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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.

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 the late Chester Floyd Carlson, who was inducted into the Hall of Fame in 2011.

Will your employer be expanding this year?

AFT (Aikawa Fiber Technologies) is proud to announce the successful installation and start-up of a MaxEdge150™ refiner with AFTLinx™ diagnostic service on PM5 at Essity's Mannheim mill in Germany building on a successful previous delivery. This marks AFT's first refining project with Essity, reinforcing a trusted partnership. The new system supports Essity's goal of improving tissue quality at its largest mill in Europe and a key hub for hygiene brands like Zewa and Tempo.

Dong Tien-Long An Paper JSC has successfully started up a recycled fiber line at its board production mill in Tay Ninh Province, Vietnam.

Soucy has been a key member of Kadant Johnson's leadership team since 2016, when he assumed responsibility for the systems engineering group.

Metso has acquired MRA Automation (Multiskilled Resources Australia Pty Ltd), a privately owned engineering company based in Newcastle, NSW, Australia. MRA Automation specializes in providing engineering, automation, and software solutions for bulk material handling operators.

ABB's L&W Fiber & Freeness Online integrated into Sappi's papermaking process for greater productivity, energy and resource efficiency.

Valmet will supply three IntelliTissue 1600 tissue machines to Yusen Group for its mills in Tai'an, Liaoning Province, and Chongxin, Gansu Province, China.

Valmet continues to lead the way towards circularity by introducing Bioneer press roll covers. The new innovative press roll covers are manufactured by applying recycled, renewable and bio-based raw materials, thereby enabling Valmet and its customers to reduce reliance on fossil resources.

Ahlstrom, a global leader in fiber-based specialty materials, introduces Acti-V® RRF Natural, the next evolution of the sustainable Acti-V® Industrial RF Natural release liner for double-sided Pressure Sensitive Adhesive (PSA) tapes.

Amcor, a global leader in developing and producing responsible packaging solutions, is proud to participate in a groundbreaking city-scale packaging reuse project launching in Ottawa, Canada.

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

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

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.

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.

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

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

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.

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.

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.

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

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

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.

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 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.

Sun Chemical Packaging and Graphics will implement a price increase across its portfolio of nitrocellulose‑containing products in Latin America, driven by sustained and significant increases in nitrocellulose costs. The adjustments take effect immediately, or as stipulated in existing customer agreements, with the level of increase varying by product type and nitrocellulose content.

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.

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

U.S. containerboard production decreased by 4% for the full year 2025 compared to 2024, according to the American Forest & Paper Association. The operating rate for the sector remained stable, ending the year above 91%, the industry organization reported.

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.

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.

Smurfit Westrock, a global leader in sustainable paper and packaging, is collaborating with global environmental consultancy SLR and energy system optimization specialists RIZM to define detailed, site-specific transition plans across numerous recycled paper mills across Europe. The project aims to harness site-specific solutions and initiatives to achieve Net Zero targets.

Arctic Paper S.A. disclosed that Nasdaq Stockholm's Disciplinary Committee has levied a SEK 780,000 contractual penalty after finding its late-2024 and early-2025 current reports improperly published in violation of the exchange's rulebook and the EU Market Abuse Regulation.

The incident resulted in the death of one person, a 20-year old student at the University of Maine who was participating in an internship at the facility, and injured nine other workers, two of them seriously. One of the workers remains hospitalized.

The project is a candidate for up to $10 million in funding from the Minnesota Department of Employment and Economic Development's Minnesota Forward Fund, which provides grants and loans to businesses making "large private capital investments in new and existing industries."

Metsä Group has commenced operations at its new lignin product demo plant in Äänekoski, Finland, with a nameplate capacity of 2 tons per day.

The expansion comes with significant investment into the company's southern Georgia operations and continued growth within the region. In addition to creating several new full-time jobs, it will bring increase service and support for Georgia's agriculture industry and the many customers Pratt serves in the region.

BTG Pactual Timberland Investment Group, one of the world's largest timberland investment managers, has acquired approximately 107,000 acres of sustainably managed timberlands in Central Virginia from the Weyerhaeuser Company.

Cascades Inc. announces the discontinuation of its activities in the honeycomb paperboard and partition packaging product sectors. As a result, its three plants located in York, PA, and Saint-Césaire and Berthierville, QC, will be closed.

Edgewell Personal Care Company announced that it has completed the sale of its feminine care business to Essity, a leading global health and hygiene company based in Sweden, for $340 million. Edgewell intends to use the net proceeds from the sale, after taxes and transaction costs, primarily to strengthen its balance sheet and pay down the balance of U.S. revolving credit facility while continuing to invest in the long-term growth of its core businesses.

Kimberly-Clark, which makes Scott toilet paper and Huggies diapers, said in June that it struck a $3.4 billion deal to sell most of its international tissue business to Brazil's Suzano, creating a joint venture in which it would hold a 49% interest. The companies said at the time Suzano would also have the option to purchase Kimberly-Clark's remaining ownership interest in the future.

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.

With the extensive sales and export experience of both NPI and PF in Australia and New Zealand, the newly established NF Wood Fibre joint venture is well positioned to fully leverage these combined strengths and to further expand the forestry and timber businesses of both partners.

The company intends to announce a new name and ticker symbol later in the first quarter of 2026.

Pack4 operates facilities in Lawrence, Massachusetts and Puerto Rico. The company specializes in custom protective packaging products, including foam, corrugated, tapes, bags, and stretch wrap, and serves a diverse range of industries with a focus on quality and service.

Nix serves as Chief Financial Officer of First Citizens BancShares, Inc. (Nasdaq: FCNCA), a top 20 financial institution and the largest family-controlled bank in the United States, based in Raleigh, N.C.

An online auction will be held beginning Tuesday, March 10, 2026 for assets from the Graphic Packaging East Angus, Quebec mill.

USG Corporation, North America's leading building materials manufacturer, today announced that President and Chief Executive Officer (CEO) Christopher Griffin will retire later this year after more than 30 years of service to USG. Concurrent with this news, USG's Board of Directors and owner Knauf Group, have appointed Christopher Macey--currently USG's Chief Operating Officer (COO)--as President and CEO, effective April 1, 2026.

RFP says impacted employees will receive 60 days of compensation and continued healthcare coverage. They are encouraged to apply for open positions at other RFP facilities and will receive dedicated support and resources during the transition.

Smurfit Westrock will also close the extrusion facility in Pointe-aux-Trembles, Quebec, which converts grades produced on the La Tuque machine. The closures will result in a limited workforce reduction of approximately 30 at La Tuque and approximately 60 at Pointe-aux-Trembles.

SCA delivered a total of 93.2 million seedlings in 2025. Of these, 49.2 million went to private forest owners, while the remainder were planted in SCA's own forests. Roughly every fourth seedling planted in Swedish forests comes from SCA.

Will represent over 83% of Sonoco U.S. electricity needs.

The workers at Union Gap will be offered severance packages, and some may be offered positions at other facilities. Layoffs are also planned for CA and Kentucky this year.

Angella Broesch was promoted to Senior Vice President of Human Resources. Chris Forrey was promoted to Senior Vice President of Finance & Investor Relations. Both promotions are effective February 9, 2026.

Crews successfully extinguished the flames, and no injuries were reported.

A fire broke out at the Twin Rivers Paper Company in Little Falls on Thursday, Feb. 12.

International Paper will be closing its container plant, the remaining mill in Georgetown, later this year, according to a company spokesperson.

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.

Jacksonville Fire Rescue Department crews extinguished a fire at a recycling facility west of Downtown Jacksonville that erupted Monday afternoon, Feb. 9, sending smoke into the air that was visible for miles.