Metsä Group plans to end its sawn timber production in Merikarvia

Stora Enso intends to divest its wood products DIY (Do It Yourself) unit in Amsterdam, the Netherlands to Megahout, backed by the private equity company Quadrum Capital. Closing is expected in Q3 2023, subject to regulatory approvals and consultation with employee representatives. The intended divestment of Stora Enso Timber DIY Products B.V. is in line with Stora Enso’s long-term strategy to focus on developing integrated mills for wood products production. The Amsterdam planing site is a small non-integrated unit with limited investment and growth opportunities and thus considered a non-core asset for Stora Enso.

Global Win Capital Corporation (GWCC) ultimately owned by Shanying International, announced the appointment of Michael Grimm as its new president and chief executive officer. Grimm assumes day-to-day leadership of the North American business unit and underlying investment in North America which includes Phoenix Paper Wickliffe LLC. Mr. Grimm brings more than 30 years of relevant manufacturing experience to his new role. The announcement was approved by the board of directors of GWCC and was shared by Henry Yan Vice President of Shanying International, who remarked that Grimm was a “standout in a long, intensive international search.” Henry also added, “Mike is a strong match for what we were looking for to lead the North American business unit. He brings direct experience in the Uncoated Freesheet market as well as a solid track record of leading manufacturing organizations through highly successful operational and commercial transformations. We welcome Mike and are excited about the extensive knowledge and experience he brings to Phoenix Paper.”

Label and Graphic Materials *Reported sales increased 12% to $1.5 billion. Sales were up 20% ex. currency and 20% on an organic basis.*Reported operating margin increased 60 basis points to 14.3%. *Inflation continues to be significant in the company’s materials businesses, with it now anticipating more than 20% inflation in 2022 compared to prior year. Retail Branding and Information Solutions *Reported sales increased 17% to $623 million. Sales were up 22% ex. currency and 7% on an organic basis. *Reported operating margin increased 120 basis points to 12.2%. Industrial and Healthcare Materials *Reported sales decreased 2% to $192 million, up 5% on an organic basis. *Reported operating margin increased 100 basis points to 10.6%.