A word from the CEO. The future belongs to Munksjö JAN ÅSTRÖM, PRESIDENT AND CEO

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1 Munksjö 150 years

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3 Munksjö Munksjö was founded after a chance meeting between two brilliant gentlemen on their way home on a boat to Sweden. Inventor John Edward Lundström, the father of the Swedish match industry, and entrepreneur Lars Johan Hierta started Munksjö paper mill in Jönköping in They were curious and wanted to explore the possibilities of industrialism together with Knut Ottonin Ljungquist, who quite soon stepped in as manager and owner. It was Ottonin who gave Munksjö its international reputation. The innovative driving force from the company s early years is still very much alive in the Munksjö of today - a Munksjö that is firmly determined to uphold its world leading position as a specialty paper company for another 150 years - at least.

4 A word from the CEO The future belongs to Munksjö JAN ÅSTRÖM, PRESIDENT AND CEO With 30 years of experience in the pulp and paper industry, Jan accepted the challenge to lead Munksjö in It s easy to be impressed with Munksjö s first 150 years by its people, their drive and the products that have put Jönköping and Munksjö on the international map. Equally impressive is how the company has overcome adversity and setbacks on the road to success. Munksjö has always managed to find successful routes forward, and that s how we aim to continue. Using the same focused strategy in place since the 1960s, the company has at all times chosen specialist niches in the paper market, in addition to large-scale production and more general products. As a result of clearly leading positions, we have achieved higher profitability. There is a fundamental strength to Munksjö s products going all the way back to the 1860s. Consequently Munksjö has always been able to weather severe crises, pick itself up and get back on track. Today the Munksjö brand has a strong global presence and is recognised for its unique competence and unique papers in some cases patent protected. These factors are all crucial for our customer s end products and for our competitive advantage. Munksjö is also closely associated with the city of Jönköping, where it all started. Even today, when we have higher turn over abroad than in Sweden, our heart is in Jönköping. The place where the renowned electrotechnical paper has been manufactured since This impressive production history continues to this day. Roots are important, but Munksjö is a global company and much of the growth essential to our future will take place outside of Jönköping 4

5 and in fact outside of Sweden. It s important that Munksjö continues to grow successfully within its well-defined specialty paper areas and develop its position as a market leader in order to realize long-term security. A return to the stock market is in the pipeline, which I believe will be a great boost for Munksjö. Having the opportunity for broader ownership and access to larger capital markets is a powerful advantage, and as an echo of our strong position, interest in the company is also strong. With the exception of a few years, Munksjö has been present on the stock market since it was first listed in As I said when I look back over the company s history, it s easy to be impressed by the people. But one man stands out in the crowd. Knut Ottonin Ljungquist joined the business shortly after it was founded in 1862 and very quickly gained control of it completely. A unique leader whose driving force influenced not only Munksjö but also the development of the city of Jönköping. It s very unusual to see a grave at a factory, but Knut Ottonin was buried with honour in exactly the right place. My part in this story is to nurture and build upon our industrial inheritance. To look to the future and work hard, but also to look in the rear-view mirror and learn from the past. And to lead the company in line with Knut Ottonin s wish that Munksjö should always be run with true honour. Jönköping May 12, 2012 Jan Åström 5

6 Vision Munksjö s vision is to be a global leader in specialty paper enabling high value-added product design in an efficient and environmentally friendly way. Mission Munksjö s mission is to enable innovative product design and provide our customers with value-creating specialty paper products within product segments showing profitable growth.

7 Strategy Munksjö strives to further strengthen its position in the markets for decor paper and specialty paper for industrial applications. Expansion takes place both organically and through acquisitions, within current or adjacent product areas, in markets with growth potential. Product development is conducted in close cooperation with customers and coordinated by the sales and marketing organisation. The central research and development center supplies services for product development, material analysis and research for all product areas. Modern and advanced equipment together with specialist knowhow enable us to provide unique offers for process optimisation and product innovation. Production efficiency and flexibility are continually developed to adapt to customer requirements.

8 The more than 100 years old main entrance is still used daily. Great leaders who let actions speak for themselves KNUT OTTONIN LJUNGQUIST Knut Ottonin Ljungqvist was born in 1836 as number eight of nine children, hence the name Ottonin. He was smart and interested in most things. After studying in Uppsala, he earned a living as a teacher and a journalist in his hometown of Karlstad, before he answered a job posting from Munksjö. A company is nothing without the input of every individual. Some contribute more and for longer, others for just a short while. During Munksjö s first 150 years many individuals have contributed to producing new, improved products and building the mills where the paper is made. It s often the everyday heroes who have carried Munksjö forward through the decades, and are still doing so today. Symbols for this are our leaders who decide which direction our ambitions should take. Here we meet some of our past leaders. That Knut Ottonin Ljungquist is often highlighted as Munksjö s great leader during the company s early days is understandable. His strong leadership not only built a world-renowned paper mill, he also made a deep impression on Jönköping s development. His greatness sometimes overshadows the two founders, Johan Edvard Lundström and Lars Johan Hierta, whose curiosity and entrepreneurialism sowed the seed of the little straw paper mill. But it was Ottonin who paved the way for the future. He was an unusual and multi-talented man who wrote his job application in classical Greek, was technically minded and a financial genius. He also found time for his family and social commitments. Ottonin was at the helm for 24 years. During August Skeppstedt s leadership the company saw a lot of streamlining, including the introduction of spinning paper and cable 8

9 paper. The latter remains a very successful product to this day. Munksjö shares were listed on the Stockholm Stock Exchange in Skeppstedt managed the company during the great depression of the 1930s. Otto Heijne took over as CEO in 1939 and started to guide the business towards the specialty paper niche and increased profitability. Munksjö s main strength has always been its products, which was also proven during the Second World War and afterwards. Heijne retired in 1961 after 27 years at Munksjö. At the end of the 1970s the situation became critical and the company made losses. Munksjö was forced to sell all its forest assets to strengthen the cash flow. Troubleshooter Ulf af Trolle became Chairman, and CEO Bert Sjölin hunted down assets to release capital. Rolf Ekedahl was appointed as CFO. Munksjö was recast from the ground up. Cash flow had improved by the end of A new share issue of SEK 80 million was planned and interest was so great that it was increased. Munksjö once again proved its strength in tough times. Rolf Ekedahl took over as CEO in 1983 and investments in profitable specialty papers continued. The whole of Munksjö was bought by the Irish packaging group Jefferson Smurfit in 2000 and delisted from the stock exchange. During this period Per Rodert was CEO. Munksjö was sold, with the exception of its packaging activities, to venture capital company EQT in 2005 and Gunnar Palme was appointed CEO. The Hygiene business was acquired by SCA. Munksjö became significantly smaller, but remains profitable and strong with specialty paper products. Activities in Germany and France expanded during current CEO Jan Åström s management. Munksjö now holds a world-leading position in a number of product areas, of which decor paper is the biggest one. A return to the stock exchange is planned. 9

10 A wish for honour, strength and success Munksjö built a new chimney for the boiler house in To commemorate its completion Ottonin bricked in a copper tin at the base of the chimney. It contained a couple of coins and a letter written by Ottonin for the future. When the chimney was demolished 60 years later the tin was found and the letter read (hereafter translated): Jönköping January 29, 1890 It is hereby noted that the building of the chimney was started by Mr Wickert from Cassel on October 1, 1889 after the foundation, which was started on August 7 the same year, had been completed a number of weeks ago. Work continued until November 29, during mainly mild, but very windy weather, when the Swedish flag was raised to the top. Mr Wickert lowered the flag and departed during the evening of November 30th. Work on extending the boiler house to the north has continued, and is continuing, in order to install a new 200 horsepower Walther & Co boiler. The wall covering this commemorative tin might be Munksjö s boundary. May it never be affected by accidents or hard times! May it always be guided by true honour, capable strength and steady success for the good of many! May God be praised. Amen. Munksjö January 29, 1890 O. Ljungquist 10

11 Products Strength in successful innovations Munksjö s history is one of determination and experimentation, in trying out new paper qualities, new applications and even completely new product areas. A passion for discovery and experiment based on craft, intuition and curiosity in the world around us. Because it is out there, among people who are interested in more than just making paper, that ideas and opportunities are first conceived. Munksjö has been curious since its inception in Our products have made their way onto the world markets, and in return we have gained invaluable insights from around the world. Munksjö was born from innovation. Our founders explored and innovated paper making technology by using straw instead of cotton, as was normal practice at the time. And Munksjö has remained true to the philosophy of innovation to this day. It s possible to see a clear lineage from our origins to today s range of niched specialty products. It hasn t always been a straight road, because we ve encountered many side tracks over the years. And while some have been more successful than others, Munksjö has always dared to try out new methods and techniques. When Munksjö first introduced toilet paper into Sweden it was naturally a specialist product, but soon became widespread. Munksjö s tarred roofing felt quickly became internationally known and a major seller. Being able to tar-dip paper directly onto a roll instead of in sheets as was done previously, perfectly illustrated Munksjö s manufacturing innovation. When electrotechnical paper was introduced, it was thought of as just one in a line of interesting products. It is a complex paper, with a high demand on purity and evenness in order to maximise insulation properties for cables and transformers. In fact, more than 100 years later, it is still an important product in Munksjö s portfolio an impressive feat for any company. Decor paper, also a complex product and important for the Group today, is used for laminate surfaces in sectors such as furniture making and interior design. Our customers specialised requirements help to determine the complexity of the paper properties, which makes replicating the products extremely difficult. This is Munksjö s strength today and will remain so in the future. EXAMPLES OF products IN THE PAST: Kraft paper (sacks, bags) Corrugated paper/ solis paper Hygiene paper Ocean paper (impregnated for use in the construction industry, for example) Crêpe paper Fidél paper (wrapping paper) 11

12 Our Employees - people to count on GEOGRAPHICAL DISTRIBUTION OF MUNKSJÖ S EMPLOYEES End of 2011 the number of employees was 1,802. Sweden 36%, France 26%, Germany 26%, Spain 10%, Other 2% Munksjö s employees are the heart and soul of the company. Everyone contributes individually with commitment and skills to the common success. This is how the company is achieving an outstanding level of excellence in product quality and customer service. The Munksjö group is an international company with manufacturing facilities in China, France, Germany, Spain and Sweden. We have sales offices in Asia, Europe and North America, and agents on every continent. We pride ourselves on our excellent global business connections. We want to be a key partner to customers, suppliers and other stakeholders by offering innovative products and add value to the industrial process chain. This is possible when utilizing the collective experience, technical expertise, knowledge and insight that only a multi-cultural organisation can offer. We work in cross-over teams, both internally between departments or mills, or externally with customers, suppliers or other companies. Each employee is part of a large network always being allowed to ask: Who can deliver new perspectives in solving this problem? Who has the experience we need in this situation? Our values guide us in the way we do business and the way we behave. They inspire us and challenge us. A platform of trust, openness and respect strengthens Munksjö s position as a growing, sustainable and profitable company. 12

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14 Munksjö s geographical presence d s h j Net sales per segment 2011, 5,454 MSEK EBITDA* by segment 2011 adjusted for non-recurring items, 427 MSEK Specialty Pulp 17% Specialty Pulp 23% Industrial Applications 25% Decor 58% Industrial Applications 20% Decor 57% * EBITDA = Operating profit/loss before depreciation and amortisation. 14

15 t r e q o k y u l f g a q Head office in Stockholm, Sweden w Group office in Jönköping, Sweden Production Facilities e Aspa Bruk, Sweden r Billingsfors, Sweden t Ed, Sweden w Jönköping, Sweden y Achern, Germany u Dettingen, Germany i Unterkochen, Germany o Arches, France a Tolosa, Spain s Taicang, China Sales offices i Aalen, Germany d Leominster, USA f Turin, Italy g Vergiate, Italy h Shanghai, China j Hong Kong, China k Lingolsheim, France R&D l Apprieu, France 15

16 Some milestones in Munksjö s history Knut Ottonin Ljungquist 1862 Lundström left the company after major disagreements with Hierta. Knut Ottonin Ljungquist was appointed as new manager. His general wisdom, in particular in financial matters, was immediately apparent after being employed in Alvar Müntzing was employed and after some experimentation Swedish Kraft was introduced and became a huge success on the world market Munksjö launched a completely new product to the market toilet paper. Not so noteworthy today one might think, but very important back then. Illustration of the strength of Munksjö s kraft paper The pulp mill in Vaggeryd was built south of Jönköping and became an important link in the production chain. The mill was sold in the early 1980s Munksjö listed on the Stockholm Stock Exchange. The Stock Exchange was founded in The newly built sulphate mill in Aspa opened. The 30,000-acre forestry and the mill were bought back in The capacity in 1927 was 10,000 tonnes, against 190,000 tonnes today Paper machine No.13 was installed in Jönköping to become the mill s biggest specialty paper machine. The machine is still in operation. Lars Johan Hierta and Johan Edvard Lundström Company founded by Lars Johan Hierta and Johan Edvard Lundström and located on a small plot of land that the latter bought on the outskirts of his hometown, Jönköping. First products: Straw paper, roofing felt, binders tips and pressboard Ljungquist bought Hierta s share of the company after he died. He became sole owner and ran the company very successfully and expanded Munksjö for 24 years. The company remained in the family for a further 20 years. He is one of Munksjö s most fascinating individuals, with a strong social commitment, which made a lasting impression on Jönköping s history The first cable paper, or electrotechnical paper as it is known today, was made in Jönköping. A very successful product that is still made in Jönköping for export around the world Timsfors/Lagamill was acquired and became an important part of Munksjö s corrugated paper manufacturing until Munksjö became a limited company with a share capital of SEK 700, Ottonin s grave

17 Paper machine No.13 The company was restructured from the ground up with new funding Jefferson Smurfit acquired Munksjö. The company now has 72% foreign shareholders - unique for the Swedish Forest industry Munksjö acquired activities in decor paper, abrasive backing paper, thin print paper and fine art paper with the associated production facilities in Arches, France and Dettingen, Germany. The acquisition also included a research and development center in Apprieu, France and a conversion facility in Achern, Germany Munksjö divested Munksjö Inpak AS in Norway to refine the business. Billingsfors Trelleborg AB acquired 90% of the shares and Munksjö left the Swedish stock exchange. Munksjö bought Billingsfors bruk, Sweden for two Swedish kronor. Billingsfors has been a paper mill for 130 years Munksjö expanded its activities by acquiring decor companies in Italy, Germany, Spain and USA Investment company EQT acquired Munksjö AB. Tissue paper production was sold to SCA The decor companies in Italy and the US was closed due to dwindling profits. Munksjö celebrates its 150 years and the mill will be open to the public September 1. Paper machine No. 13 in Jönköping is still in use, of course rebuilt many times. The capacity per year is 22,000 tonnes.

18 Materials for innovative product design Specialty Pulp The Munksjö group offers specialty paper and specialty pulp to customers across many different industries. Our products are used in a variety of applications such as furniture, laminate floorings, kitchen worktops as well as pharmaceutical leaflets, abrasive backings and high-voltage cables. Further examples are thin interleaving papers for steel or glass and last but not least papers for fine art. Very specific customer requirements and the consistent high quality means that all of our products are specialised. To ensure that we fulfill quality requirements, meticulous tests are carried out, from the raw materials, through the production processes and right up to the final checks of the finished pulp or paper. Munksjö s products and services are most often used in complex multi-step processes. Through cooperation with customers and suppliers, Munksjö creates an innovative environment for developing and exploring existing and new possibilities

19 Pulp Munksjö produces environmentally friendly bleached and unbleached long fibre pulp for specialty papers. Although we are considered a relatively small supplier, we are known as one of the most cost-efficient in the industry. Thanks to our size and independence we can provide flexibility to our customers in the form of short lead-times as well as customised and innovative products. Customers appreciate Munksjö s bleached pulp because of its brightness, cleanliness and strength. This large share of Munksjö s pulp production is used for a variety of papers, such as graphic paper and paper for packaging and hygiene products. Light switches, toilet seats and playing dice are further application areas outside the paper sector. Product development is aiming at optimising the brightness, tear strength, cleanliness and other properties of the pulp required by our customers. The unbleached kraft pulp is a specialty pulp for very demanding applications like filters, hygiene and paper board products and electrotechnical papers that require an extra high purity of the pulp. This supports one of the most important qualities of insulation products their ability to minimise electrical conductivity. Munksjö enjoys a leading position among the few players in the world offering pulp for electrical insulation products. Nevertheless product development focuses mainly on further improving properties for electrotechnical applications in power transmission. ENVIRONMENTALLY FRIENDLY In 1989 Aspa Bruk was the first pulp producer in the world to offer entirely chlorine-free pulp. 21

20 Decor

21 Decor papers Decor paper is a high-tech specialty paper for decorative surfaces of wood based panels to produce furniture, laminate flooring and other elements of interior architecture. Developed in the 1930s, it had its big breakthrough in the 1950s. Today laminates offer an almost infinite design variety and surfaces with a great mechanical and chemical resistance. The paper, whether in solid colours or printed with wood grain, stone or abstract designs, is impregnated with melamine resin. Then the paper is laminated using heat and pressure onto a particle board, MDF or kraft paper substrate. For Finish Foils the paper can be pre-impregnated directly in the paper machine and then it is lacquered and finally applied to particle boards. Munksjö s teams master the production process and are able to guarantee various technical characteristics of the paper. It considerably influences the efficiency during the industrial transformation at our customers as well as quality and design of the end products. Laminate floorings with surface structures matching exactly the printed wood grains are for example only possible since paper makers master the paper s wet expansion. And often the colour of the paper defines directly the surface colour of the final product. In our colour archives we have more than 15,000 different shades available, including at least 400 whites. This gives an idea of the role that colour plays in this industrial sector. 23

22 Thin Print papers Thin Print papers are used for all applications that require large amounts of information to be printed in the smallest possible space. Examples of such products are pharmaceutical or cosmetic leaflets and legal or religious publications. Outstanding characteristics of Munksjö s Thin Print papers are high opacity and in particular the good balance between printing and folding properties. This is a result of our continuous product development and manufacturing improvement which makes Munksjö one of the market s leading suppliers for leaflet printing. European Printed Products Munksjö s European Printed Products known as E2P, is a specialist in the printing of decor paper or other materials for the furniture, fitting and flooring industries. Thanks to current and upcoming trends, E2P offers printing of a large range of wood designs as well as abstract and mineral patterns. Because of the technical expertise of its teams and its laboratory as well as its strength in terms of design and innovation, E2P will continue to be an attractive player in the furniture and interiors world. E2P also gives the Munksjö Group the ability to offer complementary products contributing to balance its customers collections. Beside the decor printing activity, E2P also produces coated papers such as Creative fine papers, Release papers, and even Security solutions. 24

23 Senior technician Sylvie Faure is using the scanning electron microscope to analyse a paper surface (right). Cross-cut of a lacquered pre-impregnated paper. (above) Research and development Research and development are essential to consistent success in specialty papers businesses. Scientists in the research center in Apprieu, France, are working in close cooperation with the production mills, purchase and sales departments as well as with suppliers and customers. One of the major activity fields is the process assistance and trouble shooting regarding our products. Cost and material savings in the process chain can be identified. Alternative raw materials are found and innovative solutions developed to meet our special customer demands and to offer them paper products with added values. An intensive monitoring of new technologies, new applications and new materials all along the process chain is an important basis for any kind of product development. The research center offers rich possibilities of analysis and tests. The most exciting tools might be the electronic microscope or the pilot paper machine where all kinds of papers can be done in a small scale. The expertise of each specialist combined with advanced equipment enables the R&D team to supply services for product development, material analysis and research for all product areas of the Munksjö group. The pilot paper machine has equipment that allow to model the variety of Munksjö s paper production processes. Thus research results can be double checked and product developments advanced right until the first trial on an industrial paper machine in one of the mills. 25

24 26 Industrial Applications

25 Electrotechnical papers Since 1909 Munksjö is contributing to the transmission and distribution of electric power by developing and producing paper for electrical insulation. Today the majority of the electrotechnical papers manufactured by Munksjö are used in transformers to insulate the windings and the core. Other important application areas are electrical grid accessories such as bushings and instrument transformers as well as submarine HVDC cables. Clean, low conductivity pulp and water are essential to obtain the required insulation properties. Power utilities around the world require high transmission efficiency and low power losses. Munksjö, with world class pulp mills and access to water from Lake Vättern, actively participates in the continuous improvement of insulation efficiency and life expectancy. With global customer contacts and forefront technology Munksjö secures its leading position in this niche sector. NON-CONDUCTING WATER Lake Vättern, where Munksjö Jönköping is located, has exceptionally clean water with very low mineral content. This makes it perfectly suitable for the production of electrotechnical papers. And of course, the water is carefully cleaned before returned to the lake. 27

26 Spantex Spantex was invented in the 1960s and is used to enhance particle board for the flat surface furniture industry. The paper foil is constituted from a combination of virgin cellulose fibers and artificial resins precisely like particle board. During the lamination process the paper and the particleboard are pressed together to form a single unit which can then be sawn, drilled or machined. Most often Spantex papers are used to balance the tensions that occur when veneer, foils or high pressure laminates are applied to particleboard, as well as for balancing low pressure laminates. A special waterproof foil for the underside of kitchen worktops can be optionally printed with the customer s logo. For use as a Finish Foil, the paper is lacquered on top to improve the panel s surface durability. Primer Foils, which make the surface of particle boards even and smooth for lacquering, and Edge bands for panels, furniture and kitchen work tops complete the Spantex product range. Interleaving papers Interleaving paper is used in the steel, aluminum and glass industries to reduce tension in metal rolls and to protect product surfaces. This paper has been a product in Munksjö s portfolio since As even the smallest blemish in the paper can destroy the hardest steel, customers demand an extremely high purity level. A thorough quality survey is vital, beginning with checking the pulp and other raw materials right through to a careful control of the final paper product. Other thin paper products in the 12 to 50 g/m² range manufactured by Munksjö include grease-resistant paper for the food packaging industry, carbonizing base paper and tracing paper for the textile industry. 28

27 Abrasive backing papers Munksjö manufactures and sells abrasive backings used for the production of coated abrasive products of various shapes (discs, sheets, pads, rolls, wheels, belts etc.). Coated abrasives serve to sand or polish materials in wet or dry operations in many industrial sectors such as automotive, aeronautics, furniture and building industries. For over 50 years, Munksjö s abrasive backing business has constantly worked on developing customer-oriented solutions to become the world s first producer of abrasive papers. The innovative offer, A-Solution², launched in 2010, offers a set of services and expert solutions along with the complete backing range made of paper and cloth. The objectives are to develop standardised top quality solutions to serve our customer s competitiveness, and to provide customized services, expertise and products to answer specific market requirements. Munksjö is proud of being the supplier providing abrasive backing paper used for the production of most abrasive products sold in DIY or industrial channels. TRENDY PATTERNS FOR NAIL FILES The newest feature for abrasive backing papers is to print creative designs on their top side and then use transparent sand. This boosts our products attractiveness on markets driven by fashion and originality. 29

28 Fine Art papers Made in France by Munksjö The Arches paper mill has been producing paper of an exceptional quality since Today, Arches paper is manufactured on a slowly rotating cylinder mould, as it has been for more than a hundred years. This gives a unique hand-made look and feel to the paper. It can have its own watermarks and four deckle edges. The exceptional feel, bulk and strength given to the paper by its 100% cotton fibres are very much appreciated by printers, whichever techniques they employ for printmaking, luxury or digital printing. Ingres, Delacroix, Van Gogh, Matisse, Chagall, Miro, Dali, Lichtenstein, Buffet and Alechinsky are among the elite artists who have entrusted their oeuvres to Arches paper over the last five centuries. Due to our unique gelatin tub-sizing, Aquarelle Arches is today still the artist s choice of watercolour paper and the world s leading name in 100% cotton watercolour paper. Early 2012 the complete range of fine art paper has been further enriched by the successful launch of a new paper designed for oil painting. This shows how traditional paper making can be the perfect answer to today s market demands. 30

29 Sustainability Social and environmental responsibility in balance for economic success Munksjö aims to be successful through sustainable business activities. We use internationally recognised standards to achieve uniformly high level in these areas. The most known of these standards are the ISO 9001 and 14001, which are well established on all our mills. Purchase of wood and pulp from responsible forestry is one part of this approach. All our facilities are or are in the process of being certified in accordance with standards set by the FSC (Forest Stewardship Council) and/or the PEFC (Programme for the Endorsement of Forest Certification schemes). Munksjö s products and manufacturing processes are designed to use raw materials, water and energy efficiently and to minimise waste and residual products over the products life cycle. The group has invested both time and money in reducing emissions into water and air. The supply and efficient use of energy is a key factor for the production processes of pulp and of paper. Munksjö s goal is to become self-sufficient in energy for all its mills and thus become independent of external power supply. Innovation also characterises this area we use the heat in the air, steam or and in waste water, incinerating residual products and uses back pressure turbines to generate electricity. Munksjö are committed to run and develop its operations in a sustainable manner. This applies for both purchased raw materials and the products we produce. Munksjö was for example the first manufacturer to produce chlorine free pulp and formaldehyde free pre-impregnated papers. 31

30 Dettingen, Germany: Decor papers, Thin Print papers Tolosa, Spain: Decor papers Arches, France: Decor papers, Abrasive backing papers, Fine Art papers, European Printed Products Unterkochen, Germany: Decor papers Jönköping, Sweden: Electrotechnical papers Aspa, Sweden: Bleached and unbleached kraft pulp Our paper and pulp mills The Jönköping mill The mill in central Jönköping is where it all began 150 years ago the place where Munksjö was born. Today the production site in Jönköping is one amongst seven mills belonging to the Munksjö Group an international group with global reach. Billingsfors, Sweden: Interleaving papers, Spantex, Unbleached kraft pulp The Jönköping paper mill produces since more than a hundred years the unique electrotechnical paper. The site has one paper machine with an annual capacity of 22,000 tons and around 120 employees.

31 Photo: Carl-Robert Jonzon, Mats Andersson, Casper Hedberg, Örjan Henriksson, Lionel Pagès Graphic Design: LOFT Print: Vettertryck

32 Munksjö AB P.O. Box Stockholm Sweden Tel: