Smurfit Westrock reported third-quarter 2026 sales of USD 8.161bn and adjusted EBITDA of USD 1.205bn, a 14.8% margin, with cost inflation and softer converting volumes weighing on results. It expects full-year 2026 adjusted EBITDA of approximately USD 4.7bn, citing about USD 700m of additional freight and energy costs, and fourth-quarter adjusted EBITDA of approximately USD 1.3bn. Price increases across paper grades are being passed through, with the full benefit expected in 2027.
Why this mattersUSD 700m of freight and energy inflation at Smurfit Westrock, with price increases fully recovered only in 2027, shows containerboard pricing trailing cost inflation into next year.
- Full-year 2026 adjusted EBITDA forecast at approximately USD 4.7bn, citing about USD 700m of additional freight and energy costs
- Q3 2026 sales USD 8.161bn, net income USD 219m, adjusted EBITDA USD 1.205bn (14.8% margin)
- Fourth-quarter 2026 adjusted EBITDA outlook approximately USD 1.3bn
- Days-adjusted corrugated volumes down 3.4% in North America and 1.8% in Latin America, up 0.4% in EMEA & APAC
- Agreed during Q3 to acquire CMPC's Chilean containerboard assets
- Quarterly dividend of USD 0.4523 per share payable 10 December 2026 to shareholders registered on 13 November
Ahlstrom reported net sales of EUR 758m for the third quarter of 2026, up from EUR 743m a year earlier, with comparable EBITDA rising 2% to EUR 142m and margin steady at 18.8%. The company said the closure of its Radcliffe site in the UK and the resizing of its Mosinee plant in the US, part of a footprint programme announced in February 2026, are now contributing positively to earnings. Nine-month net sales reached EUR 2,282m with comparable EBITDA up 9% to EUR 403m.
Why this mattersAhlstrom is raising its margin per tonne through pricing, procurement, product mix and site closures, even as European energy costs still weigh on its speciality materials.
- Q3 2026 net sales EUR 758m, up from EUR 743m a year earlier
- Q3 comparable EBITDA EUR 142m, up 2% from EUR 140m, margin 18.8%
- Nine-month net sales EUR 2,282m, comparable EBITDA EUR 403m, up 9% from EUR 370m
- Radcliffe closure in the UK and Mosinee resizing in the US now complete and contributing positively to H2 results
- Core divisions' comparable EBITDA margin rose to 21.1% from 19.8%; Performance Materials Cluster margin rose to 8.4% from 5.1%
- Ahlstrom refinanced its US dollar term loan in early July 2026
International Paper reported a USD 1.097bn loss from continuing operations for the third quarter of 2026, after a USD 1.38bn non-cash goodwill impairment in its Packaging Solutions EMEA business. Sales were USD 6.197bn against USD 6.222bn a year earlier, and North American packaging delivered USD 427m of segment operating profit. The company removed EMEA guidance as the planned separation of that business progresses and now gives fourth-quarter and full-year targets for North American packaging only.
Why this mattersThe impairment resets the book value of International Paper's European box business before its separation, a reference point for valuations of European corrugated assets.
- USD 1.38bn non-cash goodwill impairment in Packaging Solutions EMEA in Q3 2026
- Continuing operations loss of USD 1.097bn, or USD 2.07 per diluted share
- Q3 sales USD 6.197bn, against USD 6.222bn a year earlier
- Adjusted EBITDA from continuing operations USD 843m, down from USD 859m a year earlier
- North American packaging segment operating profit USD 427m; Q4 adjusted EBITDA target USD 700–740m
- EMEA guidance removed as the planned separation of the business progresses
Mayr-Melnhof has finished installing continuous cooking technology at its MM Kwidzyn integrated mill in Poland, now in operation. The new continuous digester is expected to cut annual wood consumption by around 50,000 cubic metres and, together with energy-efficiency measures, reduce the mill's annual CO2 emissions by about 100,000 tonnes, roughly a third of its total.
Why this mattersLower wood and carbon intensity at a major cartonboard and kraft paper mill strengthens Mayr-Melnhof's cost base and carbon-footprint claims to board and paper buyers.
- MM Kwidzyn in northern Poland has completed investment in continuous cooking technology, now operational.
- Annual wood consumption is expected to fall by around 50,000 cubic metres at unchanged output.
- Combined with energy-efficiency measures, annual CO2 emissions are expected to drop by approximately 100,000 tonnes.
- The reduction equates to roughly one-third of the integrated mill's total CO2 emissions.
- MM Kwidzyn produces virgin fibre cartonboard, packaging kraft paper, uncoated fine paper, moulded pulp and NBSK market pulp.
UPM has deferred the start-up of its Leuna integrated biorefinery to the second quarter of 2027, with nominal capacity now expected in early 2028, after modifications were needed in the sugars-to-glycols process. Third-quarter comparable EBIT from continuing operations fell 8% to EUR 131m on sales of EUR 2.202bn as customer destocking reduced deliveries. The separation of the plywood business is scheduled to create the listed WISA Group in November 2026, and net debt fell to EUR 2.993bn.
Why this mattersA further Leuna delay alongside the plywood carve-out and weaker quarterly margins shows UPM reshaping its portfolio while its flagship biochemicals project continues to slip.
- Leuna biorefinery start-up deferred to Q2 2027 after technological readiness in Q1 2027; nominal capacity expected early 2028
- Q3 continuing-operations sales EUR 2.202bn, comparable EBIT EUR 131m, down 8%, margin 5.9%
- Plywood separation scheduled to create listed WISA Group in November 2026
- Second-half 2026 comparable EBIT guidance for continuing operations EUR 375–575m
- Net debt EUR 2.993bn, net debt/EBITDA 2.09; operating cash flow incl. discontinued operations EUR 420m vs EUR 218m
- Kaukas pulp production curtailed for eight weeks; five-week Pietarsaari curtailment planned for Q4
Mercer International is reportedly considering a possible Chapter 11 filing while negotiating a recapitalisation with holders of more than 75% of its 2028 and 2029 notes. The company has also used a 30-day grace period on approximately USD 25.8m of interest due 1 October 2026 on its 12.875% senior notes maturing 2028. Mercer says any agreement, its timing and terms remain uncertain, and that operations and supplier payments continue as normal.
Why this mattersA recapitalisation cutting funded debt would impose losses or dilution on Mercer's noteholders and set a reference point for lenders to other leveraged pulp producers.
- Mercer confirmed advanced recapitalisation talks with holders of more than 75% of combined 2028 and 2029 notes principal
- Company used 30-day grace period on approximately USD 25.8m of interest due 1 October 2026 on 12.875% senior notes maturing 2028
- Proposed transaction would combine new capital with a substantial reduction in funded debt and interest expense
- Use of the grace period does not itself constitute an event of default under the indenture
- Pulp, lumber and mass timber operations and payments to suppliers, contractors and employees continue as normal
- Mercer's confirmed regulatory disclosure did not announce a Chapter 11 filing
UPM Adhesive Materials will build its first manufacturing facility in India, an acrylic-based coating line for self-adhesive label materials in Gujarat, due to open in early 2028. The plant moves UPM beyond distribution into local production in India, following a March 2026 slitting and distribution terminal near New Delhi and an existing terminal near Mumbai.
Why this mattersLocal coating shortens lead times for Indian label converters and lets UPM compete from inside a market it has so far served through distribution terminals only.
- Gujarat plant will house an acrylic-based coating line for self-adhesive label materials
- Facility expected to open in early 2028
- It is UPM Adhesive Materials' first manufacturing site in India, beyond distribution terminals near Mumbai and New Delhi
- A slitting and distribution terminal near New Delhi was announced in March 2026
- UPM Adhesive Materials employs about 3,300 people worldwide; 2025 sales were nearly EUR 1.7bn
Georgia-Pacific is investing approximately USD 150m to rebuild a tissue machine at its Palatka mill in Florida, replacing a unit installed in 1980 that makes paper for Angel Soft bathroom tissue. Completion is expected in the second quarter of 2028, following a similarly sized rebuild recently completed at the company's Wauna mill.
Why this mattersA second rebuild of around USD 150m in quick succession shows Georgia-Pacific renewing ageing US tissue assets that supply its Angel Soft retail brand.
- The project is worth approximately USD 150m.
- Completion is expected in Q2 2028.
- It replaces PM4, installed in 1980, which produces paper for Angel Soft bathroom tissue.
- Palatka mill in Florida has integrated pulp supply and also makes Quilted Northern, Brawny and Sparkle products.
- Georgia-Pacific recently completed a separate rebuild worth more than USD 150m at its Wauna mill.
- A separate May announcement covers engineering and planning for structured tissue machines and converting equipment at undisclosed central and western US sites.
TriMas signed an agreement in October 2026 to sell Rapak, its flexible bag-in-box packaging, dispensing and liquid filling business, to further streamline its portfolio around core businesses. Third-quarter 2026 net sales rose 7.7% to USD 178.7m and adjusted diluted EPS rose to USD 0.50 from USD 0.17. The company ended September with USD 1,158.5m of cash after the divestiture of TriMas Aerospace, which generated about USD 1.2bn in net after-tax proceeds.
Why this mattersSelling Rapak takes TriMas out of bag-in-box and narrows its packaging arm to core lines, backed by USD 761.4m of net cash for capital allocation.
- TriMas signed an agreement in October 2026 to sell Rapak, a provider of flexible bag-in-box packaging, dispensing and liquid filling solutions
- Q3 2026 net sales rose 7.7% to USD 178.7m from USD 166.0m
- Q3 adjusted operating profit rose 47.9% to USD 13.6m; adjusted diluted EPS USD 0.50 against USD 0.17
- Cash of USD 1,158.5m and net cash of USD 761.4m at 30 September 2026
- The TriMas Aerospace divestiture generated about USD 1.2bn in net after-tax proceeds
- 2,229,471 shares repurchased for USD 82.7m in the first nine months of 2026
Toyobo will stop the offline coating line at its Utsunomiya plant in Tochigi prefecture, Japan, by around March 2028. The line, which has run since 1990, applies coatings to polyester film for release and antistatic films sold under the Purex brand, and Toyobo cites ageing equipment as the reason for the shutdown. The company says it will address future customer supply individually.
Why this mattersRemoves a long-running release and antistatic film coating line, prompting customers to seek alternative supply as Toyobo rationalises older speciality film capacity.
- Toyobo will stop the offline coating line at its Utsunomiya plant in Tochigi prefecture by March 2028
- The line, in operation since 1990, coats polyester film for release films and antistatic films under the Purex brand
- Toyobo cites ageing equipment and the difficulty of continued maintenance as the reason
- The company says it will handle future supply to customers on a case-by-case basis
E80 Group has deployed an automated truck loading system at Barilla's Pedrignano plant near Parma, completing automation of the site's intralogistics chain from raw material intake to shipment. The system, developed with Rite-Hite, integrates with more than 100 laser-guided vehicles and other equipment E80 Group already supplies at the plant. The technology has run in the United States for over a decade and is now extended to Europe.
Why this mattersAutomated trailer loading closes the last manual step in a food plant's intralogistics, giving E80 a European reference site for technology already proven in the US.
- The automated truck loading system is installed at Barilla's Pedrignano plant near Parma, Italy.
- The Pedrignano site already operates more than 100 laser-guided vehicles supplied by E80 Group.
- The truck loading solution combines laser-guided vehicles, gravity-based handling and trailer restraints developed with Rite-Hite.
- E80 Group has run similar truck loading and unloading technology in the United States for more than ten years.
- E80 Group's SM.I.LE80 software platform coordinates the site's warehouses, vehicles and end-of-line systems.
- The Barilla and E80 Group collaboration dates back more than 30 years.
Omori North America and PMI Kyoto Packaging Systems have agreed to form J-Packaging Solutions Inc. (JPS), a jointly owned company combining primary and secondary packaging machinery and end-of-line automation for North American manufacturers. JPS will offer flow wrapping, cartoning, case packing, robotics, palletising, conveying and turnkey line integration to food, pharmaceutical, personal care and consumer packaged goods customers. No financial terms were disclosed.
Why this mattersA combined primary-and-secondary packaging platform gives customers a single supplier for full line projects, pressuring standalone machinery vendors on scope and service.
- Omori North America and PMI Kyoto Packaging Systems agreed to form J-Packaging Solutions Inc. (JPS), announced 28 October 2026.
- JPS combines Omori's primary packaging expertise with PMI Kyoto's secondary packaging and end-of-line automation.
- Offerings include flow wrapping, cartoning, case packing, robotics, palletizing, conveying and turnkey packaging lines.
- JPS will target food, pharmaceutical, personal care and consumer packaged goods manufacturers across North America.
- No deal value or ownership split was disclosed.
Transpack Group has acquired the operating businesses of Enwrap Logistic & Packaging, Atlante and Beaver Facility Management from the insolvent Gruppo Atlante, under a group composition with creditors before the Milan court. The sale, completed under Italy's crisis code competitive tender procedure, preserves the businesses and all 150 jobs, with Transpack using dedicated vehicles Enwrap and TPK Partecipazioni to complete the acquisition.
Why this mattersA distressed-M&A exit lets an Italian industrial packaging and logistics group expand while avoiding liquidation of the target's operations and jobs.
- Transpack acquired Enwrap Logistic & Packaging, Atlante and Beaver Facility Management from Gruppo Atlante.
- Deal completed under Italy's Codice della crisi d'impresa (art. 91 competitive procedure) within a group composition with creditors before the Milan court.
- All 150 employees of the Atlante group businesses were retained.
- Transpack, founded in Padua in 1973, is led by Nico Pittarello and employs over 600 people across 8 operating companies and more than 30 plants.
- Acquisition vehicles used were Enwrap and TPK Partecipazioni.
- Cicala Riccioni & Partners advised the seller; SC&A advised Transpack.
The New South Wales government has dropped two reuse measures from its Plastics Plan 2.0, abandoning a requirement for cafes to offer mugs or glasses to dine-in customers and a mandate for large foodservice businesses to offer reusable takeaway cups from 2030. Requirements to accept customers' own clean reusable cups from January 2028 and for single-use takeaway coffee cups to be recyclable from 2028 remain in place. The NSW EPA said on 28 October 2026 it would not enforce the new reuse-scheme obligation under the Plastic Reduction and Circular Economy Act 2021, drawing criticism from three environment groups.
Why this mattersA reversal of a mandated reuse-system obligation for foodservice packaging removes a near-term demand driver for reusable cup systems and keeps disposable recyclable cups as the compliance default.
- NSW government announced the reversal on 28 October 2026, days after Parliament passed the reforms.
- Cafes will no longer be required to offer mugs or glasses to dine-in customers from 2028.
- Large foodservice businesses will no longer be required to offer reusable takeaway cups through reuse systems from 2030.
- NSW EPA will not enforce new section 34C of the Plastic Reduction and Circular Economy Act 2021.
- Retained: requirement to accept customers' clean reusable cups from January 2028, and recyclability requirement for single-use takeaway coffee cups from 2028.
- Boomerang Alliance, the Australian Marine Conservation Society and Clean Up Australia jointly criticised the decision on 28 October 2026.
The Indian Paper Manufacturers Association has asked the Prime Minister to intervene after domestic coal costs rose more than 50% in two months amid irregular railway rake supply, warning some mills may have to suspend production on commercial grounds. IPMA wants priority coal and rake allocation for pulp and paper captive power plants, on a par with thermal power stations, and assured delivery of at least 75% of coal volumes under existing fuel supply agreements.
Why this mattersEnergy is 15-20% of Indian paper production cost, so a sustained coal squeeze threatens mill margins and output just as imports intensify competition.
- Coal costs for Indian paper mills have risen over 50% in the past two months, per IPMA.
- Energy accounts for around 15-20% of total paper production cost in India.
- IPMA wants captive power plants at pulp and paper mills given coal and rail-rake priority equal to thermal power plants.
- The association is asking for regular supply of at least 75% of coal volumes covered under Fuel Supply Agreements or linkages.
- Mills are reportedly being forced to buy coal via imports or open-market auctions at higher prices due to inadequate FSA allocations and rake shortages.
- IPMA president Pawan Agarwal said manufacturers face mounting margin pressure with limited ability to pass on higher fuel costs.
Keep Sweden Tidy reports that use of plastic carrier bags covered by Sweden's national reduction target rose 45% to 248 million in 2025 compared with 2023, after the government abolished the plastic bag tax in November 2024. Use of thin bags for fruit and vegetables rose 65% year on year, and total single-use plastic bag use exceeded 400 million in 2025, with the NGO warning of increased littering.
Why this mattersThe reversal shows a fiscal levy's removal can quickly undo demand reduction, a signal for other markets weighing plastic bag taxes or their repeal.
- 248 million plastic carrier bags covered by Sweden's national reduction target were used in 2025, up 45% versus 2023
- Sweden abolished its plastic bag tax in November 2024
- Use of very thin plastic bags for fruit and vegetables rose 65% in 2025 versus 2024
- Total single-use plastic bag use in Sweden exceeded 400 million units in 2025
- Keep Sweden Tidy Foundation published the data in a press release
FEVE, the European container glass trade association, has called on EU co-legislators to finalise heat and fuel fallback benchmarks for 2026-2030 using the full flexibility available to limit cuts to free carbon allowances under the EU Emissions Trading System. The association backs the Council's proposal to add roughly 33 million allowances to the Commission's 88 million, drawn from unmet free-allocation conditionality, to offset reductions across both benchmarks.
Why this mattersFree-allocation cuts directly raise carbon costs for energy-intensive glass container makers, a core input cost for the wine, spirits, food and beverage packaging supply chain.
- FEVE calls for the final 2026-2030 heat and fuel fallback benchmark agreement to minimise reductions in free EU ETS allowances
- The Council's General Approach proposes adding about 33 million allowances to the Commission's 88 million to mitigate benchmark cuts
- FEVE urges co-legislators to finalise the agreement without further delay or dilution
- Statement published by FEVE on 28 October 2026
Italian prices for kraftliner and recovered-fibre (AP) containerboard rose again in October 2026, according to a EUWID market report. Producers of both virgin-fibre and recovered-fibre grades had already implemented part of their original increase in September, and talks on costs, prices and availability continued to shape the market in October.
Why this mattersFurther containerboard price increases in Italy, following partial gains in September, raise input costs for Italian corrugated box makers and their customers.
- Italian kraftliner and recovered-fibre (AP) containerboard prices rose again in October 2026
- Virgin-fibre and recovered-fibre producers had implemented part of their original price demand in September 2026
- Costs, prices and availability dominated Italian containerboard market talks in October 2026
