Canfor Completes Acquisition of Millar Western Assets

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.”

UPM Biochemicals announced another important milestone in the development of the world’s first biorefinery in Leuna, Germany. In partnership with DB Cargo, the first deliveries of wood have now been made to Leuna by rail, establishing and testing the direct rail link to the Leuna operations’ wood yard. This will enable UPM to transport wood sustainably and to strengthen local supply chains, increasing the security of supply with critical raw materials. DB Cargo, specialists in the sustainable and climate-friendlier transport of goods, is a long-standing partner for timber transportation in the rail sector and has been handling UPM’s paper and pulp freight for several years. It is worth mentioning, that wood handling and processing activities have started as part of the commissioning and start-up work for the biorefinery. The first wood chips made of wood from sustainably managed regional forests have been produced, confirming the overall progress made on-site.

Stora Enso’s pilot facility for producing bio-based carbon materials from lignin has started operations. This follows the company’s EUR 10 million investment announced in 2019. Pilot production of Lignode® by Stora Enso, wood-based carbon for batteries, is currently being ramped up. Applications include electric vehicles and consumer electronics as well as large-scale energy storage systems. The global battery market is projected to grow tenfold over the next decade as battery producers seek more sustainable materials for the electrification of mobility. Since sustainability is becoming a top priority for the automotive industry, car manufacturers and battery producers are focusing heavily on reducing carbon emissions in electric cars. Today, fossil-based carbon is used in the anodes of rechargeable batteries. By converting lignin separated from wood into carbon-based anode materials, the synthetic and non-renewable graphite material can be replaced.