International Paper is in talks with potential bidders after unsolicited approaches for its EMEA packaging business, the former DS Smith operations, while it continues to prepare a spin-off of the unit. The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme on the New York Stock Exchange. The company says the sale process is at an early stage with no certainty of a deal, and it will hold a capital markets day on the separation on 3 November 2026.
Why this mattersA sale instead of a London listing would put the former DS Smith corrugated network under a new owner, with its strategy set by the buyer rather than public shareholders.
- International Paper said on 15 October 2026 it is in discussions with potential bidders after unsolicited approaches for its EMEA packaging business.
- The company said the sale process is at an early stage and there is no certainty a transaction will be agreed or completed.
- International Paper is pursuing the spin-off and a possible sale in parallel.
- The spin-off, first announced on 29 January 2026, is planned as a London Stock Exchange listing with a Level II ADR programme in New York; the standalone company would be named DS Smith plc.
- A DS Smith Capital Markets Day on the separation is scheduled for 3 November 2026.
- The statement was issued in response to recent share price movements and press speculation about a sale.
- International Paper agreed in April 2026 to buy North Pacific Paper Company (NORPAC) from One Rock Capital Partners for USD 360m.
- International Paper acquired DS Smith in 2025, forming the basis of the EMEA packaging business under review.
- Lone Star and Atlas Holdings are reportedly the two remaining serious bidders for International Paper's EMEA packaging assets built around DS Smith.
- Market sources say a final offer could come in below USD 6bn, against the roughly USD 7.2bn (GBP 5.8bn) International Paper paid for DS Smith in 2025.
- International Paper divested five European plants, three in France and one each in Portugal and Spain, to secure EU antitrust clearance for the DS Smith deal.
- Lone Star and Atlas Holdings are reported by the Financial Times and Reuters to be preparing separate bids for International Paper's EMEA packaging business.
- The EMEA packaging unit is valued at under USD 6bn, with no firm offer confirmed.
- International Paper cut the top end of its annual profit guidance in July 2026 after second-quarter sales missed expectations.
Asia Pulp & Paper and CVC Capital Partners are separately weighing bids for Essity's consumer tissue division, with RGE also named as a potential bidder, Bloomberg reported citing people familiar with the process. The business, which includes the Cushelle, Tempo and Tork brands, could be valued at around EUR 3bn (USD 3.4bn), and a sale process is expected to start this month. Essity says its strategic review remains open and it may decide not to divest.
Why this mattersA sale would transfer the Cushelle, Tempo and Tork brands from Essity to an Asian pulp and paper group or a financial sponsor, changing ownership of a major European tissue portfolio.
- Asia Pulp & Paper and CVC Capital Partners are separately considering bids for Essity's consumer tissue division, according to Bloomberg sources
- RGE is also named as a potential bidder
- The tissue business, including the Cushelle, Tempo and Tork brands, could be valued at around EUR 3bn (USD 3.4bn)
- The sale process is expected to start this month
- Essity says its strategic review remains open, including the possibility of not divesting
- Essity launched the strategic review of Consumer Tissue in May 2026, flagging possible separation
- Consumer Tissue generated SEK 43,537m net sales in 2025, 31% of group sales
- The division's 2025 EBITA excluding items affecting comparability was SEK 5,187m, an 11.9% margin
- Consumer Tissue employs about 13,000 people across 29 production facilities, with brands including Lotus, Tempo, Zewa, Cushelle, Plenty, Regio and Familia
Most union employees returned on 12 October 2026 to Nippon Dynawave Packaging's mill in Longview, Washington, nearly five months after a chemical tank implosion on 26 May 2026 killed 11 workers. The mill is not yet at full capacity, and staff not yet scheduled to return will be paid through 17 January 2027, according to the AWPPW union.
Why this mattersWith most of the workforce back but the mill still below full capacity, output from Longview remains constrained after an accident that killed 11 employees.
- A chemical tank implosion at the Longview, Washington mill on 26 May 2026 killed 11 employees and injured several others, including a firefighter.
- The tank released hundreds of thousands of gallons of white liquor, the chemical used to break wood down into pulp.
- Most union members represented by the AWPPW returned to work on 12 October 2026, nearly five months after the incident.
- The mill was still not operating at full capacity as of 12 October 2026.
- Employees not yet scheduled to return continue to be paid through 17 January 2027, according to the union's Washington area representative.
Mondi has cut the recoverable value of the land, buildings and plant at its Duino mill in Italy to EUR 37m from a book value of EUR 234m, a EUR 197m write-down disclosed in the notes to the subsidiary's 2025 accounts and to be booked this year. The former Burgo coated-paper site, bought in 2022 and converted to recycled containerboard, started production in May 2025 and lost EUR 57m on revenue of EUR 46.6m in 2025. Mondi injected a further EUR 235m of capital in July 2026 and expects 2026 revenue to more than double.
Why this mattersAn 84% impairment soon after start-up shows how overcapacity, price pressure and energy costs have undermined the case for converting European graphic-paper mills to containerboard.
- Recoverable value of the Duino mill's land, buildings and plant cut to EUR 37m from EUR 234m, a write-down of EUR 197m (84%).
- Mondi Duino posted a 2025 net loss of EUR 57m on revenue of EUR 46.6m, with EBITDA of minus EUR 41.1m; production started in May 2025.
- Mondi paid EUR 40m for the former Burgo site at San Giovanni di Duino in 2022 and invested a further EUR 212m.
- Mondi made capital contributions of EUR 80m in 2025 and EUR 235m in July 2026; its financial commitment exceeded EUR 250m up to 2025.
- Mondi expects Duino's 2026 revenue to more than double from 2025 and says production is on plan.
- The accounts' notes state the mill could not currently be sold to another operator; Mondi has not decided to close or sell it.
The European Commission says it is not convinced UPM and Sappi's planned graphic paper joint venture would bring enough cost, environmental or resilience benefits to offset the risk of higher prices, less choice and lower quality, and The Capitol Forum reports it doubts behavioural remedies will suffice as the companies discuss concessions. Gunnar Eberhardt, UPM's head of graphic papers and designated chief executive of the venture, says the project is on schedule with bank financing secured and expects a decision in early November 2026. He argues pricing power is not a risk in a market that shrank from 40 million tonnes in 2008 to 13 million tonnes in 2025, with 30% overcapacity.
Why this mattersA block would leave Europe's two largest graphic paper producers to manage a market with 30% overcapacity on their own, including any mill closure decisions.
- The Commission says it is not convinced the venture offers enough savings, environmental or resilience benefits to outweigh risks of higher prices, less choice and lower quality.
- The Capitol Forum reports the Commission doubts behavioural remedies will be enough for the EUR 1.42bn (USD 1.60bn) venture while the companies discuss concessions.
- The parties presented their case at an oral hearing on 15 September 2026; UPM expects a decision in early November 2026 and the venture to be in place in early 2027.
- Gunnar Eberhardt of UPM is designated chief executive and Stephen Blyth of Sappi chief financial officer; bank financing is secured.
- European graphic paper consumption fell from 40 million tonnes in 2008 to 13 million tonnes in 2025, with 30% overcapacity and 8 million tonnes expected in 2030.
- If cleared, about 2,500 employees and 1.2 million tonnes of German graphic paper output would move into the venture.
UPM has inaugurated its biorefinery at Leuna, Germany, an investment of EUR 1.37bn (USD 1.54bn) with annual production capacity of 220,000 tonnes. The plant uses enzymatic hydrolysis to turn beechwood thinnings and sawmill residues sourced within about 200km into industrial sugars and lignin, feedstock for chemicals used in packaging, clothing, cosmetics, construction materials and tyres. Hydrolysis and lignin-based speciality chemicals have reached stable operation, and UPM is raising sales as the wider ramp-up continues.
Why this mattersA 220,000-tonne wood-to-chemicals plant gives packaging and other manufacturers fossil-free sugar and lignin feedstock at industrial scale, drawn from regional beechwood thinnings and sawmill residues.
- Investment of EUR 1.37bn (USD 1.54bn) at the Leuna site in Germany
- Annual production capacity of 220,000 tonnes of wood-based biochemicals
- Feedstock is beechwood forest thinnings and sawmill residues sourced within about 200km
- Enzymatic hydrolysis and lignin-derived specialty chemical production have reached stable operation
- Output can replace fossil-based inputs in packaging, clothing, cosmetics, construction and tyres
- UPM also runs a biorefinery in Lappeenranta, Finland
- UPM states all processes at the Leuna biorefinery have reached stable operation as of 20 October 2026
A Luxembourg summary judge on 15 October 2026 withdrew an order, imposed in mid-September, that had blocked Ardagh Holdings from selling all or part of its 76% stake in Ardagh Metal Packaging. Ardagh Holdings can now resume work with its advisers on a possible sale, first announced on 13 August 2026, of a business valued at about EUR 2.74bn (USD 3.08bn). AMP runs 23 beverage can plants in nine countries and had 2025 sales of USD 5.5bn.
Why this mattersA sale of the controlling 76% stake could change who owns a leading beverage-can supplier across Europe and the Americas.
- A Luxembourg summary judge on 15 October 2026 withdrew an order that had blocked Ardagh Holdings from selling all or part of its interests in Ardagh Metal Packaging.
- The court had halted the sale process in mid-September 2026.
- Ardagh Holdings owns 76% of AMP and first announced plans for a possible sale on 13 August 2026.
- The metal packaging business has been valued at about EUR 2.74bn (USD 3.08bn).
- AMP operates 23 production facilities in nine countries, employs about 6,500 people and had 2025 sales of USD 5.5bn.
- AMP shares rose 2.5% in early trading on 15 October 2026.
A decree signed by President Vladimir Putin on 15 October 2026 places three foreign-linked packaging producers in Russia under temporary management by OOO Management Company Capital Center: 12,600 ordinary shares of Kappa Rus, 99.71% of Menshen Packaging CIS and 100% of Eviosys Packaging Kuban. TASS names the owners as Georg Menshen, Sonoco Packaging Netherlands Investments and Sverige International Holdings, the vehicle through which Smurfit Kappa sold Kappa Rus to management in 2023. The decree responds to EU support for Ukraine; the Kremlin says it can be reversed.
Why this mattersMoving Russian units tied to Sonoco and Menshen into temporary management shows the exposure Western groups still carry in Russia, as do the buyers of businesses they sold there.
- A decree of 15 October 2026 transferred 12,600 ordinary shares of Kappa Rus, 99.71% of Menshen Packaging CIS and 100% of Eviosys Packaging Kuban into temporary management.
- TASS names the foreign owners as Georg Menshen GmbH & Co. KG, Sonoco Packaging Netherlands Investments B.V. and Sverige International Holdings AB.
- OOO Management Company Capital Center was appointed as manager.
- Kappa Rus, a Smurfit Kappa subsidiary until its 2023 sale to management via Sverige International Holdings, makes corrugating medium, containerboard and corrugated packaging; 2025 revenue was RUB 16.5bn.
- Eviosys Packaging Kuban is among Russia's largest tin can producers; Menshen Packaging CIS makes plastic packaging.
- The decree, which also covers Russian assets linked to Tarkett, responds to EU support for Ukraine; the Kremlin said it could be reversed.
- Dagens industri identifies Swedish businessman Patrik Ström as the owner behind Sverige International Holdings
- Kappa Rus comprises three corrugated board plants, one paper mill and one bag-in-box facility
- Sverige International Holdings booked Kappa Rus shares at SEK 933m (USD 94.3m) in its 2024 annual report
- Ström retains legal ownership of the shares but loses operational control and dividend rights
- Belgian hygiene group Ontex is also named among companies whose Russian assets were placed under temporary management.
- The Kremlin linked the move to earlier September 2026 seizures affecting Nestle and retailers Auchan and Metro.
- Russia cites the EU's freeze of about EUR 210bn (USD 235.7bn) in Russian sovereign assets as a trigger for the decree.
- Combined annual revenue of the five entities named in the decree, including Tarkett and Kappa Rus, exceeds RUB 50bn (EUR 532m)
- Ontex RU, part of Belgian hygiene group Ontex, was also placed under temporary state management in the same decree
- The appointed manager, referred to as Centre Capital, is headed by Marat Mirkhaydarov, a former regional governor's chief of staff
- Ontex Russia, with about 350 employees, a Noginsk plant and a Moscow sales office, was placed under interim administration under the same decree mechanism
- Ontex Russia accounts for about 5% of group revenue and 7-8% of adjusted EBITDA under IFRS
- Ontex says it is investigating the measure and will consider actions to protect its assets and operations
- Flooring maker Tarkett's Russian assets were confirmed as covered by the same decree mechanism, alongside Menshen Packaging CIS, Kappa Rus and Eviosys Packaging Kuban
- The Kappa Rus manager appointed under the decree is identified as Centre Capital, a company registered in February 2026.
- Patrik Strom is named as the Swedish businessman holding formal share ownership of Kappa Rus despite losing operational control.
- Ontex, alongside Tarkett and Menshen, is named as a group whose Russian assets were placed under state administration the same day.
Private equity firms Atlantic Ridge Capital and Grafine Partners have agreed to acquire US stretch and shrink film maker Paragon Films from Rhône for roughly USD 900m. Atlantic Ridge will lead the deal and work with existing management on growth; completion is expected in the fourth quarter of 2026.
Why this mattersA roughly USD 900m sale of a US stretch and shrink film maker from one private equity owner to another gives a reference point for valuing North American film converters.
- Deal value is roughly USD 900m.
- Seller is Rhône, which acquired Paragon Films in December 2021.
- Completion is scheduled for the fourth quarter of 2026.
- Paragon Films was founded in 1988 and is based in Broken Arrow, Oklahoma.
- Paragon acquired Mexico-based Xpack Films last year to add shrink films to its range.
- Paragon's product line includes Beyond, a thin-gauge machine film made with post-consumer recycled content.
Spain's competition authority CNMC conducted unannounced inspections between 6 and 9 October 2026 at the premises of several leading corrugated cardboard manufacturers. The regulator is investigating suspected market-sharing, price coordination and exchange of commercially sensitive information among competitors; the inspections precede any formal opening of penalty proceedings and do not establish guilt.
Why this mattersA cartel case would expose Spain's leading corrugated box makers to fines and put box pricing to Spanish food and logistics customers under regulatory scrutiny.
- CNMC carried out unannounced inspections at several leading Spanish corrugated cardboard manufacturers between 6 and 9 October 2026
- The probe examines alleged non-aggression agreements, customer allocation, price coordination and exchange of sensitive information
- The inspections precede any formal penalty proceedings and do not prejudge guilt
- CNMC's leniency programme remains open to companies that provide evidence of a cartel before the case is resolved
- CNMC operates an anonymous whistleblower platform, SICA, for reporting suspected anticompetitive practices.
