UPM Raflatac helps brands increase efficiency and hit sustainability goals with expanded OptiCut™ Linerless Label portfolio

Rayonier Advanced Materials Inc. announced that it has sold 28,684,433 common shares of GreenFirst Forest Products Inc. to a wholly-owned subsidiary of Interfor Corporation for approximately $43.3 million. The agreement contains a Purchase Price Protection clause whereby the Company is entitled to participate in further stock price appreciation under certain circumstances and for a specified period. Consistent with prior communications, the Company expects to use cash proceeds from this transaction to opportunistically repay debt or assist with a holistic refinancing of its capital structure, including its Senior Notes due on June 1, 2024.

Norske Skog’s EBITDA in the first quarter of 2021 was NOK 112 million, a decrease from NOK 146 million in the fourth quarter of 2020. The markets are still impacted by the Covid-19 imposed restrictions, but are expected to improve during the year as a result of both already effectuated, but also newly announced capacity closures. As announced earlier today, Norske Skog’s board of directors has made a EUR 100 million investment decision to convert one machine at the Bruck (Austria) industrial site from newsprint to recycled containerboard production. This is the first major step of the two planned European conversion projects in the group’s strategy of establishing Norske Skog as a leading independent European producer of recycled containerboard. Cash flow from operations was NOK 163 million in the quarter compared to NOK 73 million in the previous quarter, mainly due to a reduction in working capital related to Norwegian CO2-compensation received for 2020 in the quarter. Operating earnings in the first quarter of 2021 were NOK 204 million compared to operating earnings in the fourth quarter of 2020 of NOK -1 276 million. The quarter was positively affected by non-cash change in fair value of energy contracts in Norway and New Zealand amounting to NOK 199 million. Net profit in the quarter was NOK 194 million compared to a net loss of NOK -1 363 million in the previous quarter. Net interest-bearing debt was NOK 401 million at the end of the first quarter, with an equity ratio of 43 %.

Twin Rivers Paper Company’s Edmundston pulp mill recently completed a biomass cogeneration unit maintenance shutdown; a project which began in the middle of April. In planning for more than a year, the project was designed to maintain and refurbish the co-generation unit to ensure green power continues to flow to the grid uninterrupted. “The last 14 months have been a challenge for everyone with the COVID-19 pandemic, and the last number of months have been a roller-coaster for the Edmundston region as case counts have risen and fallen back down again,” says Brian McAlary, Vice-President Development, Technical & Export Sales.