Sappi and UPM name CEO and CFO for planned graphic papers joint venture

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

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