Reuters reported that International Paper has sold its 50% stake in a Russia-based joint venture to local Russian shareholders.
News in international markets
Finland’s Timber Shortage Causes Change in Its Forest Products Industry
The availability of wood as a raw material for industrial use is already a problem in Finland, according to reporting by YLE News.
EGGER Group Announces the Purchase of Rauch Group’s Chipboard Plant in Germany
The EGGER Group has agreed to purchase the Rauch Group’s chipboard plant located in Markt Bibart, Germany.
Smurfit Kappa Reaches Agreement to Purchase WestRock, Creating World’s Largest Paper and Packaging Company
Ireland’s Smurfit Kappa has reached an agreement to purchase WestRock for an agreed $11 billion to create the world’s largest paper and packaging company, Reuters reported.
Chile’s CMPC Agrees to Purchase Kentucky-Based Heritage Millwork
Chile-based Empresas CMPC SA has agreed to acquire Heritage Millworks (dba Powell Valley Millwork) in Lexington, Kentucky, according to Merchant Magazine.
US Wood Pellet Exports Decline Month-Over-Month but Rise Year-Over-Year in July
The US exported 651,698.8 metric tons of wood pellets in July, down from 865,995.4 metric tons in June, according to the USDA and Biomass Magazine.
Metsä Wood Announces Plans to Construct a New Kerto® LVL Mill in Äänekoski, Finland
Metsä Wood and construction company SRV have signed an agreement for the construction of Metsä Wood’s new Kerto® LVL mill in Äänekoski, Finland.
Uzbekistan Now One of the Top 5 Users of Belarusian Sawn Timber on the Belarusian Commodity Exchange
The Belarusian Commodity Exchange announced that in the 8-month period between January and August, Uzbekistan entered the top five markets for sawn timber on the exchange, according to BelTA.
Kronospan to Establish a Flooring and MDF Factory in Egypt
Kronospan will establish a factory in Egypt to produce flooring and MDF, Zawya reported, citing a press release from Egypt’s Industrial Development Authority.
Exports of Brazilian Wood-Based Products Declined Year-Over-Year in July
In July, Brazilian exports of wood-based products (except pulp and paper) declined 36.0% in value compared to July 2022, according to the International Tropical Timber Organization.