Canfor Subsidiary Closes Acquisition of Strategic Assets

On World Wetlands Day, Paper Excellence Canada announced it has donated $150,000 to Ducks Unlimited Canada (DUC). The largest single donation in Paper Excellence Canada’s history will support wetlands conservation and stewardship in boreal forest regions of Saskatchewan and British Columbia. The donation will also support wetlands training for residents and employees in industries that operate or work in the boreal forest regions of the two provinces. “On behalf of Paper Excellence Canada, I am thrilled to present this donation to Ducks Unlimited Canada and begin this exciting investment in supporting wetlands stewardship and education,” said Carlo Dal Monte, Vice President for Paper Excellence Canada. “Paper Excellence Canada is committed to conservation and sustainability in the regions where we operate, and working with Ducks Unlimited Canada on this initiative is another example of our company’s ongoing work.”

The Company reported operating income of $4.9 million for the first quarter of 2021, an improvement of $33.2 million from the reported operating loss of $28.3 million for the fourth quarter of 2020, reflecting improving global pulp market conditions, combined with a 25% increase in pulp production quarter-over-quarter. During the first quarter of 2021, global pulp markets experienced a surge in US-dollar list prices in response to an uptick in demand, particularly from China, combined with ongoing global logistic constraints and supported by strong price increases on the Shanghai Futures Exchange. As a result, Northern Bleached Softwood Kraft (“NBSK”) pulp list prices on orders from China saw sharp increases throughout the period, reaching a high of US$973 per tonne in March to average US$883 per tonne for the current quarter, up US$246 per tonne, or 39%, from the previous quarter. Prices to North America also saw sharp increases, although not at the same levels as those in China, up US$164 per tonne, or 14%, quarter-over-quarter to US$1,302 per tonne (before discounts). Reflecting the lag between orders and shipments, the significant majority of these price gains will be realized in the second quarter. NBSK pulp unit sales realizations reflected improved prices on shipments in the current period, which more than offset a 2 cent, or 3%, stronger Canadian dollar. Average Bleached Chemi-Thermo Mechanical Pulp (“BCTMP”) unit sales realizations were broadly in line with the previous quarter as more modest upward positive trends in BCTMP US-dollar pricing were largely offset by the stronger Canadian dollar.

Avery Dennison Corporation has appointed leaders for its two business segments. Hassan Rmaile has been named president of the Materials Group. Francisco Melo has been named president of the Solutions Group, a role that has been open since Deon Stander’s appointment to president and chief operating officer in March of 2022. As earlier announced, the company now consists of two reportable segments. The Materials Group comprises what was formerly Label and Graphic Materials and Industrial and Healthcare Materials. The change reflects efforts in recent years to leverage their combined operational capabilities and technologies to enhance the ability to win in their respective marketplaces. The Solutions Group was formerly Retail Branding and Information Solutions. This name change better reflects the business’s reach and ambition for its solutions beyond retail. Rmaile and Melo report to Avery Dennison President and COO Deon Stander.