Page 18 - PWM2024_MARCH EBOOK

NEWS CONSUMABLES AND PAPER

Fedrigoni acquires certain Valmet names
new CEO

assets of Mohawk Fine Papers Directors has appointed
Valmet’s Board of
Thomas Hinnerskov
President and CEO of
Italian specialty paper cant financial distress that Valmet. He will start in the
producer Fedrigoni today affected the U.S.-based com- position during the second
announced the acquisition pany in the past months,” half of 2024 — by the end of
of certain assets of Cohoes, Fedrigoni stated in a press September at the latest.
New York-based Mohawk release. Hinnerskov will succeed Pasi
Fine Papers.Mohawk has a “The transaction entirely Laine, who will continue as
paper mill and converting cleared the new company the President and CEO until
plant in Cohoes and a con- from existing indebtedness, his successor starts.
verting facility for the pro- allowing to preserve the Thomas Hinnerskov is a
duction of envelopes in majority of existing jobs, Danish citizen and was born
S o u t h H a d l e y , Terms and specific assets involved in the deal are not disclosed industrial activities and cus- in 1971. He joins Valmet
Massachusetts. used for personalized sta- with Fedrigoni were not dis- tomer relationships,” from Mediq B.V. where he
In addition, Mohawk tionery, wedding invita- closed. According to Fedrigoni added.
owns a paper converting tions, holiday cards and Fedrigoni, the transaction Marco Nespolo, CEO at has been working as CEO
plant in Ashtabula, Ohio other personalized prod- was finalized through a Fedrigoni Group, stated, since 2022. Prior to his cur-
(Saybrook Converting ucts. Some 75 employees new, yet to be named sub- “This is our third M&A this rent position, Hinnerskov
Center), which it abruptly involved with the Crane seg- sidiary company incorpo- year (after SharpEnd in UK was the Executive Vice
and Arjowiggins China), a
shut down last week on Feb. ment of Mohawk’s business rated by Fedrigoni to relevant step forward to President at Kone, responsi-
13, putting 93 people out of in Cohoes also were acquire Mohawk’s assets in enhance our premium prod- ble for South Europe, Middle
work. abruptly terminated on Feb. a sale process initiated by a uct offerings to customers in East and Africa between
Mohawk also owns the 13. financial institution. the U.S. in specialty papers 2021-2022 and Executive
Crane Stationery brand, The terms and specific The deal came about “fol- for luxury packaging and fine Vice President for Central
which includes fine papers assets involved in the deal lowing a period of signifi- digital printing.” Europe between 2016-2021.
DS Smith announces EUR 13 Cascades announces

million investment optimization

DS Smith announced that Cascades has announced
it is making significant an operational realignment
investments in Austria: a and optimization of its
total of EUR 13 million in its Containerboard Packaging
Margarethen am Moos and platform. The currently
Kalsdorf bei Graz plants. The idled Trenton, Ontario
investment will increase pro- (Canada) corrugated
duction in Austria by 20%. medium mill will not restart
The investment is part of operations, while the Containerboard operations
the company’s packaging Belleville, Ontario and be shut down is 175,000
segment’s ambitious growth Newtown, Connecticut short tons of corrugated
strategy in East Europe. (U.S.) converting plants will medium and 500 million
In a press release, DS be permanently closed, in a square feet of corrugated
Smith stated, “The first steps DS Smith says that it is making significant investments in Austria progressive manner, by May packaging. The company
have already been taken by tivity as well as innovation the production process, will 31, 2024. Following recent will record $61 million of
harmonising the business capabilities.” enable a significant increase strategic investments in the impairment and environ-
processes of both sites, As part of the investment in efficiency. Bear Island mill and its con- mental obligation charges
verting network, production
including quality manage- program at the plant in At the Kalsdorf facility, a from these facilities will be associated with these clo-
sures in its fourth quarter
ment and system standardia- Margarethen, new palletis- new folder gluing machine moved to other units with 2023 financial results and
tion. These initiatives are ing robots and transfer car- (Masterfold) and a high-per- available capacity and more will incur approximately $35
supported by investments in riages have been installed, formance die-cutter modern equipment. million of additional restruc-
new machinery at both sites which, in combination with (Masterline) were put into The annual production turing charges in the coming
increasing quality, produc- the targeted optimisation of operation. capacity of the equipment to years.

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