations between UPM Pulp and the Paperworkers' Union. The conciliator has asked the parties to state their position on the proposal by 14 April 2022 at 10:00 EET.

Close to 200 Unifor delegates kicked off bargaining preparations for the pattern agreement in the pulp and paper industry in Eastern Canada by selecting Resolute Forestry Products as the target company. Members at the Pulp and Paper Wage Policy Conference, held in Montreal on March 23 and 24, 2022, worked together to build a list of demands and choose the target employer.

Ontario's Labour Ministry confirmed the incident and is now investigating.