Historic wage increases at the Kruger plant in Trois-Rivières

Verso Corporation announced the appointment of Randy J. Nebel as President and Chief Executive Officer. Mr. Nebel has served as interim President and Chief Executive Officer since October 2020 and has been a member of Verso's Board of Directors since November 2019. "We are pleased that Randy has accepted our offer to transition from the interim role to a permanent position," said Chairman of the Board Sean Erwin. "His more than 40 years of knowledge in the paper and packaging industry, combined with his breadth of executive leadership experience, make him the right choice for this role."

Julie Schertell, CEO of Mativ, commented, “We are very pleased with the completion of the sale of Engineered Papers. They have a great team and strategy in place for a successful future. For Mativ, this is an important part of unlocking our strategy to become a leading manufacturer of specialty materials. As we head into 2024, over 80% of our revenue will be from our Advanced Technical Materials segment, where we have strong positions in large, growing, profitable markets.” The net impact of the transaction on Mativ’s debt is expected to be a reduction of more than $600 million, which equates to approximately 35% of Mativ’s outstanding debt balance as of the end of the third quarter, and is subject to customary post-closing adjustments. This debt reduction is expected to be effective early December 2023. “This transaction fully aligns with our commitment to continued debt reduction and operational focus in attractive markets that accelerate our growth and expand our margins,” stated Schertell. “It marks a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders.”

SCA to invest SEK 150 million in new processing equipment at Munksund paper mill in an initiative set to reduce environmental impact. “We will increase our production of pine oil, which is used to produce biofuels. At the same time, we’ll reduce energy consumption,” says Jens Riglert, site manager at Munksund’s paper mill. Pine oil is a by-product of the production of pulp and originates from the wood used. The chemical industry has long used pine oil to produce a wide variety of products including paint and detergents, but now it is also a sought-after raw material for producing biofuels. “Pine oil is key to the transition to a fossil-free society. It can replace fossil fuels and thus help reduce global warming. Demand is increasing in Sweden and globally, as interest in biofuels increases,” says Riglert.