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Avery Dennison Corporation, a leading global materials science and digital identification solutions company, announced it has completed the acquisition of the U.S.-based flooring adhesives business of Meridian Adhesives Group, a global adhesives manufacturer, for the purchase price of $390 million.

So, in some grades for some players, the markets are soft. My experience goes back to the mid-1970's, so one could say I have seen this before. The first time was in tissue when simply, those with deep pockets overbuilt relative to demand, driving the prices down. In other times and other grades, there have been other reasons.

The PM40 closed Friday, 31 October 2025, at 5122.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 31 October 2025 down 12.1% from the 1 November 2024 level.

In this issue of Disconnected Comparisons, we evaluate Graphic Packaging and 3M.

The company posted a net loss of $1.10 billion, or $2.09 per share, for the quarter ended September 30, compared with a profit of $150 million, or 43 cents per share, a year earlier.

Net sales of $4.2 billion were in line with prior year with organic sales growth of 2.5 percent offset by divestitures and business exits.

The Ireland-headquartered company now expects full-year adjusted core earnings (EBITDA) to rise by between 4% and 8.5% to between $4.9 billion and $5.1 billion, from a previous $5.0 to $5.2 billion range.

UPM-Kymmene reported a 47% decline in comparable EBIT to Euro 153 million in the third quarter of 2025 as weak global pulp and paper demand and elevated wood costs continued to pressure earnings. Group sales fell to Euro 2.3 billion, down from Euro 2.5 billion a year earlier.

Company's stock prices drop as solid bleached board continues to be oversupplied.

The company's bottom line totaled $87 million, or $0.12 per share. This compares with $28 million, or $0.04 per share, last year.

Metsä Group reported a comparable operating loss of Euro 27 million for the first nine months of 2025, down from a Euro 170 million profit a year earlier, as deteriorating market conditions pressured its core businesses.

Sonoco Products Company reported net income of $122.9 million for the third quarter of 2025, up from $50.9 million in the same period last year, according to the company's earnings release. The 142% increase was driven by the acquisition of Metal Packaging EMEA and improved price/cost dynamics.

Norske Skog reported a pre-tax profit of NOK 120 million for the third quarter of 2025, a significant improvement from a loss of NOK 144 million in the same period last year, according to Norske Skog ASA. The result was driven by lower fibre costs and positive valuation effects from Norwegian energy contracts, despite decreased paper prices across both main segments.

Holmen reported an operating profit of SEK 2,531 million for January to September 2025, down from SEK 3,005 million in the same period last year, due to low electricity prices and maintenance shutdowns in its Board and Paper division.

Showing the way forward, Metsä Group will introduce a data-analytics-based operating model for wood trade, in which the bearing capacity of soil and the prevailing weather conditions determine the harvesting time for felling sites.

Reported earnings in the third quarter of 2025 include special items for costs and charges related to the Greif containerboard business acquisition and costs related to closures of corrugated products facilities.

West Fraser Timber reports a third-quarter loss of $204 million, driven by weak North American housing demand and a $67 million duty expense linked to finalized U.S. softwood lumber tariffs.

Stora Enso's Q3 2025 sales rose by 1%, driven by acquisitions and new production lines.

Södra posted a negative result for the third quarter of 2025. The result was impacted by the continued uncertain external environment combined with low demand and negative exchange rate effects.

Delivered another solid quarter in a dynamic environment.

Sofidel America will invest in a state-of-the-art Valmet tissue line to meet the growing demand of ultra-premium tissue products in the North American market. The new Advantage ThruAir tissue line will enable Sofidel America to significantly expand its production capacity of ultra-premium products for North American consumers.

The collaboration brings together Tandem Repeat's expertise in advanced biotechnology and ANDRITZ's extensive experience as a supplier of solutions and plants for the production of nonwovens and manmade cellulosic fibers.

Expertise in engineering and chemistry crucial for emission reduction.

A North American kraft pulp and paper mill will expand its woodyard with a complete Bruks Siwertell material handling system, including a cross-over stacker reclaimer and multiple conveyors.