Resignation of Michael Korenberg

Total European shipments of graphic papers in January 2017 were down 1.2% vs. January 2016. Total European shipments of newsprint in January 2017 were down 3.8% vs. January 2016. Total European shipments of sc-magazine in January 2017 were down 10.4% vs. January 2016. Total European shipments of coated mechanical reels in January 2017 were UP 6.7% vs. January 2016. Total European shipments of uncoated mechanical (improved & others) in January 2017 were UP 14.8% vs. January 2016. Total European shipments of coated woodfree in January 2017 were down 1.2% vs. January 2016. Total European shipments of uncoated woodfree in January 2017 were down 4.4% vs. January 2016.

Paper Excellence announced that the ICC (International Chamber of Commerce) arbitration court has ruled in favor of Paper Excellence thereby enabling Paper Excellence to proceed with the full acquisition of the Brazilian-based pulp producer Eldorado Brasil Celulose. The acquisition will be completed under the terms of the agreement between Paper Excellence and J&F Investimentos that was entered into in 2017. Paper Excellence presently owns 49.41% of Eldorado. With the completion of this acquisition, Paper Excellence will strategically enhance its international presence in the pulp and paper markets in the Americas and its ability to serve customers across the globe. Eldorado, with headquarters in Três Lagoas, in Mato Grosso do Sul, is one of the world’s largest pulp producers.

A number of interested parties have visited Crown Van Gelder sparking hopes that the mill could be rescued and restart production in the near future. The Netherlands-based papermaker, best known for its Crown Letsgo range of high-speed inkjet papers, filed for bankruptcy last week after running out of cash. A source close to the situation said they were hopeful for a speedy resolution: “For the time being the [paper] machines are not running but hopefully we can be up and running again soon – this is a very good company and we will restart.”