Restructurings

Montana governor Greg Gianforte and the Montana Department of Labor & Industry (DLI) announced the state secured a nearly $2 million investment to provide workforce retraining and support services for workers impacted by the closures of Pyramid Lumber in Seeley Lake and Roseburg Forest Products in Missoula.

The plan is for DuPont to turn its electronics and water businesses into their own companies in a transaction that is tax-free to shareholders. The new companies are unnamed as of now.

Huhtamaki has decided to consolidate its three Flexible Packaging manufacturing sites in the United Arab Emirates, keeping one factory in Jebel Ali and expanding the one in Ras Al Khaimah. The transition will gradually take place during the second half of 2024.

UPM Communication Papers plans to permanently close its Hürth newsprint mill and to shut down one fine paper machine at Nordland Papier (PM 3) in Dörpen, both assets located in Germany.

Ahlstrom is simplifying its divisions from five to three: Filtration and Life Sciences, Food and Consumer Packaging, and Protective Materials.

The decision affects 93 employees.

Canfor Corp. is closing its Jackson mill in southern Alabama at the end of June as part of a restructuring of its operations in the state.

Enviva Inc., a leading producer of sustainably sourced wood-based biomass, announced that the U.S. Bankruptcy Court for the Eastern District of Virginia (the "Court") approved, among other matters, its previously announced $500 million debtor-in-possession financing.

Enviva Inc., a producer of wood-based biomass, disclosed the execution of two Restructuring Support Agreements (RSAs) with its creditors, aiming to reduce its debt by approximately $1 billion.

Huhtamaki is planning to consolidate the production footprint in China in the Fiber Foodservice Europe-Asia-Oceania segment and will close its production sites in Tianjin and Shanghai by the end of Q2 2024.

Amcor, a global leader in consumer packaging, has announced a major restructuring plan in response to a significant drop in consumer demand. The company has slashed 2,000 jobs, which equates to 5% of its worldwide workforce, and is in the throes of shutting down nearly 10 factories across the globe.

GreenFirst Forest Products Inc. is pleased to announce that it has successfully completed the previously announced decentralization of its lumber mill and paper mill operations.

Mativ is putting in place a restructuring plan to reduce costs by $40 million by the end of 2026 as it reorganizes its business structure and lays off senior employees.

To maintain its strong position and develop an even more competitive industrial structure over time, Södra Wood is consolidating its sawn timber operations. The aim is to achieve economies of scale by relocating production volumes to Södra Wood's larger production units.

Boise Cascade announced an indefinite curtailment of its lumber production in Chapman, AL. The curtailment will affect approximately 80 positions. The plywood operations at the Chapman location are not part of the curtailment.

The actual demolition will start in early 2024 and the project will run until 2025.

Targeting $1 billion of select asset sales over the next 18 months.

The K3 machine is one of three CRB machines at the Kalamazoo facility and is the company's longest-running machine. K3 ceased operation on July 1 and this announcement reflects the decision to permanently shut down the 125,000-tons per annum machine.

Sappi Europe completed a consultation process on the closure of Stockstadt mill in Germany and agreed on the social plan for the employees. In addition, an agreement has been signed for the sale of the site. The closure of the site should be completed during the first calendar quarter of 2024. Once all closure elements are taken into account, the impact is expected to be cash neutral.

Billerud is introducing a new organization whereby the company harmonizes and operates its business in two distinct geographical regions - Europe and North America. Billerud further appoints Andrei Krés as acting CFO, effective immediately.

These actions would reduce the number of employees by approximately 1,150. The parts of the change negotiations completed so far, will result in a reduction of 710 employees.

The Paper Excellence Group (Paper Excellence) announced its updated organizational structure for its business units following the recent acquisitions of Resolute Forest Products in March 2023 and Domtar in November 2021.

The paper mill currently owned by Billerud Wisconsin has been idle since Verso shut down operations in 2020, although converting operations have continued on-site.

The Rock Hill facility manufactures recycled paperboard tubes. The location was one of 80-plus Caraustar facilities Greif acquired in the U.S. in a $1.8 billion deal in 2019.

Lecta announced a project to cease the activity on PM4 at its​ Condat mill in France which produces coated woodfree paper (CWF) due to the strong decline in the graphic paper market. A reorganisation project was announced to the employee representatives on which they will be consulted.