Recent Articles

Metsä Board has completed the acquisition of the Winschoten Sheeting and Distribution Hub in the Netherlands from Konvertia Group. The acquisition, signing of which was announced on 23 January 2026, strengthens Metsä Board's sheeting capacity and service capabilities in the European market.

Until a new Head of Business Area is appointed, President and CEO Ulf Larsson will serve as interim Head of Business Areas Containerboard and Pulp. Kalela will leave his role on 30 January 2026 and will, together with the company, ensure a robust transition process.

Will your employer be expanding this year?

Ladies and gentlemen, the first class of inductees to the Paper Industry International Hall of Fame in Appleton, Wisconsin 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 Chester Floyd Carlson, who was inducted into the Hall of Fame in 2011.

The PM40 closed Friday, 13 February 2026, at 5805.

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 13 February 2026 down 2.2% from the 14 February 2025 level.

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

Multi-Color Corporation (MCC), a global label solutions provider, filed for Chapter 11 bankruptcy. The company has entered a restructuring support agreement with its major secured lenders to sail through the proceedings.

For the full year 2025, Sylvamo generated net income of $132 million and adjusted EBITDA of $448 million, representing a 13% margin.

Interfor recorded a full-year net loss of $344 million on sales of $2,806 million, as weak lumber market conditions and higher duties and tariffs increased costs and led the company to adjust operating levels to match demand.

Södra, a Swedish forest-owner cooperative with industrial operations in pulp, wood products and building systems, reports weaker 2025 results as demand softened, currency moves were unfavorable and raw material prices rose, and the company has carried out a broad action program during the year to reduce costs and protect competitiveness.

Fourth quarter sales were $1.165 billion, compared to $1.307 billion in the third quarter of 2025. Fourth quarter earnings were $(751) million, or $(9.63) per diluted share, compared to earnings of $(204) million, or $(2.63) per diluted share in the third quarter of 2025. Fourth quarter Adjusted EBITDA was $(79) million compared to $(144) million in the third quarter of 2025.

Rayonier reported 2025 adjusted EBITDA of $248.0 million, up 7.7% from 2024, and says results reflect weaker timber markets through the year alongside stronger Real Estate contributions.

SCA will increase the price on NBSK pulp (Northern Bleached Softwood Kraft) in Europe. The new price will be 1,710 USD (+100 USD), effective for March deliveries and invoicing.

The company is pushing cost cuts, shifting its pulp mix and expanding mass timber amid expected price gains.

Pulp and paper sales reached 14.2 million tonnes, a 15% increase compared to 2024. This performance was driven primarily by the strong operational contribution of the Ribas do Rio Pardo pulp mill, which began production in July 2024, and the company's paper mills in the United States. As a result, Suzano's full‑year net revenue reached a record R$50 billion in 2025.

The world's biggest cardboard box maker reported full-year adjusted core earnings (EBITDA) for 2025 of $4.94 billion, at the lower end of a $4.9 billion to $5.1 billion range that was revised down in October due to weak North American demand.

Arctic Paper announces a price increase of 8-10% for both uncoated and coated fine papers across the European market.

Sappi Europe will implement a price increase of Euro 50 per ton on its entire Woodfree Coated sheet portfolio, effective March 16, 2026.

GAAP: Net sales of $792 million, Operating income of $14 million.

GAAP: Net sales of $792 million, Operating income of $14 million.

Finland-based Metsä Group, one of the world's leading forest industry companies, recorded sales of Euro 5.83 billion in 2025, up 1.5% from 2024, while its comparable operating result turned negative at Euro -85 million due to weak market conditions and higher fixed costs.

UPM-Kymmene reports weaker profitability in 2025 as lower sales prices and adverse currency effects outweigh higher pulp deliveries, stable energy production, and capacity reductions in communication papers.

Net sales $5,449 million, up 68% driven by the Berry acquisition.

Avery Dennison Corporation announced preliminary, unaudited results for its fourth quarter and full year ended December 31, 2025. Non-GAAP financial measures referenced in this release are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.