Mayr-Melnhof has signed a binding agreement to sell its Packaging business to a new holding company that will be 70% owned by KPS Capital Partners and 30% by Mayr-Melnhof. The business covers Food & Premium Packaging (excluding Iran and Tunisia) and Pharma & Healthcare Packaging. The deal values it at an enterprise value of EUR 2.4bn (USD 2.7bn), about 9x 2026E adjusted EBITDA. After investing about EUR 0.4bn for its stake, Mayr-Melnhof expects cash proceeds of EUR 1.8-1.9bn. Completion is expected in the first half of 2027; the group then plans a special distribution of EUR 0.5-0.6bn and will focus on Board & Paper.
Why this mattersA leading cartonboard integrator separates its converting arm into a PE-backed carve-out, reshaping ownership of a major European folding-carton and pharma packaging platform.
- Packaging business valued at an enterprise value of EUR 2.4bn (USD 2.7bn), about 9x 2026E adjusted EBITDA
- KPS to hold 70% of the new holding company and Mayr-Melnhof 30%, an investment of about EUR 0.4bn; the stake can fall to 20% if 2027 EBITDA targets are missed
- Mayr-Melnhof expects cash proceeds of about EUR 1.8-1.9bn and net cash of about EUR 0.8-0.9bn after completion
- Special distribution to shareholders of EUR 0.5-0.6bn planned after completion
- Long-term cartonboard supply agreement between Board & Paper and the Packaging business
- Completion expected in the first half of 2027, subject to approvals and customary conditions
Lintec Corporation reported higher H1 sales and profit year on year, led by its Advanced Materials segment and stronger electronic and optical materials results. The company revised its FY2027 guidance to JPY 358bn (USD 2.27bn) in sales and JPY 38bn (USD 241m) in operating income, and disclosed JPY 30bn (USD 190m) of treasury-share purchases in H1.
Why this mattersLintec's H1 growth came from Advanced Materials and electronic and optical materials, so the revised guidance says little about demand for packaging label stock.
- FY2027 revised guidance: JPY 358bn (USD 2.27bn) sales, JPY 38bn (USD 241m) operating income
- H1 sales and profit grew year on year
- Growth led by Advanced Materials segment and combined electronic and optical materials results
- H1 included JPY 30bn (USD 190m) of treasury-share purchases
Turkish paper and board producer Alkim Kagit has reached 100% physical completion of its second paper machine at Izmir-Kemalpasa, a line with 125,000 tonnes per year of capacity. Electrical, pneumatic and water system tests are complete and pulp preparation and paper production tests are under way; trial production and then commercial output are to follow once quality standards are met.
Why this mattersThe 125,000-tonne line takes Alkim Kagit to about 210,000 tonnes a year across offset paper and carton board grades, adding board supply in the Turkish market.
- Second paper machine at Izmir-Kemalpasa has capacity of 125,000 tonnes per year.
- Construction, mechanical assembly and equipment installation are complete, with physical completion at 100%.
- Total annual capacity is expected to reach approximately 210,000 tonnes once the line is operational.
- The line will produce grades from 60 gram offset paper to 400 gram carton board.
- Electrical, pneumatic and water system tests are complete; pulp preparation and paper production tests are under way.
- The update follows the company's original investment notice of 9 April 2026.
DS Smith is restructuring its European operations under a savings programme that could close 29 packaging facilities, a paper mill, two recycling plants and four offices, targeting EUR 480m (USD 537m) in annual savings. About 3,100 jobs have already gone under the plan, which was presented in early November 2026; it is not stated whether any Swedish sites are affected.
Why this mattersA 15% cut to the packaging-plant network signals a push to concentrate corrugated output in fewer, higher-capacity sites across Europe.
- Up to 29 packaging facilities may close across DS Smith's European network
- The programme targets annual savings of EUR 480m (USD 537m)
- About 3,100 jobs have already been cut under the plan
- One paper mill, two recycling plants and four offices are also to be shut
- Closures affect roughly 15% of the group's packaging plants
- The savings programme was presented in early November 2026
The SteamDry project has started pilot-scale trials of superheated steam drying on VTT's rebuilt SAMPO fibre-web line in Jyväskylä, Finland, which became fully operational in early May 2026. Ahlstrom was the first consortium manufacturer to test its own nonwoven materials, followed by campaigns with materials from Metsä Group and Smurfit Westrock. Trials with Sappi and Sofidel are planned next.
Why this mattersReplacing hot-air drying is an energy lever for paper and board mills; campaigns with Metsä and Smurfit Westrock materials test whether the process holds across fibre-based grades.
- VTT's SAMPO pilot line became fully operational with superheated steam drying in early May 2026
- The rebuild added two sequential superheated steam drying hoods with electrically powered superheaters
- The pilot has a 620 mm web width and a target speed range of 20-200 m/min
- Ahlstrom was the first consortium manufacturer to test its own nonwoven materials on the line
- Later campaigns tested materials from Metsä Group and Smurfit Westrock; Sappi and Sofidel trials are planned
- Life cycle, techno-economic and social-impact assessment is led by the University of Santiago de Compostela
Turkish folding-carton maker Barem Ambalaj reported a nine-month 2026 net loss attributable to shareholders of USD 7.31m (TRY 366.6m), against USD 0.66m (TRY 33.0m) a year earlier, on inflation-adjusted figures. Revenue rose 20.7% to USD 74.2m (TRY 3.72bn). Financing expenses rose 179.5% to USD 23.3m (TRY 1.17bn), turning a pre-tax profit into a loss.
Why this mattersFinancing costs nearly tripled while gross margin almost halved; with net debt of USD 132m (TRY 6.61bn) and little cash, the folding-carton maker's balance sheet is under strain.
- Nine-month net loss attributable to shareholders of USD 7.31m (TRY 366.6m), against USD 0.66m (TRY 33.0m) a year earlier
- Financing expenses up 179.5% to USD 23.3m (TRY 1.17bn); the pre-tax result swung from a USD 6.62m (TRY 332.0m) profit to a USD 5.67m (TRY 284.4m) loss
- Revenue up 20.7% to USD 74.2m (TRY 3.72bn); cost of sales up 40.1%, gross margin down to 14.2% from 26.1%
- Third-quarter net loss of USD 3.81m (TRY 191.0m), against a USD 0.35m (TRY 17.3m) profit a year earlier
- Net debt of USD 132m (TRY 6.61bn) at 30 September 2026; cash fell to USD 0.60m (TRY 30.2m) from USD 3.38m (TRY 169.6m) at end-2025
- Figures are adjusted for inflation accounting
Rengo reported April-September 2026 sales of USD 3.509bn (JPY 554.141bn), up 11.4% year on year, with operating profit up 67.1% to USD 211.3m (JPY 33.369bn). Price revisions, advance buying and newly consolidated subsidiaries outweighed higher energy, raw material, labour and logistics costs across corrugated, flexible and heavy-duty packaging. Full-year guidance is unchanged at USD 6.90bn (JPY 1,090bn) sales and USD 291m (JPY 46bn) operating profit. The forecast annual dividend is JPY 50 (USD 0.32), against JPY 40 (USD 0.25) last year.
Why this mattersPrice revisions and newly consolidated businesses lifted Rengo's corrugated and flexible packaging profits, showing Japanese converters are passing cost increases on to customers.
- April-September 2026 sales up 11.4% to USD 3.509bn (JPY 554.141bn)
- Operating profit up 67.1% to USD 211.3m (JPY 33.369bn); net profit attributable to owners up 89.0% to USD 132.0m (JPY 20.850bn)
- Paperboard and paper processing operating profit up 43.0% to USD 113.7m (JPY 17.947bn) on sales up 5.5%
- Flexible packaging profit up 129.3% to USD 77.8m (JPY 12.282bn) on sales up 17.3%
- Corrugated board output up 0.9% to 2.137bn m2; paperboard output up 1.9% to 1.256m tonnes
- Full-year guidance unchanged at USD 6.90bn (JPY 1,090bn) sales and USD 291m (JPY 46bn) operating profit
Turkish corrugated board and box maker Kaplamin Ambalaj reported a nine-month 2026 net loss of USD 1.72m (TRY 86.0m), 67.8% smaller than the USD 5.32m (TRY 266.8m) loss a year earlier. Revenue fell 22.1% to USD 36.1m (TRY 1.81bn). Gross margin rose to 15.8% from 12.0%, and short-term borrowings fell sharply, leaving net cash of USD 2.52m (TRY 126.4m).
Why this mattersKaplamin's smaller loss comes from wider margins and lower borrowings rather than sales, as revenue fell by more than a fifth.
- Nine-month net loss of USD 1.72m (TRY 86.0m), down 67.8% from USD 5.32m (TRY 266.8m)
- Nine-month revenue down 22.1% to USD 36.1m (TRY 1.81bn)
- Third-quarter revenue down 31.4% to USD 10.51m (TRY 527.1m) from USD 15.32m (TRY 767.9m)
- Gross profit up 3.0% to USD 5.71m (TRY 286.2m); gross margin 15.8% against 12.0%
- EBITDA up 134.0% to USD 1.56m (TRY 78.0m), a 4.3% margin
- Short-term borrowings cut to USD 0.23m (TRY 11.5m) from USD 14.88m (TRY 745.9m); net cash of USD 2.52m (TRY 126.4m)
Oji Holdings has cut its operating profit guidance for the year to 31 March 2027 by 25.0% to JPY 45bn (USD 285m), from the JPY 60bn (USD 380m) forecast issued on 15 May. It cites a slower pulp market recovery, higher overseas costs, and raw material and fuel inflation in Japan linked to the prolonged Middle East situation. Sales guidance rises 1.0% to JPY 1,960bn (USD 12.41bn). Net profit guidance stays at JPY 35bn (USD 222m), supported by sales of shareholdings and other measures.
Why this mattersA slower pulp market recovery and Middle East-linked raw material and fuel inflation outweigh a stronger-than-expected first half at a leading Japanese paper and forestry group.
- Full-year operating profit forecast cut 25.0% to JPY 45bn (USD 285m) from JPY 60bn (USD 380m)
- Ordinary profit forecast cut 33.3% to JPY 30bn (USD 190m) from JPY 45bn (USD 285m)
- Sales forecast raised 1.0% to JPY 1,960bn (USD 12.41bn) from JPY 1,940bn (USD 12.29bn)
- Net profit forecast held at JPY 35bn (USD 222m); forecast EPS raised to JPY 40.94 (USD 0.26) from JPY 38.47 (USD 0.24)
- First-half operating profit of JPY 15.533bn (USD 98.37m) was 29.4% above the JPY 12bn (USD 76m) forecast
- Reasons given: slower pulp market recovery, higher overseas costs, and Middle East-linked raw material and fuel inflation in Japan
Thyssenkrupp Steel Europe now expects to start its hydrogen-based direct-reduction plant in Duisburg in 2029, about two years later than planned. A company spokesperson confirmed the delay and attributed it mainly to the engineering phase. The project costs around EUR 3bn, with up to EUR 2bn of subsidies from the German federal government and North Rhine-Westphalia; construction began in early 2024. Revised subsidy terms allow more natural gas to be blended with hydrogen during a transition period.
Why this mattersThe delay pushes back lower-carbon steel, and with it low-emission tinplate for can makers, from Germany's largest steelmaker, with ramp-up tied to hydrogen availability.
- Start-up now expected in 2029 instead of 2027, a delay of about two years
- Project cost of around EUR 3bn
- Up to EUR 2bn in subsidies, two-thirds from the federal government and one-third from North Rhine-Westphalia
- Construction began in early 2024; the direct-reduction tower is being erected and the melter foundations are under way
- Revised subsidy terms allow more natural gas to be blended with hydrogen during a transition period
- Even on natural gas, CO2 emissions would be more than halved compared with the blast-furnace route
Toyobo has recorded an extraordinary impairment loss in the second quarter of the year to March 2027, writing assets in its pharmaceutical contract manufacturing business down to their recoverable amount. It now expects full-year net sales, operating income and ordinary income above previous guidance, but net income attributable to owners of the parent below it. The revision was announced on 9 November 2026.
Why this mattersThe write-down is confined to pharmaceutical contract manufacturing, while higher sales and operating profit guidance indicate the rest of the group is trading ahead of plan.
- Extraordinary impairment loss recorded in Q2 of the year to March 2027
- The impairment relates to pharmaceutical contract manufacturing assets
- Full-year net sales, operating income and ordinary income forecasts raised above previous guidance
- Full-year net income attributable to owners of the parent now expected below previous guidance
- Year to March 2026: net sales USD 2,670m (JPY 421,563m), operating income USD 176.7m (JPY 27,906m)
North Macedonia's government and woven-polyethylene packaging maker ASP-PAK laid the foundation stone for a new EUR 10m (USD 11.2m) production facility in Ohrid, under a strategic partnership agreement signed with the state. The plant will feature a fully robotised line using artificial intelligence, aiming to double production capacity and halve delivery times once complete.
Why this mattersA small national producer's robotised capacity expansion signals growing automation investment among regional packaging converters serving agricultural and industrial export markets.
- Investment exceeds EUR 10m (USD 11.2m)
- New line will be fully robotised with AI applications, according to the prime minister
- Company targets doubling of production capacity once the project is complete
- ASP-PAK plans to halve delivery lead times and raise average pay to EUR 1,500-2,000
- North Macedonia's government signed a strategic partnership agreement with the company
- ASP-PAK, founded in 2000, exports woven polyethylene packaging and netting products to over 50 countries
Japan Pulp and Paper lowered its operating profit forecast for the year to March 2027 to USD 82.3m (JPY 13.0bn) from USD 98.2m (JPY 15.5bn), and its net profit forecast to USD 38.0m (JPY 6.0bn) from USD 50.7m (JPY 8.0bn). It cites weak demand in Europe for its overseas wholesale business and restructuring costs at its German subsidiary. Net sales guidance is unchanged; first-half net sales rose 9.1% to USD 1.984bn (JPY 313.228bn).
Why this mattersWeak European wholesale demand and German restructuring at a major pulp and paper trading house signal continued softness in paper markets supplying the packaging value chain.
- Operating profit forecast for the year to March 2027 cut to USD 82.3m (JPY 13.0bn) from USD 98.2m (JPY 15.5bn)
- Net profit forecast cut to USD 38.0m (JPY 6.0bn) from USD 50.7m (JPY 8.0bn)
- Overseas wholesale earnings hit by persistently weak demand in Europe, a key market
- Restructuring costs expected at the German subsidiary
- First-half net sales up 9.1% to USD 1.984bn (JPY 313.228bn); operating profit up 25.4% to USD 34.36m (JPY 5.426bn)
- Net sales guidance unchanged
Haadthip (HTC), the Coca-Cola bottler for 14 southern Thai provinces, has signed an MOU with recycler Oxitech and resin producer Royce Universal. The agreement, signed in September 2026, moves their community-based bottle-to-bottle PET scheme from pilot to regular, full-scale rPET supply. Used bottles from island communities such as Koh Yao Noi are sorted and flaked in Krabi and turned into food-grade rPET pellets in Nakhon Pathom. The pellets are then made into new bottles at HTC's Phunphin plant in Surat Thani.
Why this mattersA Coca-Cola bottler formalising community-sourced food-grade rPET supply shows how regional closed loops are being built, though volumes so far are measured in tens of tonnes.
- HTC, Oxitech and Royce Universal signed an MOU in September 2026 to move from pilot to regular, full-scale rPET procurement
- HTC produces and distributes Coca-Cola beverages in 14 southern Thai provinces
- Bottles are collected on Koh Yao Noi, flaked in Krabi, pelletised in Nakhon Pathom and made into bottles at Phunphin, Surat Thani
- About 22 tonnes of HTC PET bottles entered Koh Yao Noi and Koh Yao Yai in the prior year; the community scheme recovered about 60 tonnes of PET
- PET that fails food-grade checks is recycled into polyester fibre for textiles
Kenyan supermarket chain Naivas is asking suppliers to produce extended producer responsibility (EPR) certificates, proof of membership of a producer responsibility organisation and a plastic packaging licence, as the National Environment Management Authority (NEMA) enforces waste rules that took effect on 4 November 2024. The Retail Trade Association of Kenya said in April that fewer than 15 percent of suppliers held EPR certification, warning that strict enforcement could cause shortages and price rises.
Why this mattersRetailers acting as compliance gatekeepers raises the bar for packaging documentation across Kenyan supply chains and could reshape demand for producer responsibility organisations.
- Kenya's Sustainable Waste Management (EPR) Regulations 2024 commenced on 4 November 2024
- Naivas has written to suppliers requesting an EPR certificate, PRO membership proof and a plastic packaging material licence
- Retail Trade Association of Kenya said in April fewer than 15% of suppliers were EPR-certified
- Producers must register with NEMA and meet obligations via own scheme or a producer responsibility organisation such as the Kenya Extended Producer Responsibility Organisation
- Fees include a one-off registration charge and an annual licence fee
- Court challenges to the regulations have been cleared, allowing NEMA to move to enforcement
Indorama Ventures reported Q3 2026 net profit of USD 64.78m (THB 2,169.30m), against a net loss of USD 24.43m (THB 818.11m) a year earlier, as PET and chemicals margins recovered. Sales rose 22% to USD 3,982m (THB 133,345m) and EBITDA rose 65% to USD 410m (THB 13,724m), despite USD 13m (THB 449m) of restructuring and severance charges. EBITDA fell 37% from Q2 as integrated PET spreads normalised.
Why this mattersIndorama's profit recovery rests on PET and chemical spreads that already narrowed from Q2, a resin cost signal for bottle converters and beverage brand owners.
- Q3 2026 net profit of USD 64.78m (THB 2,169.30m), against a net loss of USD 24.43m (THB 818.11m) a year earlier
- Q3 sales up 22% to USD 3,982m (THB 133,345m); sales volume down 7% to 3.01m tonnes
- Q3 EBITDA up 65% year on year to USD 410m (THB 13,724m), down 37% from Q2 2026
- Combined PET and intermediate chemicals EBITDA up 88% to USD 258m (THB 8,651m)
- Indovida packaging EBITDA up 45% to USD 30.4m (THB 1,017m) on 10% volume growth
- Nine-month net profit of USD 158.7m (THB 5,314.23m), against a loss of USD 79.2m (THB 2,651.21m)
Valmet has been selected to supply a complete board making line, automation and lifecycle services to an existing Asian customer to expand premium coated board capacity. The order was booked in Valmet's third-quarter 2026 orders received, with the value undisclosed, and machine start-up is scheduled for 2029.
Why this mattersA repeat order for a complete coated board line from one Asian customer in 2026 points to more premium coated board capacity reaching the market from 2029.
- Valmet will supply a complete board making line, automation and lifecycle services to an existing Asian customer.
- Machine start-up is scheduled for 2029.
- The order was booked in Valmet's orders received for the third quarter of 2026.
- The order value was not disclosed.
- The customer had previously ordered a similar board line from Valmet earlier in 2026.
The New South Wales Parliament passed the Environment Legislation Amendment (Plastic Reduction and Container Recycling) Bill 2026 on 22 October 2026, the first stage of the state's Plastics Plan 2.0. The law introduces new restrictions on plastic products and container recycling measures running through to 2030.
Why this mattersPlastic packaging converters and brand owners selling into New South Wales face new product restrictions, with later stages of Plastics Plan 2.0 running to 2030.
- The Environment Legislation Amendment (Plastic Reduction and Container Recycling) Bill 2026 passed NSW Parliament on 22 October 2026.
- The bill is the first stage of the NSW Government's Plastics Plan 2.0.
- The plan sets measures to reduce plastic pollution through to 2030.
Cepi, the European paper industry association, has called on the European Commission to reform the Middle East crisis Temporary State Aid Framework (METSAF), saying design flaws mean no member state has yet enacted support under it. It proposes raising eligibility and aid-cumulation limits from 50% to 70%, dropping a reinvestment obligation, and extending the framework through at least 2027.
Why this mattersWith no member state using the aid framework, European pulp and paper mills stay exposed to electricity prices Cepi puts at two to three times US and Chinese levels.
- European electricity prices are two to three times those in the US and China, per Cepi
- No EU member state has yet enacted support under METSAF because of design flaws, Cepi says
- Cepi proposes raising eligible electricity consumption and aid-cumulation limits from 50% to 70%
- Cepi wants the obligation to reinvest at least 50% of aid in electricity-system-cost measures removed
- Cepi seeks extension of METSAF through at least 2027, and beyond until prices become internationally competitive
Indonesia's downstream plastics industry federation FLAIPHI has asked the government to add six HS tariff codes covering polypropylene and polyethylene resin inputs to its zero import duty scheme. The group says current relief covers only about 6% of national PP demand and 19% of PE demand by import volume, leaving packaging converters exposed to rising feedstock costs.
Why this mattersWider resin duty relief would ease input costs for food, beverage and agricultural packaging converters and could slow pass-through price rises to brand owners.
- FLAIPHI requests zero duty on six HS codes: 3902.10.40, 3902.30.90, 3901.20.00, 3901.40.00, 3901.10.92, 3901.90.90
- Current relief under Finance Ministry Regulation No. 68 of 2026 covers liquid raw materials for other processing industries, not plastics converters
- Existing duty-free PP imports equal about 6% of Indonesian domestic PP demand, PE about 19%, by federation estimate
- Indonesia's 2024 domestic resin supply gap versus demand was about 64% of national need per government data cited by the federation
- Middle East supply disruption earlier in 2026 prompted Indonesia's original tariff relief on plastics feedstock
- Federation members include APHINDO, GIATPI (woven plastics), ABOFI (BOPP film) and ROTOKEMAS (flexible packaging)
Vietnam's Ministry of Agriculture and Environment has drafted a decree under the Law on Environmental Protection that would stop production and import of thin, hard-to-degrade plastic bags and single-use plastics only after 31 December 2030, rather than banning them this year. It also proposes environmental taxes or fees on these products, an end to free distribution at supermarkets, malls, hotels and tourist sites, and, from 1 January 2030, minimum recycled content of 10% in plastic packaging and 20% in industrial paper packaging. The draft is being revised before submission to the government.
Why this mattersThe delay gives Vietnamese plastics converters until end-2030, while recycled-content floors of 10% for plastic and 20% for industrial paper packaging from 2030 create demand for recyclate.
- The draft decree has 13 chapters and 237 articles under Vietnam's Law on Environmental Protection
- Production and import of hard-to-degrade plastic bags thinner than 30 micrometres would stop only after 31 December 2030
- Single-use plastic products and hard-to-degrade plastic packaging face the same 31 December 2030 cut-off
- From 1 January 2030, minimum recycled content of 10% for plastic packaging and 20% for industrial paper packaging
- Provinces would stop free distribution of plastic bags and single-use plastics at malls, supermarkets, hotels and tourist sites
- Environmental taxes or fees would apply to these products, with rates set by the Ministry of Finance
