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.
Identiv, Inc. has closed the sale of its legacy IoT business and Identiv brand name to Trackonomy Systems, and has renamed the parent company INVE Technologies, Inc. INVE received USD 50m in Trackonomy preferred equity and plans to pivot to a physical AI SaaS model built around acquisitions of compliance software companies, with James Greenwell taking over as interim CEO from 21 September 2026.
Why this mattersThe transfer of Identiv's IoT hardware to Trackonomy concentrates smart-label supply for track-and-trace applications, while the listed parent leaves hardware for compliance software.
- Identiv sold its legacy IoT business assets and the Identiv brand name to Trackonomy Systems, with closing announced on 15 September 2026.
- INVE Technologies received USD 50m in Trackonomy preferred equity at closing, subject to post-closing adjustment.
- Identiv, Inc. has been renamed INVE Technologies, Inc. and continues to trade on Nasdaq under the ticker INVE.
- James Greenwell becomes interim chief executive on 21 September 2026.
- Kirsten Newquist resigns as chief executive on 21 September 2026 and from the board on 30 September 2026.
- The two companies are working towards a definitive partnership on software using Trackonomy's physical AI platform.
- The IoT assets transferred to Trackonomy include Identiv's German R&D centre and Thai manufacturing subsidiary.
- Identiv injected USD 25m in cash into Trackonomy in exchange for its USD 50m stake in Trackonomy preferred stock.
- Trackonomy retains the Identiv brand for smart-label manufacturing and has formed Trackonomy Group, combining chip design unit InPlay, label manufacturing and its Sentient cloud platform.
- Identiv and Trackonomy have signed a long-term strategic cooperation agreement covering software.
- Deal completion confirmed as 16 September 2026
- Identiv paid USD 25m cash to subscribe its USD 50m Trackonomy Series C preferred stock
- Transferred assets include UHF/HF/NFC RFID tag and inlay operations, patents, German R&D team, Thailand manufacturing site and global channel network
- Identiv's FY2025 revenue was USD 21.5m with GAAP gross margin of 6.1%, up from 1.3% in FY2024
The widow of an electrician killed when a white liquor tank collapsed on 26 May 2026 at Nippon Dynawave Packaging's mill in Longview, Washington, has sued the company in Cowlitz County Superior Court. The claim cites a US Chemical Safety Board preliminary report from August 2026, which found that inspector Applied Technical Services had told Nippon staff the tank was not fit for continued service and faced a high likelihood of failure unless repaired. The mother of two other workers who died filed a separate wrongful death suit in August 2026.
Why this mattersA safety board finding that the tank was flagged as unfit before it failed widens the operator's litigation exposure and puts pulp-mill tank inspection practice under scrutiny.
- Mackenzie Ammons, widow and personal representative of electrician Jared Ammons, filed a wrongful death claim in Cowlitz County Superior Court in September 2026, represented by Seattle firm Osborn Machler & Neff.
- The US Chemical Safety Board's August 2026 preliminary report found that inspector Applied Technical Services had told Nippon staff the tank was not fit for continued service, with a high likelihood of failure unless repaired.
- A white liquor tank collapsed at 7.09am on 26 May 2026 at the Nippon Dynawave Packaging mill in Longview, Washington, releasing an estimated 900,000 gallons of heated caustic chemical used in papermaking.
- The tank had a capacity of 1.2m gallons and the white liquor is maintained at around 200 degrees.
- Jared Ammons and seven other workers were in the electrical maintenance shop for a morning meeting when the liquor broke through the walls, doors and windows, trapping everyone inside.
- The mother of two workers who died, Bradley Kyle Covington and Tyler Scott Covington, filed a separate wrongful death suit against the company in August 2026.
- Inspection reports in July 2025, October 2025 and February 2026 flagged severe corrosion and thinning of the tank's carbon-steel shell, per Chemical Safety Board findings cited in the suit.
- The lawsuit does not specify a dollar amount for damages.
- King's complaint alleges more than a dozen failures including inadequate equipment maintenance, inspection, training and emergency response.
- Nippon Dynawave Packaging said it could not comment on active litigation.
- Damages sought in King's suit are not specified until trial.
Smurfit Westrock, Pratt Industries and the United Steelworkers filed trade petitions on 9 September 2026 alleging dumped and subsidised pizza box imports from China, Malaysia and Turkey are harming the US corrugated industry. The petitions, submitted via law firm Wiley Rein, ask the Department of Commerce and the International Trade Commission to investigate duties on boxes sold at margins the filers put as high as 568.5% below US prices. A preliminary ITC injury ruling is expected by late October 2026, with final determinations likely in late 2027.
Why this mattersA successful case would raise landed costs for imported pizza boxes and could shift US foodservice packaging volume back to domestic corrugated producers.
- Petitions were filed on 9 September 2026 by the American Pizza Boxes Manufacturers Coalition, made up of Smurfit Westrock and Pratt Industries, with the United Steelworkers.
- Alleged dumping margins are 96.62% to 568.50% for China, 110.73% for Malaysia and 120.65% to 210.37% for Turkey.
- A countervailing duty petition targets Turkey alone, alleging Turkish government tax breaks and discounted inputs plus Russian cross-border subsidies.
- Pizza box imports from the three countries rose at least 130% between 2023 and 2026.
- Commerce must decide on initiation within 20 days of filing; the ITC votes on preliminary injury by 26 October 2026.
- Final dumping, subsidy and injury determinations are expected in late 2027, though duties can attach from the preliminary determinations.
A Luxembourg district court summary judge has issued an order prohibiting Ardagh Holdings S.A. from proceeding with the sale of all or part of its interests in Ardagh Metal Packaging S.A. The order followed an ex parte application by minority holders of ARD Finance S.A.'s senior secured toggle notes due 2027. Ardagh Holdings says the application is without merit and has applied to have the order withdrawn.
Why this mattersThe injunction halts a planned sale of Ardagh's listed can-making arm, leaving bondholder claims to determine whether the transaction can proceed.
- A summary judge of the district court of Luxembourg ordered Ardagh Holdings S.A. not to proceed for now with the sale of all or part of its interests in Ardagh Metal Packaging S.A.
- The order followed a unilateral (ex parte) application by certain minority holders of the senior secured toggle notes due 2027 issued by ARD Finance S.A.
- ARD Finance S.A. was a parent of Ardagh Group S.A. before the recapitalisation completed in November 2025.
- The order was made without Ardagh Holdings having had the opportunity to present its position.
- Ardagh Holdings says the application is without merit and has applied for the order to be withdrawn, in a statement issued on 16 September 2026.
- Ardagh Metal Packaging had sales of USD 5.5bn in 2025 and runs 23 production facilities in nine countries with about 6,500 employees.
- Ardagh Holdings had earlier in 2026 announced preparations to acquire all shares in Ardagh Metal Packaging to facilitate a sale to a third-party buyer
- Ardagh Group as a whole operates 58 metal and glass plants in 16 countries with about 20,000 employees and estimated 2025 sales of USD 9.6 billion
- The order followed an ex parte application by minority holders of ARD Finance's 2027 senior secured toggle notes
- Ardagh Holdings' board had instructed advisers in August 2026 to prepare for a possible sale of all or part of Ardagh Metal Packaging
- Ardagh Metal Packaging reported Q2 2026 revenue of USD 1.71bn, up 17.7 percent year on year
- EPS of USD 0.11 beat consensus of USD 0.09 and the year-earlier USD 0.08
- Ardagh Metal Packaging paid a quarterly dividend of USD 0.10 per share on 24 September 2026
Ball Corporation and Crown Holdings are investing a combined USD 523m (INR 50bn) in two aluminium beverage can projects at Uttar Pradesh's integrated manufacturing and logistics clusters. Crown has started construction of a two-line plant at Unnao costing USD 220m (INR 21bn), first announced in April 2026 and due on stream in the second half of 2027. Ball Beverage Packaging India has selected a site at Meerut for a plant with a proposed investment of USD 303m (INR 29bn), granted incentives under Uttar Pradesh's 2023 policy for FDI and Fortune-listed investors.
Why this mattersTwo can makers building in one Indian cluster, with Canpack alongside, adds domestic can supply from 2027 and cuts beverage brands' dependence on imports.
- Ball Corporation and Crown Holdings are investing a combined USD 523m (INR 50bn) in two aluminium beverage can projects in Uttar Pradesh.
- Ball Beverage Packaging India has selected a site at the Meerut cluster for a plant with a proposed investment of USD 303m (INR 29bn).
- Crown Holdings has begun construction of a two-line plant on nearly 40 acres at Unnao, investing USD 220m (INR 21bn).
- Crown's Unnao plant was announced in April 2026, is due to start in the second half of 2027 and is expected to make about 2.2 billion cans a year once fully operational.
- Crown expects the plant to create more than 200 direct and over 1,500 indirect jobs, with United Breweries, part of Heineken, among its long-term customers.
- Canpack India is building a plant of about 26 hectares at Unnao with capacity of about 1.3 billion cans a year, taking the three companies' combined commitment to about USD 685m (INR 65.66bn).
Greif is exiting its coated recycled paperboard business and will close its paperboard mill in Austell, Georgia, removing about 120,000 tons of annual production capacity. The company expects the mill to cease operations by the end of 2026, with about 90 job losses, as part of a strategy to concentrate on businesses where it holds a leading market position.
Why this mattersRemoving 120,000 tons of annual capacity tightens North American recycled paperboard supply and confirms Greif's retreat to segments where it holds leading positions.
- Greif will close its coated recycled paperboard mill in Austell, Georgia
- The mill removes about 120,000 tons of annual production capacity
- Operations are expected to cease by the end of 2026
- The closure will result in about 90 job losses
- The mill also produced uncoated recycled paperboard and gypsum facing and backing paper grades
- Greif will serve affected uncoated recycled paperboard customers via its broader North American mill network
- The Sweetwater mill in Austell, Georgia has now ceased operations
- Affected employees are receiving severance and career support
- Greif has confirmed its full exit from the coated recycled paperboard market
- The Austell, Georgia mill is named the Sweetwater mill
- Gaylord Benner, Senior Vice President and General Manager of Sustainable Fiber Solutions at Greif, commented on the closure
- Greif cites the plant's limited network integration and cost position as reasons for the closure
- Greif will offer severance and transition support to the around 90 affected employees
KKR has emerged as the preferred bidder to acquire Portuguese plastics packaging maker Logoplaste, according to people familiar with the matter. The US private equity firm is in exclusive talks with Logoplaste's owners after rival bidder Apax Partners dropped out of the process. A deal could be reached in the coming weeks.
Why this mattersA change of control would place Portuguese packaging maker Logoplaste under a new private equity owner, resetting its investment and acquisition plans for the next holding period.
- KKR has emerged as the preferred bidder for Portuguese packaging maker Logoplaste, according to people familiar with the matter, reported on 16 September 2026.
- KKR is in exclusive talks with Logoplaste's owners.
- Apax Partners has dropped out of the process.
- A deal could be reached in the coming weeks, with no certainty that the talks lead to a transaction.
- A takeover of Logoplaste could rank among the largest deals in Portugal in 2026.
- Ontario Teachers' Pension Plan Board holds 60% of Logoplaste and is considering a sale valued at more than EUR 1.7bn (USD 1.95bn), expected to complete in 2026
- Minority shareholders may reinvest alongside the buyer to retain a combined 40% stake
- Logoplaste operates more than 60 plants in 17 countries for customers including Kraft Heinz, Diageo and L'Oreal, with annual revenue of about EUR 1bn (USD 1.15bn)
- Carlyle invested about EUR 660m (USD 758m) in Logoplaste in 2016, when the company was valued at EUR 1.4bn (USD 1.61bn) including debt in 2021
Durst Group will acquire the holding company of MPS Printing B.V., the Dutch specialist in flexographic printing systems for labels and flexible packaging, with MPS joining the group on 1 January 2027. The business will operate as MPS - A Durst Group Company, keeping its management, brand and product line, while Durst US takes over sales and service in the United States. Durst announced the deal on 15 September 2026 at LOUPE Americas in Chicago.
Why this mattersAdding flexo hardware to Durst's digital and hybrid printing portfolio broadens its label-production platform against rivals combining digital, flexo and automation.
- Durst Group will acquire the holding company of MPS Printing B.V., with MPS joining the group on 1 January 2027.
- MPS will operate as MPS - A Durst Group Company and continue to develop, manufacture and market its flexographic printing systems.
- MPS chief executive Michiel Borst becomes managing director of the unit, reporting within Durst's management structure.
- MPS keeps its direct sales channels across Europe, while Durst US takes over sales and service of the MPS portfolio in the United States.
- MPS will draw on Durst's international service and spare-parts infrastructure, with existing service contracts continuing on their terms.
- Durst's partnership with OMET on the KJet and XJet hybrid platforms continues independently of the transaction.
- The MPS Printing acquisition is subject to standard closing conditions and regulatory approvals.
- Durst has not disclosed financial terms of the MPS Printing transaction.
- The transaction remains subject to customary closing conditions and regulatory approvals.
Colgate-Palmolive, Mars, Nestlé, PepsiCo, Procter & Gamble and Unilever have become founding members of the PaperFlex Consortium, convened by the Ellen MacArthur Foundation and (RE)SET, to jointly fund and trial paper-based alternatives to flexible plastic packaging such as sachets, wrappers and pouches. The consortium targets markets where flexible plastic use is high but collection and recycling infrastructure is limited, and remains open to further brand owners, innovators, suppliers and investors. Each member will continue to make its own packaging decisions independently.
Why this mattersA joint R&D push by six of the largest packaging buyers could accelerate paper-based substitutes for flexible plastic, reshaping demand for converters and material suppliers.
- Colgate-Palmolive, Mars, Nestle, PepsiCo, Procter & Gamble and Unilever are founding members of the PaperFlex Consortium.
- The consortium is convened by the Ellen MacArthur Foundation and powered by (RE)SET.
- Work will cover technologies including biodegradable coatings to improve product protection, shelf life and manufacturing-line performance of paper-based materials.
- The initiative follows an Ellen MacArthur Foundation report published earlier in 2026, endorsed by 48 businesses, NGOs, investors and academics, setting six design criteria for paper-based alternatives.
- Flexible plastic packaging, including sachets, wrappers and pouches, is described by the Foundation as the fastest-growing type of plastic packaging globally.
- The consortium remains open to additional FMCG companies, innovators, suppliers and investors.
- The Ellen MacArthur Foundation says responsible paper-based flexible packaging does not yet exist at required performance, scale and cost.
- Research priorities include coatings, product protection, shelf life, consumer usability and manufacturing-line performance.
- The consortium targets flexible packaging formats sized A5 or smaller, including sachets, wrappers and pouches, in markets such as India, Indonesia and the Philippines that lack formal plastic collection systems.
- Ellen MacArthur Foundation said it has invited further companies to join the consortium.
- A separate EU flagship project, BIOWRAP, targets replacing over 100 million square metres of plastic bubble wrap within five years of the project ending, aiming for a 90% paper recycling material recovery rate
- Ellen MacArthur Foundation states commercially viable paper-based replacements do not yet exist at the performance, scale and cost required across all applications
- Unilever has doubled its packaging R&D spending and built a team of more than 60 material scientists focused on paper and barrier coatings.
- Unilever cites its 2024 UK launch of a grease-resistant paper-based Knorr stock cube wrapper as a reference case for the consortium's work.
- The Ellen MacArthur Foundation's 2030 Plastics Agenda for Business names small-format flexible plastic packaging as one of three key systemic barriers to tackling plastic waste.
- Coverage specifies the consortium targets small-format flexible plastic packaging such as sachets and pouches
- The Ellen MacArthur Foundation said no responsible paper-based flexible packaging solutions yet exist at the required performance, scale and cost.
