Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
Norske Skog plans to rebuild paper machine PM6 at its Saugbrugs mill in Norway for flexible production of either 300,000 tonnes of TMP-based kraftliner or 230,000 tonnes of SC magazine paper, at an estimated cost of USD 91m (NOK 850m), with start-up expected in the first half of 2028. The plan came with third-quarter 2026 results showing EBITDA of USD 48m (NOK 448m), including a USD 36m (NOK 338m) gain on a property sale to Norwegian Nuclear Decommissioning. Production problems at the Golbey PM1 packaging paper machine in France held packaging paper segment EBITDA at zero.
Why this mattersA conversion to kraftliner capacity at Saugbrugs would add fibre-based packaging supply in Europe just as the group's existing Golbey packaging line struggles with output.
- Saugbrugs PM6 rebuild estimated at USD 91m (NOK 850m), with start-up expected in H1 2028.
- Rebuilt PM6 could make 300,000 tonnes of TMP-based kraftliner or 230,000 tonnes of SC magazine paper.
- Q3 2026 EBITDA was USD 48m (NOK 448m), against USD 8m (NOK 73m) in Q2, including a USD 36m (NOK 338m) gain on the NND property sale.
- Cash proceeds of USD 82m (NOK 770m) from NND arrived in early October; significant debt repayments are scheduled for Q4 2026.
- Packaging paper EBITDA was zero: Golbey PM1 shipped 60,000 tonnes at USD -4m (NOK -40m), Bruck PM3 55,000 tonnes at USD 4m (NOK 40m).
- Net interest-bearing debt was USD 474m (NOK 4,428m) at the end of Q3 2026.
- Golbey PM1 packaging paper deliveries fell to 115,000 tonnes from 122,000 tonnes, hit by drought, maintenance and press problems
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.
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.
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.
Ardagh Metal Packaging is accelerating and enlarging its European growth investment plan by building two new beverage can lines at existing plants in the UK and Spain, citing resilient demand after European shipments rose 6% in the third quarter. Q3 Adjusted EBITDA of USD 213m beat the USD 200-210m guidance range, and the company raised its full-year 2026 Adjusted EBITDA guidance to USD 785-795m. It kept its regular quarterly dividend of USD 0.10 per ordinary share.
Why this mattersTwo new can lines in the UK and Spain add European beverage-can capacity while Ardagh Metal Packaging's leverage stays above 5x Adjusted EBITDA.
- Two new can lines to be built at existing UK and Spain facilities under an accelerated and enlarged European investment plan
- Full-year 2026 Adjusted EBITDA guidance raised to USD 785-795m; Q4 guidance USD 153-163m against USD 166m a year earlier
- Q3 2026 Adjusted EBITDA rose 2% to USD 213m, above guidance of USD 200-210m
- Q3 can shipments rose 6% in Europe and fell 1% in the Americas; Europe Adjusted EBITDA rose 11% to USD 91m
- Net debt to Adjusted EBITDA was 5.1x at 30 September 2026, with total liquidity of USD 736m
- Regular quarterly ordinary dividend of USD 0.10 per share announced
Crown Holdings reported Q3 2026 net sales of USD 3.7bn, up from USD 3.2bn a year earlier, and adjusted diluted EPS of USD 2.39, up 7%. Global beverage can volumes rose more than 6%, with double-digit growth in Asia, 6% in North America and 4% in Europe, while a Middle East conflict cost about USD 17m of segment income. Crown narrowed its full-year 2026 adjusted diluted EPS guidance to USD 8.35-8.45 from USD 8.30-8.50.
Why this mattersVolume growth in all three regions, with Asia up double digits, shows can demand holding up despite a USD 17m quarterly hit from the Middle East conflict.
- Q3 2026 adjusted diluted EPS was USD 2.39 against USD 2.24, up 7%; net sales were USD 3.7bn against USD 3.2bn.
- Global beverage can volumes rose more than 6% in Q3, with Asia up double digits, North America up 6% and Europe up 4%; full-year target 4-5%.
- Segment income was USD 484m against USD 490m, including a roughly USD 17m hit from the Middle East conflict; a similar impact is assumed for Q4.
- Full-year 2026 adjusted diluted EPS guidance narrowed to USD 8.35-8.45 from USD 8.30-8.50; Q4 guidance USD 1.63-1.73.
- Adjusted free cash flow was USD 771m over nine months, with full-year guidance of at least USD 950m.
- More than USD 700m returned to shareholders in nine months, including USD 598m of buybacks and USD 115m of dividends.
Sonoco reported a third-quarter 2026 GAAP net loss of USD 732m after a USD 829m non-cash goodwill impairment on its Consumer Packaging EMEA/APAC and Industrial Paper Packaging APAC businesses, against net income of USD 123m a year earlier. Net sales fell 4.2% to USD 2.04bn, mainly because of the ThermoSafe divestiture, while Consumer volume/mix dropped 3% as drought hit food can demand and cost inflation exceeded expectations. Adjusted net income was USD 167m, down from USD 191m; Sonoco cut total debt by USD 162m, refinanced a USD 800m term loan and revised its full-year 2026 guidance.
Why this mattersThe writedown on international consumer units and a 3% Consumer volume decline contrast with 94% URB mill utilisation, leaving industrial paper as Sonoco's steadier earnings base.
- Goodwill impairment of USD 829m: USD 802m on Consumer Packaging EMEA/APAC and USD 27m on Industrial Paper Packaging APAC.
- Q3 2026 GAAP net loss was USD 732m (USD 7.36 per diluted share), against net income of USD 123m (USD 1.23) a year earlier.
- Net sales fell 4.2% to USD 2.04bn, mainly due to the November 2025 ThermoSafe divestiture; flat excluding divestitures.
- Adjusted net income was USD 167m (USD 1.67 per share), down from USD 191m (USD 1.92).
- Consumer volume/mix fell 3%; North America URB trade ton sales rose 10% with mill utilisation at 94%.
- Q3 operating cash flow was USD 285m; total debt fell USD 162m to USD 4.29bn and a USD 800m term loan was refinanced.
- Full-year 2026 guidance cut to adjusted EBITDA of USD 1.20bn-1.25bn and adjusted EPS of USD 5.30-5.50
- Industrial Paper Packaging sales rose 5.2% to USD 646m but operating profit fell to USD 88m from USD 94m
The European Commission launched a public consultation on 21 October 2026 on the role of bio-based plastics in packaging policy, running until 13 January 2027. Conducted under Article 8 of the Packaging and Packaging Waste Regulation and the EU Bioeconomy Strategic Framework, it will inform a possible assessment of demand measures, targets and sustainability requirements for bio-based feedstock, which could lead to a legislative proposal.
Why this mattersA future EU framework or targets for bio-based feedstock would reshape sourcing and investment decisions across plastic packaging producers and converters.
- Consultation launched 21 October 2026, open until 13 January 2027
- Conducted under Article 8 of the Packaging and Packaging Waste Regulation and the EU Bioeconomy Strategic Framework
- Open to manufacturers, converters, raw-material suppliers, bio-based plastics producers, recyclers, brand owners and retailers
- Aims to assess market demand measures, targets and possible sustainability requirements for bio-based feedstock
- Feedback may lead to a legislative proposal establishing a framework for bio-based feedstock in plastic packaging
- UK converter Duo Packaging says the UK Plastic Packaging Tax treats bio-based plastics the same as fossil-based plastics, disadvantaging low-carbon alternatives.
