Suominen. Rags, or rather nonwovens, or rather wiping materials etc. A raw market where it is difficult to create moats. In nonwovens, unlike in paper, benefits from headbox width and machine speeds can only be gained up to a certain point. And the fibers are the same for everyone. They are then transported from here and there. No pulp integration can be utilized. Ahlstrom once sold its own rag business to Suominen, but the buyer’s cash reserves weren’t enough. They gave ownership in Suominen instead. Well, one quarter here and another there. Good fiber contracts and low energy prices. And long production runs—then sometimes you can get some butter on your bread. In the big picture, well, yeah.
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