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The PM40 closed Friday, 2 January 2026, at 5365.

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 2 January 2026 down 8.2% from the 3 January 2025 level.

In this issue of Disconnected Comparisons, we evaluate Clearwater Paper and Smurfit Westrock .

The Trump Administration's executive orders cut across dozens of industries. This searchable tool breaks down the orders and their impact.

I will say this about the forest products industries in 2026. I believe there are plenty of opportunities to handsomely profit in the stock market with forest products stocks in 2026. What do you need to do to do this?

ANDRITZ, which supplied the technology and developed the new biological sludge drying plant for Eldorado Brasil Celulose's pulp mill in Três Lagoas, Brazil, celebrated the plant's successful start of operations.

The start-up is scheduled for the second quarter of 2026.

The order includes an upgrade package for five Advantage ViscoNip presses to replace current shoe presses on machines designated TM 3, 9, 10, 11, and 12.

Once fully ramped up, the paper machine will produce 420,000 tons of high-quality recycled containerboard.

The August 2025 opening of the Sofidel Paper Mill in Circleville, Ohio, highlights the company's rapidly growing network of production facilities in the USA. PENETRON ADMIX, a crystalline waterproofing admixture, was specified to ensure the below-grade concrete structures are impermeable to moisture - from both the negative and positive sides.

Saudi Paper Group has started up its new PM5 tissue production line at its facility in Saudi Arabia, a turnkey project that increases its annual tissue production capacity by over 60,000 tons, according to Toscotec.

Valmet has strengthened its long-term debt structure by completing its first Schuldschein loan transaction, securing Euro 375 million.

Valmet has signed an agreement to acquire industrial valve company Severn Group for $480 million, bolstering its Process Performance Solutions segment with an estimated Euro 215 million in annual net sales.

The advanced solution is specifically designed to improve indoor air quality while significantly reducing energy consumption.

Ahlstrom, a global leader in fiber-based specialty materials, launches an enhanced water-filtration material range based on its patented Disruptor® technology. These next-generation water-filtration materials are designed to address some of the most urgent drinking-water challenges facing consumers, municipalities, and the water industry today.

In addition to climate action, Ahlstrom has received ratings for its Water security and Forests disclosures, achieving a score B for both themes.

Lecta, the Spanish producer of speciality papers for labels and flexible packaging, has launched Metalvac Ice Cream, a recyclable metallised paper developed for flexible packaging in the ice cream and frozen food segment.

Efforts underscore the company's commitment to Building a Better World™ through contributions to more than 120 nonprofits and public schools.

MM Group's exceptional ranking reflects the breadth and quality of its ESG disclosures across environmental, social and governance criteria. PwC's methodology explicitly rewards transparent, quantitative reporting, and MM achieved strong results in several areas where measurable data and clearly defined targets are required.

Metsä Group's innovation company Metsä Spring has developed a new fibre-based punnet for packaging of fresh berries, fruit and vegetables.

CDP recognises Mondi's leading practices with a prestigious 'A' score for Forests and 'A-' for both Climate change and Water security.

Stora Enso, Krekelberg Flock Products, and Flocktechniek - C&B Innovations have collaborated to transform Papira, Stora Enso's plastic-free wood foam, into a 3D structure with a soft, velvety surface using advanced flocking technology. The surface is enhanced with a cellulose-based flock fibre from Krekelberg, applied by Flocktechniek - C&B Innovations.

American Forest & Paper Association (AF&PA) President and CEO Heidi Brock released the following statement following the final passage of the EU Deforestation Regulation (EUDR) delay...

Revenues were $100.2 million for the quarter compared to $99.8 million for the same quarter last year, an increase of $0.4 million or 0.4%.

Suzano will increase pulp prices in Europe and North America by $120 per metric ton, while prices in Asia will increase by $20 per ton, according to the source.

Avery Dennison has entered a memorandum of understanding (MoU) with the Indian Institute of Packaging (IIP), an autonomous body under the Ministry of Commerce and Industry.

Mercer International Inc.'s subsidiary Mercer Peace River Pulp and Svante Technologies Inc. have started operating a carbon dioxide capture demonstration unit at the Peace River pulp mill in northern Alberta, Canada.

Newfoundland and Labrador Hydro has agreed to a short-term power purchase agreement with Corner Brook Pulp and Paper Limited to buy clean hydroelectricity. This agreement provides the Provincial Government an opportunity to review and consider Kruger's proposed approach to diversification at Corner Brook Pulp and Paper.

The strategic partnership agreement between UPM and Versowood, announced in September 2025, has received the necessary regulatory approvals and the contract has entered into force on December 31, 2025.

Unifor members at the now-shuttered Northern Pulp mill in Pictou, Nova Scotia, will see their pension fund made whole and fully wound up as the company's woodland assets secures a buyer at auction for $235 million.

Stora Enso continues to be late with its invoice payments to subcontractors, and to a greater extent than when Dagens industri made its revelation last fall.

Smurfit Westrock, a producer of sustainable paper and packaging, laid the first stone of its new production plant in Cajeme, Sonora, in which it will invest US$65 million.

Suzano, the world's largest pulp producer, has commenced operations this week at its new fluff pulp production line located in its Limeira unit in Brazil's São Paulo state. This R$490 million investment increases Suzano's total fluff pulp production capacity by more than 400%, from 100,000 to 440,000 tonnes per year.

Western Forest Products' value-added division in Chemainus will receive $7.5 million to add two new continuous dry kilns to its manufacturing operation.

$6 million expansion project will create 36 new jobs, strengthen Wisconsin's paper industry.

Boise Cascade Company announced that it has completed the previously announced acquisition of Humphrey Company, Inc., a two-step distributor of building materials located in Chicopee, Massachusetts.

Transaction is Expected to Close in Mid-2026

The acquired business operates 7 plants in central, northern and western Spain, has more than 150 employees and generates turnover of €33 million.

The planned shutdown of Crofton's pulp and paper mill was scheduled to take place Dec. 15, but Domtar's senior director of public affairs said the change will benefit employees and suppliers.

Graphic Packaging Holding Company disclosed that its Compensation and Management Committee approved a retention package for Joseph P. Yost, Executive Vice President and President, Americas. The package includes a $2 million cash retention bonus and a grant of service-based restricted stock units (RSUs) valued at $2 million.

Mativ Holdings, Inc. has announced the appointment of Scott Minder as Chief Financial Officer, effective January 1, 2026. Mr. Minder will succeed Greg Weitzel, who will remain with the Company through December 31, 2025.

Sutton, former President and Chief Executive Officer of Olin Corporation, brings more than three decades of global leadership experience in the chemicals and materials sectors, including a proven track record of operational excellence, disciplined capital allocation, and transformative value creation. During his tenure at Olin, he led the company through significant business platform upgrades, strengthened its financial position, and advanced key strategic initiatives that improved the company's competitive positioning and enhanced shareholder value.

Lennart Eberleh, CEO of pulp producer Rottneros, has resigned to take up another position outside the company. He will leave his position during the first half of 2026, according to a press release.

Eminence is also calling for GPI's board chair, Philip Martens, to resign amid alleged mismanagement of the CEO transition as well as other accusations, such as "eyebrow-raising stock sales" shortly before Doss' ouster.

The Board of Directors of Stora Enso Oyj has resolved to establish two new share-based incentive plans for the key employees of the Group and its subsidiaries. Stora Enso's goal is to offer remuneration that motivates, encourages, attracts, and retains top-tier employees. The Group carefully align remuneration elements with its strategy and long-term financial interests.

Sims previously served as chief operating officer, leading commercial and operational functions, before succeeding Jean-Michel Ribiéras, who will retire as chairman and CEO Dec. 31.

Quad announced that it has made the difficult decision to permanently close its printing facility in The Rock, Georgia, in March 2026.

The closing impacts 189 employees.

In a recent press release, Singapore Company, Flint, announced that it has begun production of lower-carbon, cellulose-based batteries.

Having partnered with Sc.wén̓wen Economic Development and Kruger Kamloops Pulp, ECF intends to install an electrolyser at the site of Kruger's Kamloops pulp mill.

As 2025 comes to an end, MM Group celebrates its ranking among CDP's "triple A" performers for mitigating Climate Change, responsible use of Forests and Water Security.

In a news release, N.B. Power announced that an agreement had been signed to purchase 200 megawatts of energy from the project.

After reviewing public comments, the North Carolina Department of Environmental Quality's Division of Air Quality (DAQ) has issued a modified Title V air quality permit to Domtar Paper Co. in Martin County.

Metsä Board, part of Metsä Group, has been recognized for its leadership in corporate transparency and performance on climate change, forests, and water security by the global environmental non-profit CDP.

Stora Enso's EUR 30 million investment to renew energy use and processes at the Heinola Fluting Mill was completed in the final quarter of 2025.

UPM, a global leader in sustainable material solutions, has achieved an important milestone in the startup of production of commercial, wood-based chemicals in its Leuna biorefinery in Germany. The refinery, which is the largest industrial-scale investment in biochemicals in Europe, has started the production and commercialization of industrial sugars.

No injuries were reported, and the cause of the fire is still under investigation.

GreenFirst Forest Products will extend its holiday production curtailment to three weeks at three of its four sawmills due to challenging softwood lumber market conditions. The Hearst, Kapuskasing, and Cochrane mills in Canada will be shut down from 22 December 2025 to 9 January 2026 to align output with weak demand.

In her new role, Casteel will oversee all HR functions, including workforce strategy, compliance with labor laws and company policies, and talent management across recruitment, retention and succession planning.

Maria Mroué has been appointed as the Vice President of Communications and Brand for Metsä Group, effective 1 March 2026. She will report to Executive Vice President for Stakeholder Engagement Tomi Salo, joining from the single-family house construction company DEN where she served as Marketing, Communications and ESG Director.

All 144 employees who were temporarily laid off in early November are expected to return by Wednesday, representing about one-third of the mill's workforce.