Smurfit Westrock has agreed to buy CMPC's Chilean containerboard and corrugated business for USD 420m, a post-synergy multiple of less than 6 times adjusted EBITDA. The assets are a recycled containerboard mill in Santiago with a paper machine of about 250,000 tonnes a year, a fibre collection network, three corrugated plants and one moulded tray facility. Completion is expected in the first half of 2027, subject to customary conditions including regulatory approvals, and will be funded from Smurfit Westrock's own liquid resources.
Why this mattersSmurfit Westrock says the purchase gives it the leading Chilean containerboard and corrugated position, and it links fibre flows with Argentina, Peru, Ecuador and Brazil.
- Consideration is USD 420m, a post-synergy transaction multiple of less than 6 times adjusted EBITDA.
- Assets comprise one recycled containerboard mill in Santiago with a fibre collection centre network, three corrugated plants and one moulded tray facility.
- The Santiago paper machine produces approximately 250,000 tonnes per year.
- Smurfit Westrock intends to fund the transaction from its own liquid resources.
- Completion is expected in the first half of 2027, subject to customary closing conditions including regulatory approvals.
- The acquired mill is intended to feed recycled paper into Smurfit Westrock's Argentina, Peru and Ecuador operations and take kraftliner from Brazil and North America.
- The acquired units are named Envases Impresos Cordillera and Chilena de Moldeados (Chimolsa)
- Corrugated plants are located at Buin, Til Til and Osorno, alongside the Puente Alto paper mill
- The business employs about 1,500 people and operates a 12-site paper and cardboard recovery network
- Completion requires approval from Chile's National Economic Prosecutor's Office
The US Chemical Safety Board has reported that Nippon Dynawave Packaging kept using a white liquor tank at its Longview, Washington mill although it knew the tank was, in the board's words, "not fit for continued service". The tank, holding more than 500,000 gallons (1.9 million litres), failed in May, killing 11 workers and injuring eight including a firefighter. Washington's Department of Ecology has since filed a violation notice listing 35 citations, and a wrongful-death lawsuit has been filed against the company, which says the full investigative process should establish the record before conclusions are reached.
Why this mattersThe Chemical Safety Board's finding that a tank known to be unfit stayed in service will drive integrity and inspection requirements for liquor storage across North American kraft mills.
- The US Chemical Safety Board reported that the company used the tank although it knew it was "not fit for continued service" (quotation).
- Washington's Department of Ecology filed a post-accident violation notice listing 35 citations.
- A tank holding more than 500,000 gallons (1.9 million litres) of white liquor failed at the Longview mill in May, killing 11 workers and injuring eight, including a firefighter.
- Before the accident the Department of Ecology had issued 54 environmental violation notices since 2016 and fined the company USD 41,500 for eight serious violations.
- The Department of Labor and Industries investigated more than a dozen safety complaints at the plant since 2018, issued almost USD 7,000 in fines and has opened two further investigations.
- More than USD 2.4m in workers' compensation claims have been paid for 169 employees injured at the plant since 2015; a wrongful-death lawsuit has been filed against Nippon Dynawave.
DS Smith, owned by International Paper, has proposed closing paper machine PM4 at its Kemsley mill in Kent while spending about USD 26.5m (GBP 20m) to modernise paper machine PM6. PM4 produces about 250,000 tonnes a year of containerboard between 125 and 210 gsm, and its closure would cut the number of roles at the site, with no redundancy figure confirmed and consultation with employees and union representatives still to come. The PM6 upgrade is intended to raise output and add new grades at the mill, which has capacity of about 830,000 tonnes a year and is Europe's second-largest.
Why this mattersThe move reallocates capacity within one of Europe's largest recovered-fibre mills, showing containerboard producers concentrating output on fewer, upgraded lines rather than adding capacity.
- DS Smith proposes closing paper machine PM4 at Kemsley mill, Kent, which produces about 250,000 tonnes a year at 125 to 210 gsm.
- DS Smith plans to spend about USD 26.5m (GBP 20m) to modernise paper machine PM6, to raise output and allow new grades.
- Kemsley, built in 1924, has annual capacity of about 830,000 tonnes and is Europe's second-largest paper mill.
- Closing PM4 would reduce the number of roles at the site; no redundancy figure has been confirmed and changes are subject to consultation.
- Two years earlier DS Smith announced USD 63.6m (GBP 48m) for a new fibre-preparation line at Kemsley.
- DS Smith is owned by International Paper.
US District Judge Mary M. Rowland denied on 4 September 2026 the joint motion to dismiss and the separate motions by Packaging Corporation of America and Pratt Industries in the containerboard price-fixing class action brought in July 2025 by Artuso Pastry in the Northern District of Illinois. The 49-page decision found six of seven alleged lockstep or near-lockstep price increases sufficient to show parallel conduct, lifting the stay on discovery. Defendants must answer by 29 September 2026 and file a joint status report with discovery dates the following week.
Why this mattersThe case moves to discovery, exposing containerboard producers to damages claims and scrutiny of a market the plaintiff says five players now control with at least 85% share.
- Judge Mary M. Rowland denied the joint and the individual dismissal motions in a 49-page decision on 4 September 2026 in the Northern District of Illinois.
- Defendants must answer the complaint by 29 September 2026 and file a joint status report with discovery dates the following week.
- The case, Artuso Pastry Foods Corp. v. Packaging Corp. of America et al, was filed in July 2025 and alleges seven rounds of parallel price increases from November 2020 raising prices by about 30%.
- The court found six of the seven alleged coordinated increases plausible, including a USD 50-per-ton rise implemented on the same day after two and a half years without an industry increase.
- Ten defendants remain, including PCA, Pratt Industries, International Paper, Georgia-Pacific, Greif, Smurfit Kappa, WestRock and three Cascades entities.
- Graphic Packaging International and Smurfit Westrock were dismissed late last year, cutting defendants to 10 from 12; the court gave no reasons.
UPM and Sappi's proposed joint venture combining their communication paper businesses, valued at EUR 1.42bn (USD 1.62bn), faces a likely European Commission prohibition, Reuters reported citing people familiar with the matter, after the companies offered no concessions and did not persuade regulators at a closed hearing. The Commission must decide by 11 November 2026; in August 2026 it issued a statement of objections saying the deal could reduce competition and raise prices in graphic paper used for magazines and books. Both companies declined to comment to Reuters.
Why this mattersA veto would remove the planned consolidation of Europe's shrinking graphic paper capacity, leaving both producers to manage overcapacity independently.
- The proposed joint venture would combine UPM and Sappi's communication paper businesses at an enterprise value of EUR 1.42bn (USD 1.62bn).
- The European Commission must rule on the deal by 11 November 2026, according to Reuters sources.
- UPM and Sappi have not offered concessions and did not persuade regulators at a closed hearing, Reuters reported.
- Difficulty finding a buyer for potential divestment assets has complicated a remedy, per the sources.
- The Commission issued a statement of objections in August 2026, citing risk of reduced competition and higher prices in graphic paper, including for magazines and books.
- The partners signed the agreement in May 2026, expect annual synergies of about EUR 100m and UPM has said it targets completion by the end of 2026.
- European graphic paper demand fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with mills running about 30% overcapacity, and is forecast to fall further to 8 million tonnes by 2030
- If approved, about 2,500 employees and 1.2 million tonnes of German graphic paper production would move into the new joint venture
- UPM says financing for the joint venture through banks is already secured
- UPM's Gunnar Eberhardt, designated CEO of the joint venture, said the companies still expect a positive Commission decision
- Oral hearing before the Commission took place on 15 September 2026, with a decision now expected in early November 2026.
- UPM says financing for the joint venture is secured and its proposed leadership is named: Gunnar Eberhardt as CEO, Sappis Stephen Blyth as CFO.
- UPM Gunnar Eberhardt says a rejection would be a missed opportunity for the industry, employees and Europe.
- If completed, about 2500 employees and 1.2 million tonnes of German graphic paper production would move into the new company.
- EU Commission says the JV would create a market leader able to raise prices, reduce choice and lower quality for customers
- Companies held an oral hearing with the Commission on 15 September 2026, with a decision expected in early November 2026
- European graphic paper demand fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with mills at 30% overcapacity, forecast to fall to 8 million tonnes by 2030
- UPM's Gunnar Eberhardt is designated CEO of the JV, with Sappi's Stephen Blyth as CFO; bank financing is secured and integration planning has begun
- European Commission issued a Letter of Facts restating serious concerns about the proposed joint venture.
- UPM disagrees with the Commission's preliminary assessment and will propose remedies that exclude divestments.
- China, South Africa and the United States have already cleared the transaction.
- Commission's final decision is now expected by year-end 2026 or shortly after.
- UPM and Sappi received a Letter of Facts from the European Commission on or before 5 October 2026 restating serious concerns about the joint venture.
- The companies plan to submit remedy proposals but rule out divestments.
- China, South Africa and the U.S. have already approved the transaction.
- The EU's draft revised Merger Guidelines, published 30 April 2026, are cited by UPM as relevant to the assessment.
- The EU extended its Phase 2 remedy deadline by 20 days to 9 December 2026.
- UPM disclosed the Commission's renewed concerns on 5 October 2026 via a Letter of Facts.
- UPM and Sappi intend to offer remedies without divestments.
- The Dörpen mill in Germany is among the assets covered by the planned UPM-Sappi tie-up.
- UPM and Sappi have rejected a proposal put forward by the European Commission to address its competition concerns.
O-I Glass plans to idle two of the six production lines at its Pointe-Saint-Charles plant in Montreal after a four-year supply contract with Anheuser-Busch, a subsidiary of AB InBev, came to an end. About 10% of the roughly 340 employees are to be laid off for an indefinite period from 6 October 2026, with some 30 further posts going about two weeks later, according to Le Journal, which links the lost contracts to the US-Canada tariff dispute. Between 60% and 70% of the plant's output is normally exported to the United States; the plant director cited a more difficult and uncertain business environment and local management declined to comment.
Why this mattersLoss of a major US beverage contract is cutting lines and headcount at a Canadian glass plant, exposing how far such sites depend on US demand.
- Two of the plant's six production lines are to be idled, one of them running at 400 bottles per minute.
- The end of a four-year supply contract with Anheuser-Busch, a subsidiary of AB InBev, contributed heavily to the decision.
- About 10% of the plant's roughly 340 workers are to be laid off for an indefinite period from 6 October 2026.
- A second round about two weeks later would affect roughly 30 more employees, taking the total to 20% of the workforce.
- 60% to 70% of the plant's bottle and jar output is normally exported to the United States.
- The Pointe-Saint-Charles plant is nearly 125 years old and among the oldest of O-I, which operates in nine countries.
ProAmpac has completed its USD 1.51bn acquisition of TC Transcontinental Packaging, a deal first disclosed in December 2025; TC Transcontinental recorded the closing of the packaging sale on 6 March 2026. The acquired business runs 25 facilities with 3,500 employees in extrusion, printing, lamination, converting and recycling, serving agriculture, beverage, dairy, meat and pet food customers. TC Transcontinental is concentrating on retail services and printing and educational publishing and paid a special distribution of USD 14.14 (CAD 20.00) per share on 20 March 2026 out of the proceeds.
Why this mattersNorth American flexible packaging consolidates further: ProAmpac adds 25 plants in protein, dairy and pet food formats, while converting customers lose a bidder at contract renewal.
- ProAmpac acquired TC Transcontinental Packaging for USD 1.51bn; TC Transcontinental recorded the closing of the packaging sale on 6 March 2026.
- The transaction was first disclosed in December 2025.
- The acquired business comprises 25 facilities and 3,500 employees across extrusion, printing, lamination, converting and recycling.
- TC Transcontinental paid a special distribution of USD 14.14 (CAD 20.00) per share on 20 March 2026, funded by the packaging sale.
- TC Transcontinental will focus its remaining business on retail services and printing and educational publishing.
- TC Transcontinental's Q3 FY2026 revenue from continuing operations was USD 216.4m (CAD 306.0m), up 3.8% year on year, with net earnings of USD 26.1m (CAD 36.9m).
- Operating earnings for Q3 FY2026 (quarter ended 26 July 2026) rose 126.8% to USD 47.2m (CAD 66.9m) from USD 20.8m (CAD 29.5m).
- The company sold two buildings for net consideration of USD 25.7m (CAD 36.5m), boosting the quarter's earnings.
- A nationwide rollout of the raddar loyalty programme, completed in mid-June 2026, lifted revenue in the Retail Services and Printing Sector.
Russian President Vladimir Putin has signed a decree, published on 21 September 2026, placing the whole of Aptar Vladimir, a plastic packaging plant held through Aptar Europe Holding, under temporary external administration. The appointed manager is H&N, the entity behind Danone's former Russian business, itself nationalised by decree in 2023. AptarGroup said the unit accounted for under 0.6% of consolidated net sales and operating income at 31 December 2025 and that it is assessing options to protect its shareholder rights.
Why this mattersThe decree extends Russia's seizure of Western-owned assets to a US packaging group, raising expropriation risk for remaining Western manufacturers in the country.
- The decree, published on 21 September 2026, places 100% of Aptar Vladimir under temporary external administration.
- Aptar Vladimir is held by Aptar Europe Holding, part of US-headquartered AptarGroup, and runs the group's only plant in Russia, at Vladimir, making caps, closures and dispensers.
- The appointed manager is H&N, the legal entity behind Danone's Russian division, nationalised under a separate decree in 2023.
- AptarGroup said Aptar Vladimir represented under 0.6% of consolidated net sales and operating income as of 31 December 2025.
- AptarGroup said it is assessing the situation and its options and flagged possible operational, legal, accounting or sanction impacts and possible impairment.
- On 17 September 2026 Putin signed a law placing the Russian assets of Auchan, Nestle, Lemana PRO and FM Logistic under temporary management by L.E.V. Management.
Butterfly Equity, a Los Angeles private equity firm focused on food and beverage, has agreed to acquire Sabert Holding Corp, a US-based maker of plastic, paper and molded fibre food packaging with 13 plants worldwide. Financial terms were not disclosed and the deal, backed by financing from UBS, Goldman Sachs and KKR Capital Markets, is expected to close in the fourth quarter of 2026. Founder Albert Salama will retain a minority stake.
Why this mattersSabert's 13 plants and multi-material foodservice range pass to a food-focused sponsor rather than a strategic buyer, keeping a scaled platform inside the private equity cycle.
- Butterfly Equity signed a definitive agreement to acquire Sabert Holding Corp, financial terms undisclosed
- Sabert operates 13 manufacturing facilities globally, including nine in the US and others in Belgium, England, Poland and China
- Sabert, founded in 1983 and based in Sayreville, New Jersey, employs about 3,000 people and holds over 400 product patents
- The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions
- Sabert founder and executive chairman Albert Salama will remain a minority investor after closing
- Financing is being provided by UBS Investment Bank, Goldman Sachs and KKR Capital Markets
The European Commission said on 21 August 2026 that PPWR compliance is triggered by the date packaging is placed on the EU market rather than its date of manufacture, so stock transferred to an independent retailer or distributor before 12 August 2026 is generally exempt, while stock still at a manufacturer's premises or with a logistics provider is not automatically covered. The Packaging and Packaging Waste Regulation became applicable across the bloc on 12 August 2026, replacing national rules and banning PFAS above set thresholds in food-contact packaging such as takeaway containers, bakery paper and pizza boxes. Labelling requirements for stock already made can be met through an accompanying document, so existing stock generally need not be destroyed or relabelled.
Why this mattersPPWR's entry into force and the Commission's stock-transition guidance together set the near-term compliance costs and reformulation timetable across the EU packaging supply chain.
- On 21 August 2026 the Commission clarified that the compliance date is when packaging is placed on the EU market, not when it is manufactured.
- Packaging transferred to an independent retailer or distributor before 12 August 2026 is generally treated as already placed on the market and is exempt.
- Stock held at a manufacturer's own premises or with a logistics provider is not automatically deemed placed on the market and must comply once placed.
- PPWR became applicable across the EU on 12 August 2026, banning PFAS above set thresholds in food-contact packaging.
- Labelling requirements for such stock may be met by an accompanying document; the Commission statement is interpretative and not a binding ruling.
- An EU-wide waste-sorting label applies from 2028 and, from 2030, empty-space limits, single-use plastic restrictions, reuse targets and recycled-content thresholds for plastic packaging.
