WestRock Provides Update on Ransomware Incident

Rayonier Advanced Materials Inc. announced preliminary second quarter results which were impacted by COVID-19 market-related conditions. The Company expects earnings and Adjusted EBITDA for the quarter to be slightly below prior year, driven by an approximately 12 percent decline in revenues. Compared to the prior year period, results for the second quarter were aided by improvements in Forest Products and Paperboard segments driven by increased prices for lumber and lower raw material costs for paperboard, respectively. These benefits were offset by COVID-related impact on: 1) global demand for High Yield Pulp and Newsprint; 2) sales volumes in High Purity Cellulose due to softer demand in textile, automotive and construction end markets; and 3) logistics delays impacting High Purity Cellulose volumes. Corporate costs increased modestly from prior year, primarily due to an increase in non-cash charges. With a focus on working capital and capital expenditures, liquidity improved $19 million in the quarter to $164 million, including $49 million of cash.

Innovation Norway has allocated NOK 15 million in support of building a demonstration plant for the development of fiber composite production at Norske Skog Saugbrugs. This will accelerate the on-going development work to industrialize the production of a new type of biocomposite, which can be included in furniture, packaging and car interiors. Norske Skog Saugbrugs will develop sustainable solutions related to plastic raw materials, fiber blending, technology development and testing of biocomposites. "We want to contribute to reduced plastic consumption by creating new, green products with significantly reduced carbon footprint, and find good solutions to recycle significantly more plastic than today. The plant is crucial for accelerating the industrialization of new sustainable, bio-based products," says CEO Kjell-Arve Kure at Norske Skog Saugbrugs. Norske Skog Saugbrugs is now well under way with the development of finding solutions to problems related to plastic raw materials, fiber blending, technology development and testing of biocomposites. The demonstration facility will be a prerequisite in the further development work to succeed.

Sustana, the sustainable fiber and paper industry leader, announced today that it has completed a transaction with Hanna Paper, one of the largest high-grade paper recycling companies in North America. Headquartered in Toronto, Canada, Hanna processes 300,000 tons of paper annually through its eight recovery facilities across North America. The company employs approximately 200 employees and services over 1,000 customers. “Today marks an exciting milestone for Sustana and the long-term stability of our supply chain,” said Fabian de Armas, CEO of Sustana. “We are steadfast in our commitment to sustainability, and we are thrilled to welcome Hanna, a long-time leader in our industry, to the Sustana family. We look forward to growing together with Hanna and its team as we continue to deliver on our vision of a circular economy.”