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The PM40 closed Friday, 16 August 2024, at 5594.

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 16 August 2024 up 10.5% from the 18 August 2023 level.

In this issue of Disconnected Comparisons, we evaluate Boise Cascade and Clearwater Paper.

Reported insider trading since the last issue of PaperMoney.

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 Eduard Küsters, who was inducted into the Hall of Fame in 1996.

I always say never bet against aluminum cans or toilet paper.

Vanessa Hellwing has been appointed to the ANDRITZ AG Executive Board as of January 1, 2025. She will succeed Norbert Nettesheim as Chief Financial Officer (CFO) on March 28, 2025.

When fully operational, it will be the world's largest single-line eucalyptus pulp mill with an annual production capacity of 2.55 million tons.

ANDRITZ has provided key equipment for a new hardwood Neutral Sulfite Semi-Chemical (NSSC) production line and for a woodyard upgrade to packaging and paper producer Mondi at its containerboard mill in Kuopio, Finland.

Procemex, a new Andritz Group member has received an order from the Swedish paper mill SCA Obbola to supply OnePlatform Web Monitoring & Inspection System for their PM2, the world's largest high quality kraftliner machine.

Spinnova Plc and Valmet have signed a Partnership Agreement. According to the agreement, Spinnova has appointed Valmet as the exclusive partner to supply process equipment to Spinnova's technology customers. The exclusivity is limited in time and scope and includes an exclusivity fee based on realized project deliveries. Spinnova does not expect this to have a material impact on its 2024 financials.

Vanessa Hellwing has been appointed to the ANDRITZ AG Executive Board as of January 1, 2025. She will succeed Norbert Nettesheim as Chief Financial Officer (CFO) on March 28, 2025.

The new equipment is estimated to be taken into operation by the end of 2026.

Cascades is pleased to announce that its 60th anniversary mural project at its Kingsey Falls plant is now complete. The work was conceived and painted by Sherbrooke muralist Nicolas Lareau.

Program enhancements include increased scholarship amounts and expanded enrollment capacity.

This honor marks LP's 12th win in the 16-year history of the award program, including consecutive wins in 2022 and 2023.

Sofidel, a global leading manufacturer of paper for hygienic and domestic use, is partnering with the Pennsylvania, New Jersey and Delaware Chapter of the Italian Scientists & Scholars in North America Foundation (ISSNAF) to launch the 2024 ISSNAF-PND/Sofidel AI Innovation in Marketing Award. The winner will receive a $3,000 grand prize.

Hugues Simon, who took over as president and chief executive in June, forecast third-quarter results would be stronger sequentially, driven by improved containerboard results as price increases are implemented and production efficiency levels are normalized following planned maintenance in the recent quarter as well as an unplanned extended downtime at the Bear Island and Greenpac operations.

Continued strong demand in tissue, improved demand in paperboard.

Glatfelter Corporation incurred a second-quarter 2024 earnings per share (EPS) loss of 35 cents from continuing operations, narrower than a loss of 82 cents per share in the prior-year quarter.

Interfor Corporation recorded a net loss in Q2 2024 of $75.8 million, or $1.47 per share, compared to a net loss of $72.9 million, or $1.42 per share in Q1 2024 and a net loss of $14.1 million, or $0.27 per share in Q2 2023.

Net loss was USD 0.077747 million compared to USD 1.25 million a year ago. Basic loss per share from continuing operations was USD 0.008 compared to USD 0.12 a year ago. Diluted loss per share from continuing operations was USD 0.008 compared to USD 0.12 a year ago.

The quarterly earnings were $160 million or $2.23 per share, while the company reported loss of $20 million a year ago. On an adjusted basis, earnings were $2.09 per share.

July marked the two-year anniversary of the merger of SWM and Neenah to create Mativ.

Mercer International Inc., a prominent player in the pulp and lumber industry, reported mixed results for the second quarter of 2024. The company's EBITDA saw a significant decrease to $30 million from $64 million in the previous quarter, primarily due to planned maintenance at two of its mills.

For the six months, net income was USD 3.3 million compared to USD 27.3 million a year ago.

Pulp and paper producer says underlying profitability remains steady despite the third quarter being seasonally the weakest.

Adjusted EBITDA totaled R$6.3 billion, a 60% increase on 2Q23, reflecting higher pulp prices, favorable FX rates, increased sales volume, and reduced production costs compared to the same period last year. Operating cash generation totaled R$4.5 billion, the strongest quarterly result since 1Q23, and net revenue came to R$11.5 billion, the strongest quarterly result since 4Q22.

In the second quarter, price and mix were favorable and input costs largely remained stable compared to last quarter.

ISN expands support of paper and packing companies worldwide through new partnership with global leader in ​​sustainable packaging.

The U.S. Department of Commerce announced the final determination of a combined anti-subsidy and anti-dumping duty rate of 14.54% in the fifth annual review of unfairly traded Canadian softwood lumber imports into the United States.

DS Smith has injected more than €50m ($54.2m) into its Portuguese facilities over the past three years, underscoring its commitment to sustainability and innovation.

First Quality Tissue is pleased to announce another major expansion initiative. The expansion includes a commitment to install two new state-of-the-art Thru-Air-Dried (TAD) paper machines with associated converting facilities at a new location to be announced in the near future. The company estimates the first paper machine to be operational in 2027; with the second machine coming online approximately eighteen months thereafter.

The latest Progroup corrugated sheetfeeder plant in Petersberg has been in routine production since the beginning of August. The Landau-based family company is extending its leading market position with its ultra-modern production site close to Pirmasens which will also create a combined total of 60 new jobs and training positions.

Brazilian digital agriculture Software as a Service (SaaS) business BemAgro raises US$2.6 million (R$15 million) in latest funding round led by CNH, with Suzano Ventures and ATVOS joining as strategic investors.

While the precise intentions for the acquisition remain undisclosed, Green Bay Packaging's history of developing large plants throughout the country -- including a new 600,000-square-foot facility in Fort Worth and a 370,000-square-foot facility in Ohio -- indicates a pattern of strategic expansion, and it recently announced an expansion of its Great Lakes Packaging Division in Wisconsin with 270,000 square feet of manufacturing space.

'We're not asking them to give the mill away," Unifor Local 233 president said, 'but to sell it for its market value and get out of town'.

The company that owns the mill, Willamette Falls Paper Company, says it will lay off 158 of its 223 total employees on August, 9th. Affected employees were notified on August 6th.

Ingevity Corporation announced additional steps to advance the company's strategic repositioning of its Performance Chemicals segment for sustained improved profitability. Actions include consolidating segment operations at the company's North Charleston, South Carolina, facility by moving oleo chemical refining to the North Charleston site's secondary refinery. This consolidation will include closing its Crossett, Arkansas facility in August.

Industries are increasingly adopting circularity and advanced waste treatment methods to mitigate their environmental impact. The move towards a circular economy involves systemic change and rethinking production processes to minimize waste generation, promote recycling, and extend the lifecycle of materials.

DS Smith's Recyclability Evaluation Service (RES) has launched for businesses of all sizes.

Sustainable consumer packaging company Graphic Packaging has entered into a virtual power purchase agreement with Zelestra, marking a significant step in its sustainability journey.

International Paper (IP) reaffirms its dedication to conserving forest ecosystems, nature and biodiversity with a $15.3 million investment to renew strategic alliances with key conservation partners, including the American Forest Foundation (AFF), National Fish and Wildlife Foundation (NFWF), The Nature Conservancy (TNC) and World Wildlife Fund (WWF). These collaborations are pivotal to IP's business strategy.

Lenzing receives highest CSR rating from EcoVadis for the fourth time in a row.

Metsä Group's pulp and sawmill business has once again achieved EcoVadis's highest level of recognition, the Platinum rating, for its sustainability efforts. Since 2019, Metsä Fibre has consistently been among the top one percent of pulp, paper, and cardboard manufacturers evaluated by EcoVadis. The company received particularly high marks (90 out of 100 points) for its responsible sourcing practices.

International Paper has an integrated board and executive-level governance structure to oversee and set the tone on Environment, Social and Governance (ESG) topics across our businesses. The full board periodically reviews components of our sustainability strategy and performance including material ESG developments and issues.

UPM Energy makes the second phase investment in its innovative ultracapacitor project, which will further strengthen the ability of hydropower to balance the grid. The new installation will be located next to the Kuusankoski hydropower plant and is expected to be operational by summer 2025.

The U.S. Department of Agriculture's Forest Service announces a $25 million funding opportunity to reduce wildfire risk and support local businesses. The hazardous fuels transportation assistance program aims to remove hazardous fuels from national forests, expanding market opportunities and supporting local jobs. More details can be found on the Forest Service website.

The Washington Department of Ecology issued two penalties totaling $145,000 to Weyerhaeuser for stormwater violations at the company's Longview lumber mill.

With the layoffs of almost 200 workers at the McKinley Paper mill looming in two weeks, the union representing them is still attempting to negotiate a softer landing for their members and get some clarity on when the mill might reopen.

Port Hawkesbury Paper, involved in paper manufacturing in North America, announces the hiring of Eric Huard as the Director of Specialty Sales.

Essity Southeast Regional Human Resources Manager Bryan Dyar said the warehouse was strategically built to collapse from within, crediting the design with controlling the fire in one area.

Senior Vice President Tom Plath to leave company at end of year.

Fire crews remain at the scene of a paper mill blaze more than 24 hours after they first arrived to tackle the flames.

The objective of the operation is to ensure the efficient functioning and reliability of the equipment at the unit.

The Paper Excellence Group announced that it has appointed Luc Theriault to president of its Wood Products business unit. The appointment is effective August 26, 2024.

Nippon to launch household paper business in Yatsushiro Mill, primarily targeting exports.

In a statement, Oji Fibre Solutions says its Penrose mill has suffered three years of losses caused by a number of issues including rising energy costs.

Johanna Lindén will assume the role of CFO at the wood industry company Setra on 16 September. She has extensive experience in the wood industry and most recently held the position of CFO, Strategy and IT Manager at Södra Wood.

Wilson Lumber appoints Ryan McAnally as new Marketing and Communications Manager. McAnally's digital marketing background and experience with family-owned businesses will help drive engagement, success, and retention.

A carpenters union filed a complaint with the Wisconsin Department of Justice after a lumber manufacturing company notified the state one day before it closed three plants and lay off 139 workers.