Clearwater Paper Reports Updated Fourth Quarter Guidance

January–September 2023 (1–9/2022) *Sales were EUR 4,624 million (5,239). *Operating result was EUR 443 million (986). Comparable operating result was EUR 431 million (966). *Result before taxes was EUR 438 million (961). Comparable result before taxes was EUR 430 million (934). *Comparable return on capital employed was 8.3% (20.0). *Net cash flow from operations was EUR 487 million (828). July–September 2023 (7–9/2022) *Sales were EUR 1,509 million (1,823). *Operating result was EUR 41 million (397). Comparable operating result was EUR 51 million (391). *Result before taxes was EUR 49 million (396). Comparable result before taxes was EUR 60 million (385). *Comparable return on capital employed was 3.2% (23.5). *Net cash flow from operations was EUR 469 million (372).

UPM further strengthens its position as the leading plywood manufacturer in Europe. Following successful growth investments in Finland and Estonia over the past few years, UPM expands its Chudovo plywood mill in Russia by investing EUR 50 million. The project will increase the mill's production capacity by 45,000 to 155,000 m3 while also broadening the mill's product portfolio. In addition to the production capacity growth, a new bio heat boiler will be built at the mill site. "The expansion of the Chudovo mill is an important step in executing our strategy. Our goal is to further strengthen our leading position in priority end-use segments. New competitive birch plywood capacity improves our ability to respond to growing demand in our key markets, while delivering industry-leading quality and reliability," says Mika Sillanpää, Executive Vice President of UPM Plywood. Click Read More below for additional information.

Kruger Inc. is announcing today a $377.6-M transaction to diversify operations at its Brompton and Wayagamack Mills into specialty niches, such as flexible food packaging, labelling and digital printing. This major project, undertaken in partnership with the Government of Québec, will help to maintain more than 500 jobs in the Mauricie and Estrie regions. The announcement was made today in the presence of Philippe Couillard, Premier of Québec; Dominique Anglade, Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy; and Joseph Kruger II, Chairman and Chief Executive Officer of Kruger, as well as Ministers Luc Blanchette, Julie Boulet, and Luc Fortin. Kruger and the Government of Québec have formed a partnership by which Investissement Québec, acting as the government's agent, will grant loans and a loan guarantee totalling $59.8 million and acquire an equity participation of 37.5%, or $44.6 million, in the new entity Kruger Specialty Papers Holding L.P. The new entity comprises the assets of the Brompton and Wayagamack Mills, as well as the Biomass Cogeneration Plant adjacent to the Brompton Mill. Click Read More below for additional detail.