South Africa's International Trade Administration Commission has raised the import duty on newsprint from zero to 5%, after Sappi sought protection for its Ngodwana Mill against cheap imports. The tariff, which applies to newsprint in rolls or sheets, will be reviewed after three years. Canada supplied 47.2% of South Africa's newsprint imports in 2024/25, ahead of Brazil at 19.8% and Norway at 18.3%, as Sappi's domestic market share fell from 60.8% in 2021/22 to 51.1% in 2024/25.
Why this mattersThe tariff shields South Africa's only newsprint mill as digital migration and global overcapacity squeeze margins, but raises input costs for printers and publishers.
- Itac raised the import duty on newsprint, in rolls or sheets, from duty-free to 5%, reviewable after three years
- Sappi's Ngodwana Mill is the only operational newsprint facility in South Africa and the Southern African Customs Union
- Ngodwana has annual capacity above 570,000 tonnes, of which newsprint is 110,000 tonnes, about 20%
- Import volumes rose 13% a year on average in 2021-25; in 2024/25 Canada supplied 47.2%, Brazil 19.8% and Norway 18.3%
- Domestic capacity utilisation fell from 68.5% in 2021/22 to 46.1% in 2024/25; market share fell from 60.8% to 51.1%
- Ngodwana contributed USD 0.6bn (ZAR 9.9bn) to Mpumalanga's GDP in 2025 and supports 1,500 direct and 5,000 indirect jobs
The Greater Augusta Utility District has sued Sappi North America, Huhtamaki, Kimberly-Clark and two American Tissue entities in federal court, alleging PFAS discharges from their paper and packaging plants contaminated groundwater feeding its drinking-water wells. The district, which serves about 13,750 residents, says PFAS first appeared in its wells in October 2021 and exceeded Maine's drinking-water standard by November 2024. Huhtamaki is accused of discharging PFAS-containing wastewater to a sanitary treatment district in Waterville; Sappi says it complies with environmental permits and does not knowingly use PFAS materials.
Why this mattersThe suit tests whether paper and packaging producers can be held liable for PFAS reaching shared municipal water supplies, beyond contamination at their own sites.
- Defendants named: Sappi North America, Huhtamaki, Kimberly-Clark, American Tissue Mills of Maine and American Tissue Corp.
- The Greater Augusta Utility District supplies drinking water to about 13,750 residents in Maine.
- PFAS were first detected in the district's wells in October 2021; levels exceeded Maine's drinking-water standard by November 2024.
- The district took a well offline and installed treatment in response to the contamination.
- The lawsuit alleges Huhtamaki discharged PFAS-containing wastewater to the Kennebec Sanitary Treatment District in Waterville.
- Sappi says it complies with environmental regulations and does not knowingly use PFAS-containing materials.
- The utility is seeking a jury trial and recovery of past and future PFAS remediation costs
- The complaint includes claims of negligence and continuing public nuisance
- Lawsuit filed 7 October 2026, case No. 1:26-cv-00512, in the US District Court for the District of Maine
- District's Riverside wells showed PFAS at about 23.3 ppt in November 2024, above Maine's 20 ppt interim standard
- District spent about USD 2m, largely grant-funded, on an ion-exchange treatment facility operating since summer 2026
- Claims include CERCLA cost recovery, public and private nuisance, trespass and negligence, with a jury trial requested
- A November 2024 well sample showed combined PFAS concentration of 23.3 ppt, above Maine's 20 ppt limit
- Treatment equipment costing approximately USD 2m was installed after affected wells were removed from service
- A September 2026 sample showed no detectable PFAS and the supply was returned to service
- Sappi and Huhtamaki said they would defend their positions in the suit filed 7 October 2026
- The lawsuit was filed on 7 October 2026 in federal court.
- A November 2024 test found PFAS at approximately 23.3 parts per trillion in the district's water.
- The district's grant-funded filtration system, completed in 2026, cost approximately USD 2m.
- The suit invokes the federal Superfund law (CERCLA) to recover cleanup costs.
Sylvamo, Sustana, Billerud and Sappi have introduced fuel or freight surcharges, citing higher diesel and transport costs. Sylvamo charges USD 20 per short ton from 1 October 2026, Sustana USD 20 per ton from 12 October, Billerud USD 25 per ton from 1 November and Sappi USD 25 per ton on graphic paper from 6 November. Coverage, effective-date rules and review mechanisms differ by supplier.
Why this mattersFour producers adding freight surcharges within weeks passes diesel costs through to paper and board buyers outside base-price negotiations.
- Sylvamo: USD 1 per hundredweight (USD 20 per short ton) on covered shipments from 1 October 2026, with orders acknowledged before 25 September exempt.
- Sustana: USD 20 per ton on all grades and formats shipped from 12 October 2026, reviewed weekly.
- Billerud: USD 25 per ton on paper and paperboard orders with confirmed delivery dates from 1 November 2026.
- Sappi: USD 25 per ton on graphic paper deliveries from 6 November 2026, covering McCoy, Opus, Somerset, Flo, Private Label, EuroArt and Galerie grades.
- Sylvamo, Billerud and Sappi tie surcharge review to diesel-price benchmarks.
- Kruger will add a USD 1/100lb (USD 20/short ton) transport surcharge from 1 November 2026, itemised separately on invoices.
- ND Paper will apply a USD 25/short ton surcharge on its Orion, Oxford and Pennacook grades from 13 November 2026, tied to the EIA On-Highway Diesel Price remaining below USD 4.66 for four consecutive weeks.
- ND Paper's USD 25-per-short-ton surcharge applies to all basis weights, finishes and grade extensions of its Orion, Oxford and Pennacook paper from 13 November 2026, covering existing and new orders
- Removal of ND Paper's surcharge requires the EIA On-Highway Diesel Price Index to stay below USD 4.66 for four consecutive weeks
- Garda will add USD 1.25 per hundredweight (USD 25 per short ton) to coated two-side paper invoices from 9 November 2026; orders acknowledged before 16 October keep prior pricing
The European Commission says it is not convinced UPM and Sappi's planned graphic paper joint venture would bring enough cost, environmental or resilience benefits to offset the risk of higher prices, less choice and lower quality, and The Capitol Forum reports it doubts behavioural remedies will suffice as the companies discuss concessions. Gunnar Eberhardt, UPM's head of graphic papers and designated chief executive of the venture, says the project is on schedule with bank financing secured and expects a decision in early November 2026. He argues pricing power is not a risk in a market that shrank from 40 million tonnes in 2008 to 13 million tonnes in 2025, with 30% overcapacity.
Why this mattersA block would leave Europe's two largest graphic paper producers to manage a market with 30% overcapacity on their own, including any mill closure decisions.
- The Commission says it is not convinced the venture offers enough savings, environmental or resilience benefits to outweigh risks of higher prices, less choice and lower quality.
- The Capitol Forum reports the Commission doubts behavioural remedies will be enough for the EUR 1.42bn (USD 1.60bn) venture while the companies discuss concessions.
- The parties presented their case at an oral hearing on 15 September 2026; UPM expects a decision in early November 2026 and the venture to be in place in early 2027.
- Gunnar Eberhardt of UPM is designated chief executive and Stephen Blyth of Sappi chief financial officer; bank financing is secured.
- European graphic paper consumption fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with 30% overcapacity and 8 million tonnes expected in 2030.
- If cleared, about 2,500 employees and 1.2 million tonnes of German graphic paper output would move into the venture.
Sappi Europe will increase prices by 5-7 percent across its full range of Woodfree Coated papers sold in Europe, effective for new orders and deliveries from 12 October 2026. The company cited continued escalation of costs across the supply chain as the reason, and said its sales organisation will contact customers individually to discuss implementation.
Why this mattersA broad increase across Sappi's WFC range signals continued cost pressure in European graphic paper and could push through to converters and print buyers.
- Price increase of 5-7 percent applies to Sappi Europe's full Woodfree Coated paper range
- Increase takes effect for new orders and deliveries from 12 October 2026
- Sappi cites escalating supply chain costs as the driver
- Sappi Europe is headquartered in Brussels, Belgium
- Customers will be contacted individually by Sappi Europe's sales organisation
Sappi Europe will increase prices across its entire paperboard portfolio by EUR 89 per tonne, effective on new orders and deliveries from 1 November 2026. The company says the move is needed despite productivity gains and cost-cutting already implemented, citing ongoing cost pressures.
Why this mattersA portfolio-wide board increase signals persistent cost inflation for producers and will raise input costs for packaging and graphic converters.
- Price increase of EUR 89 per tonne applies across Sappi's entire paperboard portfolio.
- Effective on all new orders and deliveries from 1 November 2026.
- Sappi cites ongoing cost pressures despite productivity gains and cost-cutting measures.
- Portfolio includes Solid Bleached Board (SBB) and Solid Bleached Sulphate (SBS) grades.
- Grades serve both packaging and graphic applications.
Sappi has appointed Kirk Ross as president and chief executive of Sappi North America from 1 January 2027, succeeding Mike Haws, who retires in February 2027 after seven years in the role. Matt Archambeau becomes vice-president of manufacturing effective 1 October 2026, reporting to Ross.
Why this mattersThe succession keeps continuity at the unit leading Sappi's packaging-paper build-out in North America, including the Somerset mill conversion.
- Kirk Ross becomes president and CEO of Sappi North America effective 1 January 2027
- Mike Haws retires in February 2027 after 14 years at Sappi, including seven as North America CEO
- Matt Archambeau becomes vice-president of manufacturing effective 1 October 2026, reporting to Ross
- Ross previously led the Elevate project converting and expanding Somerset mill's PM2 machine for packaging products
- Haws oversaw integration of the Matane pulp mill and a return to record profitability in 2021-2022
- Kirk Ross is 51 years old
- Sappi shares are down 46 percent year to date, with a market capitalisation of about USD 471m (EUR 420m)
Sappi has agreed with its banking group to extend the suspension of leverage covenant testing on its international revolving credit facility and bank term debt from March 2027 to June 2027. Lenders have also set stepped-down leverage covenant levels applying from June 2027 through December 2027, and Sappi said it will keep discussing terms beyond that date. The agreement was announced via JSE SENS on 25 September 2026.
Why this mattersThe extended headroom gives Sappi more time to manage leverage without breaching bank covenants amid ongoing demand pressure in its paper business.
- Covenant testing suspension extended from March 2027 to June 2027
- New stepped-down leverage covenant levels agreed for June 2027 to December 2027
- Agreement covers Sappi's international revolving credit facility and bank term debt
- Announced via JSE SENS on 25 September 2026
- Sappi will continue discussions with lenders on covenants beyond December 2027
Sappi Europe will raise prices for its Parade Label Pro wet glue label grade by EUR 37 per tonne and its Parade Label WS wet strength label grade by EUR 97 per tonne. The increases apply to new orders and deliveries from 1 November 2026, with the company saying efficiency measures had only partly offset rising input costs.
Why this mattersHigher label paper costs add to input inflation for converters and brand owners already facing pulp and energy cost increases across the packaging chain.
- Parade Label Pro (wet glue label grade) rises EUR 37 per tonne
- Parade Label WS (wet strength label grade) rises EUR 97 per tonne
- Increases apply to orders and deliveries from 1 November 2026
- Sappi says cost-control measures had only partly offset rising input costs
- Sappi Europe's sales organisation will contact customers individually on implementation
UPM and Sappi's proposed joint venture combining their communication paper businesses, valued at EUR 1.42bn (USD 1.62bn), faces a likely European Commission prohibition, Reuters reported citing people familiar with the matter, after the companies offered no concessions and did not persuade regulators at a closed hearing. The Commission must decide by 11 November 2026; in August 2026 it issued a statement of objections saying the deal could reduce competition and raise prices in graphic paper used for magazines and books. Both companies declined to comment to Reuters.
Why this mattersA veto would remove the planned consolidation of Europe's shrinking graphic paper capacity, leaving both producers to manage overcapacity independently.
- The proposed joint venture would combine UPM and Sappi's communication paper businesses at an enterprise value of EUR 1.42bn (USD 1.62bn).
- The European Commission must rule on the deal by 11 November 2026, according to Reuters sources.
- UPM and Sappi have not offered concessions and did not persuade regulators at a closed hearing, Reuters reported.
- Difficulty finding a buyer for potential divestment assets has complicated a remedy, per the sources.
- The Commission issued a statement of objections in August 2026, citing risk of reduced competition and higher prices in graphic paper, including for magazines and books.
- The partners signed the agreement in May 2026, expect annual synergies of about EUR 100m and UPM has said it targets completion by the end of 2026.
- European graphic paper demand fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with mills running about 30% overcapacity, and is forecast to fall further to 8 million tonnes by 2030
- If approved, about 2,500 employees and 1.2 million tonnes of German graphic paper production would move into the new joint venture
- UPM says financing for the joint venture through banks is already secured
- UPM's Gunnar Eberhardt, designated CEO of the joint venture, said the companies still expect a positive Commission decision
- Oral hearing before the Commission took place on 15 September 2026, with a decision now expected in early November 2026.
- UPM says financing for the joint venture is secured and its proposed leadership is named: Gunnar Eberhardt as CEO, Sappis Stephen Blyth as CFO.
- UPM Gunnar Eberhardt says a rejection would be a missed opportunity for the industry, employees and Europe.
- If completed, about 2500 employees and 1.2 million tonnes of German graphic paper production would move into the new company.
- EU Commission says the JV would create a market leader able to raise prices, reduce choice and lower quality for customers
- Companies held an oral hearing with the Commission on 15 September 2026, with a decision expected in early November 2026
- European graphic paper demand fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with mills at 30% overcapacity, forecast to fall to 8 million tonnes by 2030
- UPM's Gunnar Eberhardt is designated CEO of the JV, with Sappi's Stephen Blyth as CFO; bank financing is secured and integration planning has begun
- European Commission issued a Letter of Facts restating serious concerns about the proposed joint venture.
- UPM disagrees with the Commission's preliminary assessment and will propose remedies that exclude divestments.
- China, South Africa and the United States have already cleared the transaction.
- Commission's final decision is now expected by year-end 2026 or shortly after.
- UPM and Sappi received a Letter of Facts from the European Commission on or before 5 October 2026 restating serious concerns about the joint venture.
- The companies plan to submit remedy proposals but rule out divestments.
- China, South Africa and the U.S. have already approved the transaction.
- The EU's draft revised Merger Guidelines, published 30 April 2026, are cited by UPM as relevant to the assessment.
- The EU extended its Phase 2 remedy deadline by 20 days to 9 December 2026.
- UPM disclosed the Commission's renewed concerns on 5 October 2026 via a Letter of Facts.
- UPM and Sappi intend to offer remedies without divestments.
- The Dörpen mill in Germany is among the assets covered by the planned UPM-Sappi tie-up.
- UPM and Sappi have rejected a proposal put forward by the European Commission to address its competition concerns.
Sappi Europe has launched Parade Face Edge, an 80 g/m² one-side coated semi-gloss face stock for self-adhesive labels that resists grease at both surface and fibre level without added PFAS, halogens or wax. The paper targets food, beauty and industrial products exposed to oils and is positioned to help converters meet Article 5.5 of the EU Packaging and Packaging Waste Regulation.
Why this mattersA PFAS-free fibre-level grease barrier gives converters an alternative to fluorochemical coatings as PPWR compliance deadlines approach.
- Parade Face Edge is an 80 g/m² one-side coated semi-gloss face stock for self-adhesive labels
- Grease resistance is built into the fibre base as well as the coating, blocking oil penetration through the cut edge
- The paper contains no intentionally added PFAS, halogen-based polymers or wax
- Target uses include olive oil, sauces, dairy and delicatessen products, beauty oils and creams, and industrial lubricants
- It is suitable for direct food contact and available in FSC Mix Credit and 100% PEFC-certified versions
- Sappi positions the launch as meeting Article 5.5 of the EU's Packaging and Packaging Waste Regulation
Fitch Ratings has assigned Guala Closures S.p.A. a first-time long-term issuer default rating of B+ with a Stable Outlook. The agency points to the group's leadership in closures and EBITDA margins above 20%, but flags leverage still elevated after recent acquisitions and capacity investment. Fitch expects strong free cash flow to support gradual deleveraging.
Why this mattersA first-time credit rating gives Guala Closures a benchmark for debt pricing as it works through leverage built up from acquisitions and capacity spending.
- Fitch assigned Guala Closures S.p.A. a B+ long-term issuer default rating with a Stable Outlook
- Fitch cites Guala's global leadership in closures and EBITDA margins above 20%
- Fitch says leverage remains high after recent acquisitions and capacity investments
- Fitch expects strong free cash flow to drive gradual deleveraging
- Fitch assigned an expected B(EXP) rating with RR4 recovery on Guala's planned senior secured debt on 22 September 2026, ahead of a refinancing
- Fitch-defined EBITDA leverage estimated at 5.8x at end-2026, expected to fall below 5.5x during 2028
- Estimated senior debt claims of EUR 1,195m, comprising EUR 1,000m senior secured notes and a EUR 175m super senior secured revolving credit facility
- Guala's 2025 EBITDA margin of 19 percent is cited by Fitch as above peers CANPACK (11 percent) and Ardagh Metal Packaging (11 percent)
Sappi Europe has announced a general price increase of EUR 20 per tonne, or the local currency equivalent, across its Coated Mechanical paper portfolio. The increase applies to all deliveries from October 2026 and is attributed to persistent cost inflation in energy, transport, labour, chemicals and fibre. Sales staff will contact customers individually on implementation.
Why this mattersA further paper price rise signals continued cost pressure on graphic paper producers, which printers and publishers will need to pass through.
- Price increase of EUR 20 per tonne applies to Sappi Europe's Coated Mechanical portfolio.
- The increase takes effect for deliveries from October 2026.
- Sappi cites sustained cost escalation in energy, transport, labour, chemicals and fibre.
- Customers will be contacted individually by Sappi Europe's sales organisation on implementation.
EU regulators are preparing to block the EUR 1.42bn (USD 1.63bn) joint venture between UPM and Sappi after the companies declined to offer concessions on competition concerns, and did not convince officials of the deal's merits at a closed-door hearing in the week to 18 September 2026, according to people familiar with the matter. The venture would combine UPM's European and US communication paper business with Sappi's European communication paper and speciality paper operations, creating the largest supplier in Europe. A final Commission decision is due by 11 November 2026.
Why this mattersA prohibition would keep European printing paper fragmented and mark a rare EU block of forestry-sector consolidation, hardening scrutiny of further tie-ups.
- EU regulators are preparing to veto the EUR 1.42bn (USD 1.63bn) joint venture after the companies declined to offer remedies, according to people familiar with the matter.
- Closed-door hearings in the week to 18 September 2026 did not persuade regulators of the merits of the deal.
- An asset-sale remedy is not being pursued because of difficulties in finding a buyer.
- The Commission sent a statement of objections in August 2026, saying the deal could reduce competition in communication paper used for magazines and books.
- The venture would combine UPM's European and US communication paper business with Sappi's European communication paper and speciality paper operations, creating Europe's largest supplier.
- The Commission must decide by 11 November 2026.
- Difficulty finding a buyer for potential divestment assets has complicated a remedy, the Commission said.
- UPM and Sappi have not offered concessions to address the Commission's concerns, per Reuters.
- As of 23 September 2026 the European Commission had not yet ruled on the Sappi-UPM joint venture.
The Finnish Financial Supervisory Authority has approved a supplement to the demerger and listing prospectus for WISA Group Plc, the entity UPM-Kymmene is spinning off onto Nasdaq Helsinki. The supplement confirms Lasse von Hertzen, previously interim CFO, as permanent Chief Financial Officer of WISA. The demerger is planned to complete on 31 October 2026, with WISA shares expected to start trading on 2 November 2026.
Why this mattersThe spin-off creates a separately listed entity carved out of UPM, letting investors value the unit independently of the parent group.
- Finnish FSA approved the prospectus supplement on 18 September 2026
- Demerger of WISA from UPM-Kymmene planned to complete 31 October 2026
- WISA shares expected to begin trading on Nasdaq Helsinki on 2 November 2026 or shortly after
- Lasse von Hertzen appointed permanent CFO of WISA Group Plc, having served as interim CFO
- WISA's Group Leadership Team now comprises seven senior executives including CEO Tuija Suur-Hamari
- Appointees remain in current UPM roles until the demerger takes effect
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South Africa's trade minister Parks Tau has ordered the International Trade Administration Commission (Itac) to review tariff protection for the domestic pulp and paper sector against rising import penetration. The review follows separate requests from Sappi and Mondi for tariffs on newsprint and office paper imports, and comes after Mpact issued retrenchment notices in its carton board business. Itac will assess import injury, exchange rate movements and the effect of US trade policy before recommending measures.
Why this mattersTariff protection would reshape competitive conditions for South African paper producers against cheap imports and a stronger rand.
- Trade minister Parks Tau ordered Itac to review the paper and paper products tariff structure on 18 September 2026.
- Sappi asked earlier in 2026 for a 5% tariff on newsprint imports, warning the local print industry risks extinction without it.
- Mondi has sought trade protection against cheap office paper imports, including for its Rotatrim brand.
- Itac will also investigate an import surveillance system; representations are due by 15 October 2026.
- A government notice states more than USD 2.03bn (ZAR 33bn) has been invested in the sector over the past seven years.
- Mpact issued retrenchment notices in its carton board business earlier in 2026, citing cheap imports and a stronger rand.
Sappi chief executive Steve Binnie attended a closed-door EU hearing on 15 September 2026 to defend the EUR 1.42bn (USD 1.64bn) communication paper joint venture with UPM-Kymmene. The European Commission warned the companies last month that the deal may restrict competition in communication paper markets and could raise prices. Brussels must decide on the deal, which would create Europe's largest communication paper player, by 11 November 2026.
Why this mattersA Commission veto or forced remedies would reshape European communication paper supply and set a precedent for consolidation among fibre-based paper producers.
- Deal value is EUR 1.42 billion ($1.64 billion)
- Joint venture combines UPM's European and US communication paper business with Sappi's European communication paper and speciality paper business
- European Commission sent a charge sheet last month citing potential competition restriction in magazine and book paper markets
- Closed-door hearing held in Brussels on 15 September 2026 attended by senior Commission officials and company lawyers
- Regulators warned the combined entity could increase prices
- Commission decision deadline is 11 November 2026
UPM and Sappi have conditionally nominated four additional executives to the management team of their planned graphic paper joint venture, adding to the CEO and CFO named earlier in September 2026. The nominations remain conditional on regulatory approval and completion of the transaction, which is under EU Phase II merger review with final resolutions expected by end-2026.
Why this mattersAdvancing management appointments signals the two paper makers are preparing for closing despite an ongoing EU antitrust review of their graphic paper tie-up.
- UPM and Sappi conditionally nominated four executives to the joint venture management team on 14 September 2026.
- Gunnar Eberhardt and Stephen Blyth were nominated earlier in September 2026 as CEO and CFO respectively.
- The joint venture was announced in 2025 and definitive agreements signed in May 2026.
- EU merger review entered Phase II on 28 April 2026, with final regulatory resolutions expected by end-2026.
- Marco Eikelenboom, currently CEO of Sappi Europe, is nominated as Senior Vice President Sales and Marketing.
- Until closing, UPM and Sappi continue to operate their respective businesses independently.
Sappi Europe announced a 5-7% price increase across its full range of Woodfree Coated (WFC) papers sold in European markets, effective on all new orders and deliveries from 12 October 2026. The company attributes the move to continued escalation of supply chain costs pressuring paper production economics. Customers will be contacted individually by Sappi's sales organisation to discuss implementation.
Why this mattersA price hike of this scale signals persistent cost pressure in graphic paper and may prompt matching moves by competing WFC producers in Europe.
- Price increase of 5-7% applies across Sappi Europe's full Woodfree Coated (WFC) paper range.
- The increase takes effect on all new orders and deliveries from 12 October 2026.
- Sappi cites continued escalation of supply chain costs as the reason.
- Sappi Europe's sales organisation will contact customers individually on implementation.
Sappi and UPM have nominated Gunnar Eberhardt as CEO and Stephen Blyth as CFO of their planned graphic papers joint venture, subject to regulatory clearance. The move comes after the European Commission issued a statement of objections roughly three weeks earlier, citing concerns that the merger could raise prices and reduce quality in communication papers. Sappi shareholders had already approved the deal with a 98.5% majority, and management aims to complete the transaction by the end of 2026.
Why this mattersRegulatory pushback on the Sappi-UPM graphic papers combination signals scrutiny that could delay or reshape a deal meant to consolidate a shrinking market.
- Gunnar Eberhardt nominated CEO and Stephen Blyth CFO of the planned Sappi-UPM graphic papers joint venture on 9 September 2026, subject to regulatory approval
- European Commission issued a statement of objections about three weeks earlier, citing risks of higher prices and lower quality in communication papers
- Sappi shareholders approved the joint venture with a 98.5% majority
- Sappi management targets completion of the transaction by the end of 2026
- Sappi reported Q3 adjusted EBITDA of USD 53m, down 34% year on year, within its July guidance
- Sappi has removed USD 120m of costs, half of it fixed-cost reductions mainly at European sites
- EU merger review of the UPM-Sappi joint venture remains in Phase II, entered in April 2026, with a final Commission decision expected by the end of 2026
- Until the deal closes, UPM and Sappi continue to operate their respective graphic paper businesses independently
