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The PM40 closed Friday, 12 December 2025, at 5284.

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 12 December 2025 down 10.1% from the 13 December 2024 level.

In this issue of Disconnected Comparisons, we evaluate Nine Dragons and Boise Cascade.

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

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 Luigi Lazzareschi, who was inducted into the Hall of Fame in 2018.

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Valmet introduces the renewed Valmet IQ Web Monitoring System (WMS), designed to elevate quality and efficiency in pulp, paper, tissue, as well as paper and board converting industries.

The installation features the highest line load ever installed for paper production in South Korea.

Sofidel has completed a major rebuild of its PM1 tissue machine at the Roanne mill in France, a project designed to improve production efficiency and reduce the plant's environmental footprint, according to Toscotec.

The recently commissioned systems include a lamella evaporation plant, an ARC chloride removal system, and a recovery boiler engineered for maximized electricity production.

The negotiations involved more than 950 employees across all staff groups in Finland, primarily located in Jyväskylä, Tikkurila in Vantaa, and Raisio. Valmet employs about 19,000 people worldwide, including approximately 6,000 in Finland.

German machine manufacturer Voith said it plans to cut up to 2,500 jobs, representing about 10% of its workforce, as part of a strategic review of its organizational structure and staffing levels.

Building on Strong Legacies highlights progress, transparency, and commitment to responsible growth

Georgia-Pacific has announced two significant educational investments aimed at strengthening the pipeline of future industry professionals.

Greif has been included on the list every year since its inception, underscoring the company's long-standing commitment to environmental stewardship, social responsibility, and strong corporate governance.

Magnera, a leading supplier of advanced material solutions, today announced the launch of its next-generation solution for nonwoven textiles. Magnera's proprietary innovation delivers fluid repellency needed by healthcare professionals and other industries without the use of per- and polyfluoroalkyl substances (PFAS).

The offering replaces the Polish bicycle manufacturer's previous cycle packaging, which relied on plastic materials.

National Gypsum has donated $1 million to be shared across 40 schools and nonprofits in the United States and Canada as part of its annual NGC Giving program. Now in its fifth year, the initiative supports organizations that provide science, technology, engineering, and math (STEM) learning opportunities in the communities where our associates live and work.

The award signifies that SCA ranks among the global top performers in terms of transparency, strategic sustainability work, and concrete actions in these areas. In this year's CDP evaluation, SCA is placed on the A-List in the Climate and Forests categories.

UPM introduces UPM Circular Renewable BlackTM, a groundbreaking innovation that redefines the role of black as a color in sustainable packaging.

As the newest addition to Veritiv's TempSafe® portfolio of curbside-recyclable shippers, which spans multiple sizes and use cases across parcel and bulk shipments, TempSafe® PalletShield™ brings scalable sustainability and validated thermal performance to today's most demanding temperature-controlled distribution channels.

Split-adjusted shares expected to begin trading on January 15, 2026; Second quarter fiscal 2026 per share metrics to be reported on a split-adjusted basis

Embarks on transformational, portfolio-wide strategy to catalyze growth, further strengthen competitive position and maximize cash generation capabilities.

The transaction would create a more efficient, adaptable and sustainable graphic paper business. It would create a structurally competitive cost base and supply security for the European and global customers.

The closing of the transaction is targeted for mid-2026.

World's largest pulp producer partners with ISN® to improve safety, sustainability, and compliance standards.

Breakthrough gasification pilot project proves recyclability of diaper waste and other absorbent hygiene products.

Partnership will expand manufacturing platform to convert wood fiber into biocarbon products, accelerating scale supply to global metals producers.

The $7,000 fine was documented in October 2025, though state regulators said the mill later demonstrated compliance with an air pollutant limit.

The rebuild at the Gruvön mill is scheduled for April 2026.

U.S. Agriculture Secretary Brooke Rollins and Georgia Agriculture Commissioner Tyler Harper say the new Warner Robins facility strengthens local jobs and provides vital support for farmers.

Rengo Co., Ltd. has announced the start of operations at a new heavy-duty corrugated packaging plant for its subsidiary TRICOR Packaging & Logistics AG in Goch, Germany.

Atlas Holdings ("Atlas") completed the previously announced acquisition of The ODP Corporation ("ODP" or the "Company"), a leading provider of products, services and technology solutions to businesses and consumers, in an all-cash transaction valued at approximately $1 billion.

Canfor Corp currently owns approximately 54.8% of the issued and outstanding Canfor Pulp Shares.

ProAmpac, a global innovator in flexible packaging and material science, announced that it has signed a definitive agreement to acquire TC Transcontinental Packaging ("TCP") from TC Transcontinental for US$1.51 billion (approximately CAD$2.1 billion), subject to customary adjustments for debt and debt-like items, cash, and net working capital.

Domtar pulp mill in Crofton to close, leading to 350 job losses.

Boise Cascade Company announced that Nate Jorgensen, Chief Executive Officer, plans to retire effective March 2, 2026. The board of directors has unanimously appointed Jeff Strom, Chief Operating Officer, to succeed Jorgensen effective March 3, 2026. Jorgensen will continue to serve as a director on the Company's board after his retirement. The Company does not plan to backfill the chief operating officer role after the transition.

CEO of Lenzing AG Rohit Aggarwal resigns due to personal reasons, effective 31 January 2026. Following Mr. Aggarwal's departure, Lenzing AG will be led by a three-member Managing Board. The process to appoint a new Chief Executive Officer has been initiated by the Supervisory Board and an appointment will be announced at the appropriate time.

Robbert Rietbroek Appointed President and CEO, Effective January 1, 2026; Michael P. Doss to Step Down as President and CEO, Effective December 31, 2025

Interfor announced that it has made several leadership changes. Mike Mackay has been appointed Executive Vice President & Chief Financial Officer, effective December 8, 2025. Mr. Mackay, who joined Interfor in 2015, has held several leadership roles in the Company's finance organization, most recently serving as Vice President, Corporate Development & Treasury. Mr. Mackay will succeed Rick Pozzebon, who will be leaving Interfor to pursue other opportunities.

Packaging Corporation of America announced that it will permanently shut down the No. 2 paper machine (W2) and kraft pulping facilities at its Wallula, WA containerboard mill. PCA will continue to operate the No. 3 paper machine (W3) and recycled pulping facilities at the mill.

Rayonier Advanced Materials Inc., a global leader of cellulose-based technologies, announced that President and Chief Executive Officer De Lyle W. Bloomquist has informed the Board of Directors of his intention to retire by the time of the Company's 2026 Annual Meeting of Stockholders, expected in May 2026. Mr. Bloomquist also confirmed he will not stand for re-election to the Company's Board of Directors. To ensure continuity and a smooth transition, Bloomquist will remain in his role as CEO until a successor is appointed.

Effective January 1, 2026, Essity's business areas will be as follows: Health & Medical, Personal Care, Consumer Tissue and Professional Hygiene. The new business areas reflect the organizational change being made to accelerate the company's growth rate and more rapidly achieve its financial targets.

In Finland, the process ended earlier, reducing 150 positions, as the company reported in November 2025. Negotiations in other countries have now concluded, resulting in 160 additional reductions. Altogether, the company will reduce 310 positions through the process.

Roseburg Forest Products announced that it has ceased operations at its Weed, Calif., veneer plant as of Dec. 3, 2025. The company is consolidating veneer production at its Oregon mills, where it has installed new, highly efficient veneer equipment. The move strengthens Roseburg's long-term competitiveness in engineered wood and softwood plywood markets.

UPM is a material solutions company with world-class businesses in growth markets. With the intended graphic paper Joint Venture between UPM and Sappi announced today, UPM aims to position the communication paper business for continued value creation for its customers in a way that benefits UPM shareholders. Assuming the Joint Venture is formed, UPM would achieve a stronger growth profile, improved margins and leverage, with no direct sales exposure to the declining European and North American graphic paper markets.

This year, Metsä Group has burned 90 retention tree groups and carried out controlled burning on ten sites. New forest fire habitats were thus created for a total of 100 sites all over Finland. With these measures, Metsä Group promotes the living conditions of species dependent on forest fire sites with the aim of improving the state of forest nature in line with the principles of regenerative forestry.

Metsä Group has developed a new digital service for its owner-members, a nature value map, which makes it possible to consider biodiversity more accurately in forest management.

Multiple end-of-life scenarios were assessed, including regional recycling and full incineration.

This initiative brings together science and stakeholder collaboration to drive solutions to biodiversity challenges at scale.

The curtailments will begin on December 15th and is expected to reduce production by 13 million board feet.

Domtar Wood Products announced a curtailment in its lumber production. Due to challenging market conditions and ongoing economic uncertainty, Domtar will temporarily reduce its lumber production by 100 million board feet for the fourth quarter of 2025, including additional curtailments for the holiday season, at its facilities in Quebec, Ontario, and the United States.

The closure will affect 30 employees.

James Lomax assumes the role of Managing Director for the UK and Ireland Packaging Division at DS Smith. He succeeds Paul Clarke and moves from his current position as Director of Supply Chain and Operations for the company's EMEA Packaging Division.

A fire has been reported at Georgia-Pacific in Hosford early Wednesday, Dec 3.

Cascades inc. announced that Emmanuelle Migneault, currently Vice-President, Excellence, has been appointed Chief Human Resources Officer. She will assume her new duties as of January 5, 2026. She will succeed Maryse Fernet, who will be leaving on her well-deserved retirement in February 2026, after more than 38 years with Cascades--including 18 as the helm of Human Resources.

After hours of fighting the flames, crews were successful in putting out the fire, and no injuries were reported.

3 apparatus, 1 command vehicle and 25 firefighters responded and were there approximately 6 hours with an additional hour of cleanup afterwards.

Ilham Smaali has been with Essity since 2023, most recently in the position as Vice President Global Planning & Logistics.

Metsä Fibre may temporarily lay off all personnel at its Lappeenranta, Rauma, Renko and Vilppula sawmills in Finland for up to 90 days between January and June 2026.

Metsä Group will restart its Joutseno pulp mill on 8 December 2025, ending a production shutdown that began in June. Concurrently, the company will initiate an approximately one-month production curtailment at its Rauma pulp mill, starting 15 December 2025, with a gradual restart scheduled from 7 January 2026. The adjustments are a response to current market demand for long-fibre softwood pulp.

The fire was extinguished roughly 15 minutes after the fire department arrived. Firefighters confirmed there were no injuries, and the fire did not extend into the interior of the building.

Tolko Industries Ltd. in Williams Lake has issued temporary layoffs to 35 employees while repairs take place at the Lakeview mill facility.

The change will impact 79 employees.

West Fraser Timber Co. Ltd. announced that it will indefinitely curtail its oriented strand board (OSB) mill in High Level, Alberta in the spring of 2026 following an orderly wind-down and consumption of the mill's existing log supply.