Paper

99
Exhibit 10.6: Paper Producer
Price Indices. 2016
Source; US Department
^ ^<J' s:!^ ^o^ ^ of Labor, Bureau of Labor
-i"^ Statistics

^ Index Figures:
^ 100 = January 2016

© 2 0 1 7 AWA A\^'- " ' " ^ n Associates 261

 Thermoplastic Resins and Plastics Materials

130

Exhibit 10.7: Thermoplastic

Resins and Plastics
Materials Producer Price
Indices
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2011

107 -f-

Exhibit 10.8: Thermoplastic

Resins and Plastics
Materials Producer Price
Indices, 2016
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 ^ January 2016

262
 Plastics Pacl<aging Film and Sheet

120

115

110

105

J
1
*

Exhibit 10.9: Plastic

100 f 1
Packaging Films & Sheets
Producer Price Indices
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2011

102

101

100

Exhibit 10.10: Plastic

Packaging Films & Sheets
Producer Price Indices, 2016
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100= January 2016

© 2017 AW/ 263

 Adhesives

Exhibit 10.11: Adhesive

Manufacturing Producer
Price Indices 100
Source; US Department 99
of Labor, Bureau of Labor
<^^' ^'
Statistics

Index Figures:
100 = January 2011

101

100

Exhibit 10.12: Adhesive

Manufacturing Producer
Price Indices, 2016
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2016

264 -WA Alexandet

 Printing Inks

Exhibit 10.13: Printing Inks

Producer Price Indices
Source: US Department
^-^-^ J> J> 4^' <f J' 4> of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2011

102

101

100

Exhibit 10.14: Printing Inks

Producer Price Indices, 2016
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2016

265
.es
 Resin and Synthetic Rubber

120

Exhibit 10.15: Resin and

Synthetic Rubber Producer
Price Indices
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2011

105

104

103

102

101

100
Exhibit 10.16: Resin and
Synthetic Rubber Producer
Price Indices, 2016
Source: US Department
of Labor, Bureau of Labor
98
Statistics

Index Figures:
100 = January 2016

266
 Chemicals

Exhibit 10.17: Chemical

' ' ' ' ' ' 1 1 1 1 1 1 1 [ Producer Price Indices
Source: US Department
of Labor, Bureau of Labor
Statistics

Index Figures:
100 = January 2011

103 -r-

102

101

100
Exhibit 10.18: Chemical
Producer Price Indices, 2016
Source: US Department
of Labor, Bureau of Labor
«^ i^' N-^^ ^O-^ Statistics

Index Figures:
100 = January 2016

2017 AW/ 267

 Platinum

110

100

I ' I I I ' I I I I I 1 I ' I I I I ' I ' ' ] I I I I 1 I I I r I [ i I [ I j ' I I I I [ I I I J I

Exhibit 10.19: Platinum

Price Indices
Source: Platinum Today

Index Figures:
100 = January 2011

135
130
125
120
115
110

Exhibit 10.20: Platinum

Price Indices, 2016
Source: Platinum Today

Index Figures:
100 = January 2016

268 .05
 Summary

130

120
110

100

90

80

Exhibit 10.21: Raw Material

Price Indices (Excluding
• Adhesives •Chemicals Platinum)
• Paper Plastics Packaging Film and Sheet Source: AWA
-Printing Ink -Wood Pulp
Index Figures:
-Resin and Synthetic Rubber •Thermoplastic Resins and Plastics Materials
100 = January 2011

108
106
104
102

100
98
96
94
92
90

Exhibit 10.22: Raw Material

•Adhesives •Chemicals Price Indices (Excluding
-Paper — Plastics Packaging Film and Sheet Platinum), 2016
Source: AWA
-Printing Ink Wood Pulp
•Resin and Synthetic Rubber Thermoplastic Resins and Plastics Materials Index Figures:
100 = January 2016

(L r - . i . " .;,sociates 269

With sustained pricing pressures all the way through the value chain, the
key questions are how much, and when, any uplifts in raw material costs
can be passed on to the consumer - in a marketplace where consumer
goods manufacturers are Increasingly pushing back in terms of costs.

All of these will have bearing on the ability of pressure-sensitive labels

to continue growing at above-average label market growth rates.

270 © 2017 AWA Alexander Watson Associates

10.2 Pressure-sensitive Labe
Printing

There are two groups of printing/converting technologies applicable to

pressure-sensitive labels:

» Those intended for VIP applications

» Those intended for primary label, functional/security, and promotional
applications

For VIP applications, end users are adopting print-on-demand technology.

Typical processes include dot matrix, laser, thermal transfer, direct thermal,
and Inkjet. Technological advances have allowed for on- site printing of
high-resolution barcodes, lettering, and decoration. Advances in on-pack
serialization for product authentication These print-on-demand solutions
allow the end user to print the exact number of labels, with the required
information, at the time they are needed.

In primary label print applications, it is an increasing feature among label

converters that their presses are required to produce more than one
label format. Today, many printers convert pressure-sensitive labels,
sleeve labels, and wraparound labels on the same equipment, and are also
producing packaging styles other than labels, such as single- and multi-
ply flexible packaging laminates, tags, and, in exceptional circumstances,
folding cartons.

Narrow-web, rotary press technologies dominate the conversion of

pressure-sensitive labels in the established North American, European, and
Australia/New Zealand markets and investments in this label conversion
format is also strong in developing regions such as South America and
India.

However, there are regional variations in the predominant form of printing

technology used.

In Europe, all available printing processes are utilized by label printers, but
flexo is the significant leaden Rotary offset litho and letterpress, screen
printing, foiling (hot and cold}, and gravure are also used; and today many

271 © 2017 AWA Alexander Watson Associates

label printers combine different processes inline with flexo - eg screen
and digital print. Press manufacturers today offer label printing lines
that combine both analog and digital technologies.

Digital printing accounts for between 25% and 30% of pressure-sensitive

label conversion in Europe and is growing.

In North America, as in Europe, almost all printing processes are used in

the conversion of pressure-sensitive labels. Flexo is the majority format
used by over 90% of pressure-sensitive label converters, with roll-fed
water-based flexo the most widely used printing technology (80%) and
UV flexo accounting for around 60%, often in combination with water
based flexo with 75% of converters using this form of press. Combination
presses using flexo alongside aditional processes such as screen, Inkjet,
foiling, etc account for around 40% of the market.

Digital processes are the third most popular form of label conversion after
UV and water-based flexo in North America, with >50% of converters
employing the technology in house.

The Asian printers and converters of labels are more fragmented in their
printing process choices.

In South East Asia, rotary narrow-web presses are used less than in Europe
and North America. It is estimated that narrow-web accounts for around
60% of usage, with letterpress printing, although flexo is growing rapidly.
Foiling and screen process printing are also used.

South East Asia is trending to flexo printing - with UV flexo the major
direction for investment in narrow-web rotary presses, often in
combination with other processes such as foiling, screen, and digital
processes. Investments in stand-alone digital presses are also noted.

In India, in more recent years, the flexo process, particularly UV flexo, has
begun to take hold, with strong investment. The Indian market appears
to be following the European trend and is supported by European press
producers who are active throughout the country.

In China, there is a drive for the print standards and consistency provided
by narrow-web flexo presses, as a result of global end users/brand owners
establishingtheir FMCG product portfolios in China, Chinese printers and
converters are reluctant to invest quickly in technology as:
n The cost of imported label presses is high
w The quality of locally-produced label presses is not yet considered to
be of a generally acceptable standard
» The costs of spares and maintenance is high
» Origination costs are high

In South America, a major driver in the growth of the pressure-

sensitive label market Is the Investment in modern, narrow/-web printing
technologies across ail the countries in the region. The regular Investments
by South American printers In state-of-the-art presses Is giving rise to an
overcapacity situation across the region to further compound the highly-
fragmented nature of label printer/converter sector.

With modern in-line combination label presses, every possible combination

of screen, letterpress, flexo, offset, /or hot/cold foil blocking, and digital
print can be achieved In line, often in one pass, as well as the addition of
matt or gloss varnish. The printer can also add value with thermochromic,
photochromic, holographic, and other on-press/ink-based processes on
a broad variety of facestock and adhesive combinations.

275
10.3 Pressure-sensitive Labe
Application Processes

The application of pressure-sensitive labels requires some form of labeling

machinery. In pressure-sensitive VIP labeling, such applicators range from
small, manually operated, hand-held units and larger, semi- automatic
units to fully-automatic application units. In primary product labeling,
applications units are essentially semi-automatic or automatic.

In pressure-sensitive VIP label applications, the numbers of labeling

machines in use will run into the hundreds of thousands. These range
from the simple, hand-held pricing guns familiar in the retail environment,
through the point-of-pure base priceweigh label printers/labelers, to more
sophisticated automated equipment for coding or printing of variable
data/serialization on labels and their subsequent application to a range of
products in retail, logistics, industrial chemicals, and many other market
segments.

In the primary product labeling sector, there is considerable choice

in label application solutions, which range from simple in-line units to
complex, high-speed rotary labeling lines capable of applying multiple
labels to a container in a single pass.

There are three basic types of automatic pressure-sensitive labeling

machine:

» Direct Transfer - The label is dispensed directly onto the package or

product and wiped on as the product passes the labeler The label
must be dispensed In the same direction as the product is moving
In, and at approximately the same speed. This method is primarily
used on flat, regular surfaces for primary, secondary and wraparound
labeling.
» Tamp Applications - The label Is dispensed from the web backing
and then held in position on a tamp pad by vacuum. The tamp pad
is connected to an actuator that, when signaled by an operator or
product detector, extends itself to the product for label attachment.
Tamp applicators are used for applying labels into deep recesses, or
where accessibility to the product Is restricted.

274 © 2017 AWA Alexander Watson Associates

» Air-jet Applications - The label is dispensed completely from the
release liner and held in position by a vacuum across the perforated
front of an air box. The label is then applied directly to the product by
a blast of air when signaled by product detection or manually by an
operator. Air-jet applicators are used for primary, secondary, specialty,
and barcode labeling on regular, irregular, curved, or recessed surfaces.
The air-jet process is generally used for side panel labeling.

There are hybrid labeling machines that use certain of the features
described for the three basic systems above. These hybrid machines
include:

» Tamp-blow - This system uses features of the tamp and air-jet

processes for applying small, thin film labels. The tamp-blow applicator
is ideal for labeling application in restricted and less-accessible places
without any physical contact with the product. The label is dispensed
onto a tamp pad and when the actuator extends itself to apply the
label, a blast of air through the tamp pad propels the label to the
product,
» Tac-wrap - In this system, the leading edges of the label are applied
to the product using air-jet, direct transfer, or tamp processes. Label
application is then completed in a wrap station. Tac-wrap applicators
are used for side panel and for wraparound labeling.
» Vacuum-wrap-This is a variation of the tac-wrap process. The label is
detached from the release liner and held in position on a vacuum grid.
The leading edge of the label makes contact with the product at the
entrance to the wrap station, and is then wrapped around the product
as It moves through the wrap station. Vacuum-wrap applicators are
easy to set up and are used for side panel, and wraparound labeling.

The configuration of these automatic labelers follows two basic layouts:

» In-line - The direction of label application is in the direction of product

flow. These are the simpler machine types, and such label applicator
equipment can be mounted above, or to the side of, the product
conveyor. Typical application speeds are in the order of 200 to 300
labels per minute.
» Rotary- In these applicators, conveyors carrying product are directed
into a carousel arrangement, with label applicators mounted on the
outside of the carousel. Within the carousel, the product to be labeled
is positioned and labeled, and any post-labeling requirements are
completed. This format allows for the use of multiple label applicators

275 © 2017 AWA Alexander Watson Associates

 for multi-set labeling, and for the introduction or the use of a selection
of label applicator modules facilitating changeovers of label formats
- typically between wet glue and pressure-sensitive labels in the
beverage sector.

Rotary labeling machines are used to satisfy higher-volume/larger

throughputs, with labeling speeds typically two or three times higher
than those of in-line label applicators. It is also claimed that rotary label
applicators provide for better control of the product being labeled.

» The numbers of rotary applicators are orders of magnitude lower

than for in-line applicators. The numbers of labeling machines are
not directly proportional to the volumes of labels applied using
these machines, as the higher-speed rotary machines are used in
applications requiring high-speed, large-volume throughput of labels,
and will apply a greater volume of labels than their relatively smaller
number suggests. These machines are typically used in the beverage
sector, with more limited uses in food markets - in the dairy sector,
for liquid milk and yogurt products and in the packaging of sauces,
pastes, etc

End users who will have the ultimate responsibility for running the
equipment and achieving the required levels of labeling efhciency set the
specifications. They are also the determinants of key areas of the machine
operation and the machine/label materials interface as they specify:

» Label materials
• Facestock
• Adhesive
• Release liner
» Type of applicator
» Line conditions - ambient, speed, run length, etc
» Key label line components - detectors, etc
» Specify equipment that is application-specific

276 © 2017 AWA Alex.

277
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THE FUTURE FOR
PRESSURE-SENSITIV
LABELING

11.1 Market Trends and Forecasts

In general, pressure-sensitive label processes show every indication of

the characteristics of a maturing product.

The growth rates in developed markets are slowing, and generally

forecast to exceed slightly the growth in GDP. Penetration levels in key
end-use markets within these markets are high. The rate of development
of volumes in new or different end uses is frustrated by competition
from existing or emerging alternative labeling formats or packaging
systems. Cost pressures intensify, particularly for raw materials; and
environmental legislation, guidelines, mandates, and perceptions are
directed at components and processes.

In the developed geographical markets, the relative costs of the various

product decoration technologies can prejudice growth. A major driver
for growth in pressure-sensitive volumes is the underdeveloped nature
of the overall decorated products market, and the ease and flexibility
offered by the format, which provides for ease of market entry, acceptable
levels of graphic quality, and the flexibility to change label design to
better target consumer groups and changes in consumer attitudes or
purchasing patterns.

279 © 2017 AWA Alexander Watson Associates

The relative grovwth rates and forecasts for pressure-sensitive label
formats - regionally and globally - are shown in the following series of
exhibits.

Globally the following comments apply:

» Forecast CAGR for the period 2017-2019 is 4.2%.

» Growth remaining constant throughout the forecast period. However,
growth is slowing, especially in the developed North American,
European, and Japanese markets, while Brazil is expected to recover
after a volume decline in 2015-2016.
» China and India are the major regional drivers for growth.
» Film-based materials will continue to grow at a faster rate than paper-
based materials for primary product labels, while VIP labels will drive
overall pressure-sensitive label growth globally.
» Cost escalation is a major concern for all label formats, but especially
for pressure-sensitive labels - given the complexity and nature of the
laminate construction.
» Primary product label applications will continue to grow but will face
of strong competition from alternative label formats and packaging
systems.

280 © 2017 AWA Alexander Watson Associates

» End-use markets for future development include food (primary
product label and VIP); beverage (primary product label); transport
and logistics (VIP); pharmaceuticals (primary product and security
label); and beauty and healthcare (primary product label).
» Consumer spend - this can impact in several ways:
• In Europe, the population numbers have increased due to recent
immigration waves. It remains to be seen if / how this will affect
market growth. Any changes in consumer confidence and spend
will also have proportionate effects on market growth.
• In Asia, disposable income is increasing among a growing middle
class, driving interest in FMCG products in general, including
premium goods. Branding and improved product image will be
necessary in an increasingly-competitive, consumer-spend driven
environment.
» Environmental issues will increasingly have impact on the costs of
pressure- sensitive labeling,particularly in relation to issues of process
waste, overall waste reduction, and disposal. Spent release liner
is a particular current focus in the developed markets since it is a
high-value product and paper-based liner is fully recyclable in cradle-
to-cradle situations.

281 © 2017 AWA Alexander Watson Associates

 E

c
o

:> A" A'^ A" v!^ \!^

Exhibit 11.2: Actual

& Forecast Growth of
European Pressure-sensitive iMIn Sqm •% Growth
Label Market. 2008-2019
Source: AWA

For Europe the following general comments apply:

» Average CAGR% 2017-2019 is forecasted at 3.1%.

» Stable growth in line with GDP - driven by eastern Europe
» Competition between printers/converters for sales will pressurize
pricing
» Growth in film labels will continue at a higher rate than in the general
label market
» VIP labels are the major label application category in terms of volume
and are forecast to drive future growth
» Growth in conventional and UV flexography, the use of narrow-web,
combination presses, and digital print
» Mature market with a high level of per capita use
» Growth in the east-European market has been more positive than
expected (Russia), driving overall regional growth
» High levels of penetration in existing market applications - need to
expand alternative applications for primary product and VIP labeling.
Transport and logistics will be an increasingly-important end-use
market, alongside food, retail and online sales

282 © 2017 AWA Alexander Watson Associates

 Exhibit 11.3: Actual &
Forecast Growth of North
Americar} Pressure-serisitive
Label Markets, 2008-2019
Source: AWA

For the North American pressure-sensitive label markets, the following

comments apply:

» Average CAGR% of 2.9% in 2017-2019.

» As the leading label format, pressure-sensitive labeling's vulnerability
to market share loss to alternative label technologies and pack formats
continues.
» The level of use of pressure-sensitive labels across North America is the
highest worldwide, with high or relatively-high levels of penetration
in all market sectors, including beverage, personal care, and food
products.
» In general, slower-than-anticipated take-up of RFID technologies, but
interest in the technology continues to grow
» The existing high level of per capita pressure-sensitive label
consumption.
» Mexico is potentially the area of greatest regional growth, but from a
relatively-small volume base compared to the overall regional demand.

283 © 2017 AWA Alexander Watson Associates

The Asian market is characterized by:

» A forecast CAGR for the period 2017-2019 of 6.3%.

The key areas for regional pressure-sensitive label demand remain

the grov^th in China and India, which will be driven by:

» Increased spending power/disposable income within a growing middle

class.
» Increasing urbanization of populations.
» Demands for improvements in the quality of primary product labeling.
» Growth in VIP labeling needs in line with growth of distribution and
retailer chains as well as online sales.
» Demand for 'western' style packaging and goods.
» High growth in personal care products.
» Growth in industrial output and GDP - in emerging markets growth
of pressure-sensitive label formats is often a multiple of GDP growth,
and in developed markets is a point or two above GDP growth.
» Demographics - low current per capita use of labels.
» Development of skills base.
» Technology 'leapfrogging' in materials and converting techniques.
» Flexibility in the use of pressure-sensitive labels, addressing immediate
needs.
» Continued investment in local pressure-sensitive label laminate
manufacture.
» Ease of availability of facestocks and release liner materials.

284 © 2017 AWA Alexander Watson Associates

The South American market:

» The CAGR% growth in South American pressure-sensitive label

volumes is estimated at 2% for the period 2017-2019 - lower than
previously expected.

The growth rates are driven by:

» Increasing demand for labels in the personal care products, household

chemicals, consumer durables, beverage, and pharmaceutical sectors.
» Disappointing 2015-2016 volumes in Brazil reduced regional growth as
a whole. However, the markets expects this to change in 2017-2019.
» Ongoing developments in retailer and distribution networks.
» Global branding and growth of brand extensions/product variants by
leading brand owners.
» Continued use in the growth of plastic containers.
» Increasing levels of personal disposable income driving demand for
FMCG products.

285 © 2017 AWA Alexander Watson Associates

For the Africa & Middle East pressure-sensitive label markets, the following
comments apply:

» CAGR% growth for the period 2017-2019 Is estimated at 3.2%.

» Future growth will be primarily driven across the region by Increased
use in the VIP and primary product labeling segments.
» The pressure-sensitive label markets in Israel and South Africa are well-
defined and established. Here, per capita consumption is relatively
high and forecast growth Is estimated to be generally In line with
GDP growth. Per capita consumption of pressure-sensitive labels
In the other parts of the region is low and represents a significant
demographic driver for additional volumes.

286 © 2017 AWA Alexander Watson Associates

11.2 Environmental Issues

The overwhelming issue of concern within the pressure-sensitive label

industry today is how to deal with release liner waste. The growth prospects
for pressure- sensitive labels will therefore become increasingly influenced
by environmental concerns, legislation, and industry guidelines/codes of
practice, and end users' and retailers' increasing requirements to meet
sustainability agendas.

Environmental regulations are developing and changing around the world,

with an emphasis on legislation preventing contamination to soil, air,
and water remaining, but further complemented by increasing public
concern over the perceived safety of products and their constituents and
packaging, leading to the addition of even more complex regulation. In
addition, globalization has increased the influence of regulatory systems.

FINAT in Europe and TLMI in North America are active in promoting the
fact that release liner in laminate construction is a necessary enabler of
pressure-sensitive labeling's efficacy, and should not be treated either as
general or packaging waste, either in terms of methods of disposal or in
terms of applied taxation levels. It is eminently recyclable. Paper-based
release liner can be recycled in 'cradle to cradle' papermaking, and PE film
liner base can be recycled into pellets for use in making fleece clothing,
trainer shoes, etc. However, in practical terms, the complex value chain in
pressure-sensitive label production and application makes collection and
recycling of spent release liner waste difficult to arrange since, in terms
of actual volumes of so-called 'packaging waste' at end users' premises,
spent release liner volumes are very small indeed.

In the developed markets of Europe and North America, moves are afoot
to establish industry-wide collection/recycling initiatives, but his effort is
still very much in its early stages.

The overall pressure-sensitive label value chains in Europe and North

America are not alone in their attitudes and concerns regarding release
linerrecycling. A few commercial Industry Initiatives are already In place:

» Maan Group and Belona Introduced their Inlinerless module for

llnerless variable Information print for retail/food/logistics labeling;

287 © 2017 AWA Alexander Watson Associates

» Mitsubishi has launched an initiative to collect and re-process/re-use
siliconized PET release liners;
» UPM Raflatac has launched products using ultrathin, recyclable
polypropylene release liners to reduce volumes of materials used;
» Channeled Resources Group has a long-established reputation for
offering solutions for the collection, re-use, and recycling of release
liner waste in North America and Europe
» ETI Converting has introduced the Miniliner^" concept to reduce
release liner waste.
» The European Reculiner initiative is active in collection and shredding
glassine release liner for use as effective building insulation material

Environmental awareness among end users in emerging markets like

China, India and SE Asia is not as strong as in the mature markets, and is
mainly driven by global end users and manufacturers. Various investments
have been made to encourage material sustainability. A few examples are:

» Together with Yong Feng Yu Group in Taiwan, Avery Dennison has

launched a program for the recovery and recycling of glassine liner
waste in China;
» Avery Dennison has launched a product based on thinner PET release
liner materials to reduce impact;
» No solvent-based silicones are being used in release liner by the global
manufacturers, with resultant market growth in solvent-free silicones.

In Brazil, leading country-wide users of pressure-sensitive labels have

introduced legislation governing the use, disposal, and recovery of the
release liner material inherent in the use of the vast majority of pressure-
sensitive labels. This has created the need for sophisticated recovery
and recycling operations not required in alternative label formats. This
issue could also be addressed by the development of linerless pressure-
sensitive label options.

288 © 2017 AWA Alexander Watson Associates

© 2( ' ^ n Associ-
COMPANY
DIRECTORY

The company directory includes an overview of the main players in the

global pressure-sensitive label market.

291 © 2017 AWA Alexander Watson Associates

12.1 Paper Suppliers

Ahlstrom-Munksjo
P.O Box 70365
10724 Stockholm
Sweden

Tel: +46 10 250 1000

Web: www.ahlstrom-munksjo.com

825 East Wisconsin Avenue,

PO Box 359
Appleton, Wl 54912-0359
USA

Tel:+1920 734 9841

Web: www.appvion.com

BillerudKorsnas
PO Box 703
SE-16927 Solna
SWEDEN

Tel: +46 8553 335 00

E-mail: info(S)billerudkorsnas.com
Web: www.billerudkorsnas.com

Boise Paper
1111 West Jefferson Street, Suite 200
Boise, ID 83702
USA

Tel:+1 208 384 7990

E-mail: Pressure5ensitive@Boiselnc.com
Web: www.boisepapencom

292 Alexander Watson Associates

Cham Paper Group
Fabrikstrasse
6330 Cham
SWITZERLAND

Tel: +41 41 785 33 33

E-mail: mail.cham(S)cham-group,com
Web: www.cham-group.com

Chenming Group
595 Shengcheng Road
Shouguang City 262700
Shandong Province
CHINA

Tel: +86 536 215 8000

E-mail: ckkcm(S)chenming.com.cn
Web: wvwvi/.chenmingpaper.com

395 de Maisonneuve Boulevard West

Montreal,Quebec H3A 1L6
CANADA

Tel:+1 514 848 5555

E-mail: informatJon@domtar.com
Web: www/.domtar.com

Dunn Paper
218 Riverview Street
Port Huron, Ml 48060
USA

Tel:+1810 984 55 23
E-mail: info@dunnpapencom
Web: www.dunnpaper.com

293 © 2017 AWA Alexander Watson Associates

Expera Specialty Solutions
100 Main Street,
Mosinee, Wl 54455
USA

Tel: +1 715 693 2111

Web: www.experaspeclalty.com

Favini
Via A. De Gasperi 26
36028 Rosanno Veneto {VI)
ITALY

Tel:+39 0424 547 711

E-mail: rossano@favini.com
Web: www.favinl.com

Fedrigoni
Viale Piave 3
37135 Verona
ITALY

Tel:+39 045 8087 888

E-mail: info@fedrigoni.com
Web: www.fedrigoni.com

Glatfelter
96 South George Street, Suite 500,
York, PA 17401
USA

Tel:+1 866 744 7380

E-mail: info@glatfelter.com
Web: www.giatfelter.com

International Paper
6400 Poplar Avenue
Memphis, TN 38197
USA

Tel:+1 901419 9000

E-mail: comm@ipapencom
Web: www.internationalpaper.com

294 VA Alexander Watson Associates

Kanzaki Specialty Papers
1 Monarch Place, Suite 800
Springfield, (VIA 01144
USA

Tel;+1888 526 9254

E-mail: info@kanzakiusa.com
Web: www.kanzakiusa.com

Kanzan Spezlalpapiere
Nippesstrasse 5
52349 DiJren
GERMANY

Tel:+49 2421 59 24 0
E-mail: sales@kanzan.de
Web: www.kanzan.de

August Koehler
HauptstraHe 2-4
77704 Oberkirch
GERMANY

Tel: +49 7802 81 0

E-mail; info@koeli1erpaper.com
Web; www.koehlerpaper.com

Uull 331
08019 Barcelona
SPAIN

Tel:+34 93 482 1000

Web; www.lecta.com

93 North Avenue
Garwood, NJ 07027
USA

Tel; +1 908 789 2424

E-mail: garwood@mafcote.com
Web: www.mafcote.com

295 © 2017 AWA Alex ^tson Associates

MDV Papier und Kunststoffveredelung
An der Pfingstweide 3
D-63791 Karlstein
GERMANY

Tel:+49 6188 952 0

E-mail: info@mdv-group-Com
Web: www.mdv-group.com

Minfeng Special Paper

70 Yongli Street
Jiaxing, Zhejiang 314000
CHINA

Tel:+86 573 828 12 992

E-mail: dsh@mfspchina,com
Web: www.minfenggroup.com

Mondi Business Paper SCP

Tatranska Cesta 3
SK-03401, Ruzomberok
SLOVAKIA

Tel: +421 44 436 2222

Web: www,mondigroup.com

656 Gangnam-daero,
Gangnam-gu
Seoul
SOUTH KOREA

Tel: +82 2 3485 1651

Web: www.moorim,co.kr

301 South 74th Street

Omaha, NE 68144
USA

Tel: +1 800 430 7488

E-mail: rfidsales@nashua.com
Web: www.nashua.com

296 © 2017 AWA Alexander Watson Associates

Neenah Paper
3460 Preston Ridge Road,
Suite 600
Alpharetta, GA 30005
USA

Tel: +1 678 566 6500

Web: www.neenati.com

Shin Yurakucho Building,

1-2-2, Hitotsubashi
Chiyoda-ku,
Tokyo 100-0006
JAPAN

Tel: +81 3 666 511 11

Web: www.nipponpapergroup.com

Oji Paper Group

7-5 Ginza 4-chome
Chuo-Ku
Tokyo 104-0061
JAPAN

Tel:+81 3 3563 7100

Web: www.ojipaper.co.jp

Pudumjee Pulp & Paper

Jatia Chambers,
60 Dr. V.B. Gandhi Marg, Kalsghoda
Mumbai
Maharashtra 4 0 0 0 0 1
INDIA

Tel: +91 22 302 13 333

E-mail: info@pudumjee.com
Web: www.pudumjee.com

297 ©. .iison Associates

Ricoh
15-5 Minami-Aoyama 1-chome
Minato-ku
Tokyo, 107-8544
JAPAN

Tel:+81 3 3479 3111

Web: www.ricoh.com

48 Ameshoff Street
Braamfontein
Johannesburg 2001
SOUTH AFRICA

Tel: +27 11 407 8111

Web: www.sappi.com

Stora Enso Oyi

Kanavaranta 1
POBox 309
FI-00101 Helsinki
FINLAND

Tel.+358 20 46 131
Fax+358 20 46 214 71
Web: www.storaenso.com

Tullis Russe
Church Street, Bollington,
Macclesfield, Cheshire
SKIO 5QF
UNITED KINGDOM

Tel:+44 1592 753311

E-mait: labelstock@tullisrussell.com
Web: www.tullisrussell.com

298 Alexander Wai

UPM
Alvar Aallon katu 1
PO Box 380
FI-00101 Helsinki
FINLAND

Tel; +358 204 15 111

E-mail: info@upm.com
Web: www.upm.com

8540 Gander Creek Drive

Miamisburg, OH 45342
USA

Tel: +1 877-855-7243
Web: www.versoco.com

Yuen Foong Yu Paper

51, Sec.2, Chung Cliing South Road,
Taipei
TAIWAN

Tel: +8862 23961 166

E-mail: alexchen@.yfp.com
Web: www.yfy.com

Shin-Ochanomizu Building 15F

4-3 Kanda-surugadai
Chiyoda-ku
Tokyo, 101-0062
JAPAN

Tel: +81 3 5281 0813

Web: www.yupo.com

299 © 2017 AWA Alexander Watson Associates

12.2 Film SuDoliers

ExxonMobil Chemica
Hermeslaan 2
1831 Machelen
BELGIUM

Tel :+32 2 722 2111

Web: www.exxonmobil.com

Innovia Films
station Road
Wigton
Cumbria CA7 9BG
UNITED KINGDOM

Tel: +44 1697 342281

E-mail: filmsinfo(5)innoviafilms,com
Web: www.innoviafilms.com

Jindal Poly Films

Plot No 12, Sector B-1,

Local Shopping Complex,
Vasant Kunj,
New Delhi-110070
INDIA

Tel:+91 11 2613 9256-265

E-mail; jindalpolve5ter(5)jindalgroup.com
Web: www.jindalpoly.com

Mitusbishi Polyester Film

Kasteler strafe 45
65203 Wiesbaden
GERMANY

Tel: +49 611 962 03

E-mail: marketing@m-petfilm.de
Web; www.m-petfilm.com

300 ander Watson Associates