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The PM40 closed Friday, 29 July 2022, at 5281.

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

In this issue of Disconnected Comparisons, we evaluate Boise Cascade and Graphic Packaging.

The PM40 closed 29 July 2022 up 13% from the 30 July 2021 level.

Reported insider trading since the last issue of PaperMoney.

I think it was Ronald Reagan who said, "A recession is when your neighbor loses their job, a depression is when you do." The powers that be tell us the United States is in a recession now--two quarters of declining GDP growth.

First impressions are very important.

ABB has been appointed by Arauco, a manufacturer of forest products, to provide remote supervision in five of its pulp mills in Chile to ensure greater reliability and monitoring across all processes.

ABB has been appointed by Klabin, Brazil's largest producer and exporter of packaging paper and sustainable solutions for paper packaging, to deliver the management and power distribution system (PDS) for their Puma II Project, which will support their production target of 920,000 tons per year.

Swedish specialty pulp mill Aspa Bruk has placed an order for SPM's most advanced online system Intellinova Parallel EN to monitor the mechanical and lubrication condition of the mill's pulp dryer and wood chipper.

ANDRITZ has received an order from Sichuan Huaqiao Fenghuang Paper Co. Ltd. to supply a patented combi-pulping system for its mill in Guanghan, Deyang City, Sichuan Province, China.

Start-up is scheduled for the third or fourth quarter of 2022.

Ms. Katri Hokkanen (M.Sc. Econ) has been appointed CFO at Valmet as of August 1, 2022. She will report to President and CEO Pasi Laine. Katri Hokkanen has worked as Valmet's interim CFO since May 1, 2022.

Kastamonu Entegre placed an order with Siempelkamp for a new particleboard plant for its location in Kastamonu City, Turkey.

Valmet's delivery includes replacing an existing baling line with a new one.

The CelluStraw™ technology is part of the Ahlstrom-Munksjö ambition to phase out and replace plastic with sustainable, fiber-based solutions. Through its campaign, "from Plastic to Purpose," Ahlstrom-Munksjö is leading the way toward a more sustainable future.

Once at a population of 250, the herd's numbers have dropped by more than half and are now less than 120 animals.

ClipCombo(TM) combines multiple packaging solutions over a modular machinery system, an innovation that will be eagerly welcomed by the world's leading beverage manufacturers, as the market increasingly leans towards optimized, fiber-based packaging solutions.

The specially designed formula contains biodegradable active ingredients that are 65% derived from plant sources and has been optimized to deliver top cleaning performance in cold and short cycles.

Kimberly-Clark announced that it was once again named one of the World's Most Ethical Companies by Ethisphere for the fourth consecutive year. This recognition honors the company's exceptional leadership and commitment to business integrity through best-in-class ethics, compliance and governance practices.

After five decades as an innovative force in the building materials industry, LP is marking this milestone with a series of initiatives to recognize the people that have enabled the company to grow and thrive.

Nordic Paper is world leading within natural greaseproof papers used in different food applications, for example as baking papers, for baking cups or for food containers.

Waddington™ North America (WNA), a Novolex® brand, announced that it is introducing a new stand for Cutlerease®, a patented dispenser that offers customers one disposable utensil at a time.

This year, Sofidel celebrates its 10-year anniversary in the U.S. The company has achieved significant growth in the U.S. by offering unique sustainable paper products to both business-to-business (B2B) customers and consumers.

Europe's largest paper packaging producer, Smurfit Kappa, expects a shortage of paper on the continent if gas rationing impacts production in the coming months, its chief executive said.

Heinzel Holding GmbH and Paracel S.A. jointly announce that Heinzel has entered into an investment agreement to become the strategic equity investor in Paracel, an afforestation and pulp mill project in Paraguay, South America.

Stora Enso and Northvolt are joining forces to create sustainable batteries using lignin-based hard carbon produced with renewable wood from the Nordic forests. The aim is to develop the world's first industrialised battery featuring anode sourced entirely from European raw materials, lowering both the carbon footprint and the cost.

Evergreen Packaging is asking a jury to award more than $16,000,000 in damages.

A group of community members has filed a citizen suit against New-Indy Containerboard paper mill for Clean Air Act violations.

The pause on legal wrangling between the Nova Scotia government and Northern Pulp is being extended, but it's unclear for how long.

Canada's Paper Excellence said it had been authorized by a Brazilian court to conclude the acquisition of outstanding shares of Brazilian pulpmaker Eldorado Brasil Celulose, a statement immediately challenged by Eldorado's majority owner.

The new unit, called Figueroa, will be built in the city of Piracicaba and will have an annual production capacity of 240,000 tons of corrugated boxes, Klabin said in a securities filing.

Startup of the facility is anticipated in the third quarter of 2024.

CellMark has partnered with the company Total Fiber Recovery (TFR) to construct an $80 million recycled pulp production facility in the city of Chesapeake, Virginia.

Construction on the plant is projected to begin in 2023.

The complex will include a new paper machine using through-air-dried technology, as well as associated converting equipment, buildings and infrastructure.

Mondi, a global leader in packaging and paper, is investing nearly €65 million in three Consumer Flexibles packaging plants in Europe in order to meet growing customer demand for sustainable pet food packaging solutions.

Antalis has signed a binding offer to acquire the Cohal Group (Autoadhesivos Cohal, S.A. and Garalmi, S.A.), a leading supplier in the Spanish self‐adhesive labels and packaging products distribution market.

Boise Cascade Company announced that it has completed the previously announced acquisition of Coastal Plywood Company and its manufacturing operations in Havana, Florida, and Chapman, Alabama.

The Dynos Group has acquired the major assets of the US manufacturer Cheney Pulp and Paper, an important player for the processing of plant fibres on the international market.

The aggregate purchase price is €270 million (approx. $275.4 million), inclusive of forecasted net working capital of approximately €43 million (approx. $43.9 million).

Impressions, based in St. Paul, MN and founded in 1967 by Mark Jorgensen, Sr., is a market leader in the design, engineering and production of high-end paperboard packaging and commercial printing products for a variety of end markets.

Tetra Pak will be exiting its remaining operations in Russia. This is due to the cumulative impact of the restrictions on exports to Russia leading to an unsustainable supply chain, as a result of which the company is left with no other option than to exit the country.

West Fraser Timber Co. Ltd. says it has not received any takeover offer after a report that Kronospan, an existing shareholder, and CVC Capital Partners were interested in making a bid for the company.

Calvert has manufacturing facilities in Washougal, Washington and Vancouver, Washington with a combined annual glulam capacity of approximately 35 million board feet on a two shift basis.

WestRock Company announced that it has entered into an agreement to acquire the remaining interest in Grupo Gondi for $970 million, plus the assumption of debt, representing an estimated implied enterprise value of $1.763 billion.

A release from the company stated, "The upgrades include a new corrugator and two new converting lines, as well as upgrades to the shipping department, which will help the plant operate more efficiently. Newer converting equipment will give the plant improved throughput and print capability to better meet customer needs."

GP Cellulose is investing about $80 million to add fluff capacity at its GP Cellulose Alabama River mill near Monroeville, Alabama. The project is being implemented in phases and when complete in late 2023, will increase the mill's ability to produce fluff pulp.

Western Forest Products Inc. announced that it has appointed Steven Hofer as its President and CEO and a member of the Company's Board of Directors ("Board"), effective September 7, 2022. Mr. Hofer succeeds Don Demens, who will remain at Western in an advisory capacity until March 31, 2023 to ensure a seamless transition. Mr. Demens will step down from the Board effective September 7, 2022.

Resolute Forest Products Inc. announces the ratification of a four-year labor agreement with the Unifor union covering 1,000 employees working in eight of the company's Quebec sawmills, following an agreement-in-principle reached on July 15.

Plantable seed paper

DS Smith announced that it has designed out over 313 million pieces of problem plastics in the last two years alone as part of its ambitious plastic replacement program. Knowing that the circular life of a piece of packaging relies on the consumer taking the correct action to recycle, DS Smith has also educated over 2.8 million people in the importance of the circular economy.

Kimberly-Clark Corporation published its annual report on sustainability, including an update on the company's progress toward its 2030 sustainability strategy and goals, aimed at addressing the social and environmental challenges of the next decade with goals to improve the lives and well-being of 1 billion people in underserved communities around the world and reducing its environmental footprint.

Mercer International Inc. -- a global forest and bio-products company announced the release of its first sustainability report. The Mercer "Fit for Future" 2021 Sustainability Report reaffirms the Company's commitment to team members, communities, the environment and biodiversity, safety, and shareholders.

Novolex® released its fourth annual sustainability report today, detailing progress towards its greenhouse gas reduction target and other environmental, social and governance (ESG) commitments.

By switching to renewable energy using this biomass boiler, a reduction of approximately 90,000 tons of CO2 emissions is expected each year.

Resolute Forest Products is once again turning heads to the Thunder Bay pulp and paper plant after their thermal energy project was awarded the 2022 Environment + Energy Leader Award.

Sappi is pleased to announce that the science-based carbon emission reduction target of 41.5% per ton of product has been approved by the Science Based Targets initiative (SBTi). The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).

Association of Western Pulp & Paper Workers (AWPPW) workers went on strike at 12:30 a.m. Sunday on July 17th, 2022, over unfair labor practices (ULPs) at Graphics Packaging International in Portland, Oregon. AWPPW Local 78 members have overwhelmingly authorized a strike in response to the company's pattern of allegedly violating federal labor laws.

According to the Amherst Chamber of Commerce website, the address is for Greif Packaging Services, LLC - Riverville Mill.

The Thomasville Fire Department received a fire call to the Louisiana-Pacific mill in the North Clarke Industrial Park shortly before 4 o'clock Sunday morning, July 24. Also responding were Fulton and Grove Hill departments.

Rengo Co., Ltd. has established a new plant to increase production of "Viscopearl," a spherical cellulose microbead manufactured from wood pulp, and will commence full-scale operation in July.

Congratulations to the team at Roseburg's El Dorado MDF plant in Arkansas, which recently achieved a full year injury-free.

WestRock Company announced that Dmitri L. Stockton, retired chairman, president and chief executive officer of GE Asset Management, has been elected to the Company's board of directors.