In the past 12 months, the level of merger and acquisition (M&A) activity in the paper and pulp industry reached a new high. Major players, among them, International Paper (IP) and Georgia-Pacific (G-P) in the USA, the Nordic region's Stora Enso and UPM-Kymmene and Nippon of Japan, have or in the process of swallowing their significant competitors. According to analysis, the activity will continue at the same level for the next year.