Ontario Teachers' Pension Plan has agreed to sell its majority holding in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners in a deal valuing Trivium at approximately USD 3.4bn. The deal triggers the sale of Ardagh Group's stake of about 42%, from which Ardagh expects about USD 90m in net cash proceeds for reinvestment or debt reduction. Separately, a Luxembourg court lifted an injunction that had blocked Ardagh Holdings from selling shares in Ardagh Metal Packaging, and Ardagh has resumed work with advisers on a possible sale of AMP.
Why this mattersSilgan, with AIP, takes over a major metal packaging competitor, while Ardagh, at 6.0x net leverage, gains about USD 90m and reopens a possible sale of Ardagh Metal Packaging.
- Ontario Teachers' Pension Plan agreed to sell its majority stake in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners.
- The transaction values Trivium at approximately USD 3.4bn.
- Ardagh Group agreed to sell its entire stake of approximately 42% in Trivium and expects about USD 90m in net cash proceeds.
- A Luxembourg district court summary judge lifted an injunction that had prevented Ardagh Holdings from selling shares in Ardagh Metal Packaging; Ardagh has resumed sale preparations with advisers.
- Ardagh Glass Packaging has proposed decommissioning one furnace at Holmegaard, Denmark, and one at Knottingley, UK.
- Group Q3 2026 revenue rose 11.2% to USD 2.78bn and adjusted EBITDA was USD 392m; net debt to adjusted EBITDA fell to 6.0x from 7.8x.
- Ardagh Metal Packaging nine-month 2026 adjusted EBITDA rose year on year
- Third-quarter adjusted EBITDA at Ardagh Metal Packaging was nearly flat versus the prior period
- Ardagh Metal Packaging continued to report net losses with debt levels remaining high
Elopak reported third-quarter 2026 group EBITDA of EUR 51.9m, a 16.8% margin and the highest quarterly figure in its history, on revenue of EUR 308.4m, up 6.5% year on year. Americas EBITDA fell 8.2% to EUR 20.1m as board supply disruption linked to the Nippon incident limited volume growth, while EMEA posted adjusted EBITDA of EUR 44.5m, a 20.4% margin, on revenue up 7.5%.
Why this mattersA leading carton maker's results show European carton demand and pricing holding up while a single supplier disruption still constrains its US growth and margins.
- Q3 2026 group EBITDA was EUR 51.9m at a 16.8% margin, the highest quarterly EBITDA in company history
- Q3 group revenue was EUR 308.4m, up 6.5% year on year (6.0% at constant currency)
- Americas revenue rose 5.9% to EUR 97.5m but EBITDA fell 8.2% to EUR 20.1m, margin 20.6% from 23.8%, on board supply disruption linked to the Nippon incident
- Supply disruption cost EUR 2.6m in Q3 not yet covered by insurance; group margin would have been about 17.5% without it
- EMEA revenue was EUR 218.1m, up 7.5%, with adjusted EBITDA of EUR 44.5m, a 20.4% margin
- Adjusted EPS rose 37.8% to EUR 0.09; leverage held at 2.2x
- Washington's Department of Labor & Industries fined Nippon Dynawave Packaging Company more than $77,000 over the April 2026 incident at its paper mill.
- A worker waded into pulp at about 145 degrees Fahrenheit to close a drain valve and nearly fell into a concealed four-foot sinkhole.
- Regulators cited the company for failing to protect workers from extreme-heat and engulfment hazards.
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
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
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
M.A.H.Y. Khoory Group has announced a new paper manufacturing line, PM4, at the Al Dhafra plant of its operating arm Union Paper Mills in Abu Dhabi, with investment exceeding AED 1 billion. The project will let Union Paper Mills diversify into premium containerboard grades and specialised paper for gypsum plasterboard, aligning with the UAE's Operation 300bn industrial strategy.
Why this mattersA new UAE containerboard line adds regional capacity and higher-value grades, sharpening competition for Gulf fibre packaging producers and importers.
- Investment in PM4 exceeds AED 1bn.
- PM4 will be built at Union Paper Mills' Al Dhafra plant in Abu Dhabi.
- The project lets Union Paper Mills move into premium containerboard grades and specialised paper for gypsum plasterboard.
- M.A.H.Y. Khoory Group announced the project on 22 October 2026.
- The project is aligned with the UAE's Operation 300bn industrial strategy and Make it in the Emirates initiative.
- Board Chairman Salahaldin Sharafi and Group CEO AbdelRhman Obaid commented on the PM4 project
- The investment is valued at over USD 272m (AED 1bn)
Oji Holdings is investing USD 110m to build an aseptic carton packaging plant in Dong Nai, Vietnam. The plant is expected to start operations in 2028 with maximum annual capacity of 8 billion packs and will create more than 200 jobs.
Why this mattersAn 8 billion-pack aseptic carton plant adds substantial Southeast Asian capacity from a Japanese group, increasing competition for incumbent carton system suppliers in the region.
- Oji Holdings is investing USD 110m in the plant.
- Site is located in Dong Nai province, Vietnam.
- Operations are expected to start in 2028.
- Maximum annual capacity is 8 billion packs.
- The project is expected to create more than 200 new jobs.
Kazakhstan's Ministry of Industry and Construction and Aktobe Steklo signed an investment agreement on 22 October 2026 to build a glass container plant in Aktobe, worth approximately USD 150m. The plant is planned to produce around 256 million glass containers a year, with output to cover domestic demand and exports to neighbouring countries.
Why this mattersA 256m-unit glass container plant adds domestic capacity in Kazakhstan, and its planned exports to neighbouring countries put it in competition with regional glass suppliers.
- Investment agreement signed 22 October 2026 at the KGIR-2026 roundtable in Shymkent
- Total project investment is approximately USD 150m
- Planned annual capacity is around 256 million glass containers
- Plant will include sorting systems and secondary raw material recycling technology
- Agreement provides for at least 500 construction jobs and about 300 jobs after commissioning
- Output will serve the domestic Kazakh market and be exported to neighbouring countries
- Signing took place in the presence of Kazakhstan's prime minister
- Plant will include cullet recycling technology alongside sorting systems
The United States has revised the range of Canadian-origin goods subject to its additional 50% Section 338 duty. It removes corrugated boxes, some paper sacks and bags, moulded pulp articles and plastic-coated bleached paperboard, and adds unbleached kraft paper, self-adhesive paper, pressure-sensitive labels and other graphic and coated paper grades. The changes apply to goods entered from 12:01 a.m. eastern time on 30 October 2026, on top of any Section 232 duties. It is the second revision of coverage since the duties took effect on 22 August 2026, after one on 8 September.
Why this mattersA further reshuffle of which Canadian paper, board and label categories face a 50% US duty changes sourcing costs and competitiveness for converters and brand owners trading across the border.
- Changes take effect for goods entered for consumption at or after 12:01 a.m. eastern time on 30 October 2026
- Removed from the 50% duty: corrugated boxes (HTSUS 4819.10.00), other paper sacks and bags (4819.40.00), moulded and other pulp articles (4823.70.00, 4823.90.10) and plastic-coated bleached paper and paperboard over 150 g/m² (4811.51.20, 4811.51.40)
- Newly added to the 50% duty: unbleached kraft paper (4804.31.60), self-adhesive paper (4811.41.10), plastic-coated printing and other paper (4811.59.20, 4811.59.40), paper sacks with a base of 40 cm or wider (4819.30.00) and unprinted pressure-sensitive labels (4821.90.20)
- The Section 338 duties apply in addition to duties under Section 232 of the Trade Expansion Act of 1962
- The 50% duty took effect on 22 August 2026 after a three-day suspension under Proclamation 11056; Proclamation 11065 first revised the coverage on 8 September 2026
- The duties stem from Proclamation 11048, based on a determination that Canadian motor-vehicle tariff arrangements discriminated against US commerce
Private equity firm Hivest Capital Partners completed its acquisition of Sustana from Blackstone Tactical Opportunities on 19 October 2026; financial terms were not disclosed. Sustana makes specialty recycled fibre and sustainable paper at mills in Lévis, Québec, and De Pere, Wisconsin, supplied by eight recovery facilities. Hivest has named Kevin Richard, previously chief operating officer, as chief executive and plans targeted mill investment and selective add-on acquisitions in North America.
Why this mattersPrivate equity ownership and a stated buy-and-build mandate point to further consolidation in North American recycled fibre and sustainable paper.
- Hivest completed the acquisition on 19 October 2026 from Blackstone Tactical Opportunities, owner since December 2021.
- Financial terms were not disclosed.
- Kevin Richard, previously Sustana's chief operating officer, is appointed chief executive.
- Sustana operates mills in Lévis, Québec, and De Pere, Wisconsin, plus eight recovery facilities in North America.
- Hivest plans an operational programme covering safety, mill reliability, energy, raw material efficiency and procurement, with targeted investment in mills and recovery network.
- Hivest intends selective add-on acquisitions in North America.
- Sustana traces its origins to the Rolland Paper Company, founded in 1882.
UFP Industries has agreed to acquire the operating assets and real estate of Apache Products, which trades as Acme Skid and makes stringer and heat-treated pallets in Silsbee, Texas, for about USD 27m. The business adds about USD 55m in annual sales and 165 employees to UFP Packaging's PalletOne network on the Gulf Coast. Closing is expected on or around 16 November 2026.
Why this mattersThe largest US wood pallet producer gains immediate capacity on the Gulf Coast, a packaging market driven by energy, petrochemical and manufacturing demand.
- UFP Industries announced on 26 October 2026 the acquisition of Apache Products' operating assets, including real estate, for about USD 27m
- Apache Products generates about USD 55m in annual sales
- The deal brings 165 employees into UFP Packaging
- Apache makes stringer and heat-treated pallets at its facility in Silsbee, Texas
- Closing is expected on or around 16 November 2026
- UFP Packaging is the largest producer of wood pallets and crates in the United States
An İzmir commercial court has granted Barem Ambalaj, a Turkish packaging group 30% listed on Borsa Istanbul, a one-year final concordato moratorium after it filed for protection in July 2026. The company will keep its İzmir, Gaziantep and Karaman packaging plants running and plans to open talks on selling its stalled paper mill project in Konya Ereğli, whose cost had risen to about EUR 200m before work was halted.
Why this mattersA listed Turkish converter pushed into court protection by an overrun paper mill project shows the financing risk of integrating backwards into paper production.
- İzmir 1st Commercial Court granted Barem Ambalaj a one-year final concordato moratorium on 22 October 2026.
- The company filed for concordato in July 2026 and had been operating under a three-month temporary moratorium.
- 30% of Barem Ambalaj's shares trade on Borsa Istanbul.
- The company will seek talks during the moratorium to sell its paper mill in Konya Ereğli.
- Investment cost for the halted Konya Ereğli paper mill rose to around EUR 200m (USD 224m).
- Packaging plants in İzmir, Gaziantep and Karaman will continue normal production and commercial activity.
