Balance

Navigating Challenges with Purpose

2023 Corporate Responsibility Report

Letter from the Chairman & CEO

Dear Friends,

Reflecting on 2023, I return to one simple truth: flowers can’t bloom without a little rain. From persistent supply chain uncertainties to rising costs and shifting consumer expectations, this year presented its fair share of storms. But if there’s one thing we’ve learned over two centuries, challenges don’t derail us. They steady us. They make us sharper, deepen our resolve, and serve as a reminder that true resilience lies in balance.

But if there’s one thing we’ve learned over two centuries, challenges don’t derail us. They steady us.

This year, we built on our decades-long commitment to fiber-based solutions—reimagining how our materials meet today’s needs while staying true to our values of performance, sustainability, and craftsmanship. Since 1997, Monadnock has led the way in developing plastic replacements. In 2023, we continued to refine and expand these Un-Plastic offerings to meet the growing market need for sustainable alternatives.

Among our achievements was the expansion of our Wide Format product line with Ultrahide PC 100®, Boulevard™, and Pavilion™—FSC-certified materials that balance performance and sustainability. These fiber-based solutions represented the ongoing dialogue about responsible design, a conversation Monadnock has proudly led for decades. 

Our Un-Plastic initiative also garnered awareness for replacing over 10 million conventional plastic gift cards worldwide this year, earning us the 2023 FSC Leadership Award. This recognition reaffirms our commitment to reducing environmental impact while meeting the growing demand for durable and sustainable fiber-based alternatives. While the award is an honor, the true success lies in seeing these solutions adopted by brands and consumers who share our commitment to sustainability. 

It’s certainly worth noting that none of these achievements happened in isolation. From the mill floor to the boardroom, our team tackled every challenge with creativity and resolve. Our customers, partners, and community were right there with us, proving once again that collaboration is the foundation of meaningful progress.

Striking that balance between staying true to who we are and adapting to what the world needs has always been part of the Monadnock way. As we head into 2024, I feel the same optimism that has carried us through generations of change. Together, we’ll continue planting the seeds for what’s next, honoring the legacy that brought us here while embracing the growth and change that lies ahead.

Sincerely,

Richard G. Verney, Chairman and CEO

Third-Party Certification & Verification

Monadnock continues to uphold its commitment to the highest standards of quality, environmental responsibility, and sustainability through the following third-party certifications and verifications:

ISO 9001

Demonstrating strict adherence to the requirements of the ISO 9001 Quality Management System, Monadnock maintains consistent quality and performance.

ISO 14001

Monadnock’s Environmental Management System ensures continual improvement in minimizing environmental impacts.

FSC C018866

The FSC label guarantees the responsible management of forest resources, balancing social, economic, and ecological needs for future generations.

Green-e® 

Every Monadnock product is manufactured using 100% renewable wind -powered electricity, verified through Green-e certified renewable energy certificates (RECs).

Carbon Neutral Manufacturing

Through investment in verified emission reductions (VERs), certified under the GHG Clean Projects Protocol, Monadnock ensures carbon neutrality across its manufacturing processes.

 

Partnerships

At Monadnock, partnerships are at the core of our mission to drive sustainable innovation, foster accountability, and deliver value to our stakeholders. In 2023, we continued to deepen relationships with organizations that share our commitment to environmental stewardship, responsible business practices, and industry excellence:

    Sustainable Green Printing Partnership (SGP)

    As a Platinum Patron, we continue to support this vital organization, driving measurable improvements in sustainability within the printing and packaging industries.

    EcoVadis

    Providing a global standard for assessing and improving sustainability practices across business operations and supply chains.

    Forest Stewardship Council (FSC)

    Ensuring the responsible use of forest resources that are managed to meet the social, economic and ecological needs of present and future generations.

    DSCOOP

    Fostering collaboration and knowledge-sharing among digital printing and graphic arts professionals.

    Sustainable Brands

    Driving systemic change and innovation through collaboration with global brands to tackle environmental and social challenges.

    The Retail Gift Card Association (RGCA)

    Working to advance the gift card industry’s sustainability and market innovation.

    Association for Roll-to-Roll Converters (formerly AIMCAL)

    Promoting the development and application of energy-efficient, sustainable materials and solutions in manufacturing.

    New Hampshire Businesses for Social Responsibility (NHBSR)

    Advocating for sustainable business practices that positively impact communities and the environment.

    Printing Industries of New England (PINE)

    Supporting innovation and excellence in the New England printing and graphic communications industry.

    By aligning with these organizations, Monadnock leverages collaboration to foster meaningful change, expand our network of expertise, and strengthen our commitment to sustainability.

    Environmental Policy

    At Monadnock, environmental stewardship is at the core of everything we do. Through strategic planning, detailed data monitoring, and employee training, we continually work to balance reduced environmental impact with improved performance across our processes, products, and people. Along with ISO 14001 standards, EcoVadis—the global standard for measuring organizational sustainability—helps us track progress and accountability, aligning with the ESG frameworks and other GRIs. This is reflected in our Environmental Policy, which ensures compliance, fosters innovation and drives sustainability across all our facilities and operations.

      Key components of our Environmental Policy include:

      Energy & Greenhouse Gas Emissions

      Monadnock prioritizes energy efficiency and greenhouse gas reduction through annual emissions inventories, operational audits, targeted energy-saving initiatives, and purchasing Renewable Energy Credits (RECs) and Verified Emissions Reductions (VERs) to offset a portion of our emissions.

      Air Pollution

      Protecting air quality is a responsibility Monadnock meets by rigorously monitoring, controlling, and treating emissions from its operations. We prioritize continuous improvement and invest in technology that minimizes the production of air pollutants.

      Water

      Monadnock is dedicated to thoughtful water stewardship and exceeding industry consumption and discharge quality standards. Our commitment supports the health of local ecosystems and reinforces sustainable practices across all operations.

       

      Materials and Waste 

      Taking action to reduce waste starts with understanding where it comes from. Monadnock works to minimize waste generation by mapping waste streams, optimizing processes, and choosing low-impact materials during product design. 

      Hazardous Materials 

      Monadnock prioritizes the responsible management of hazardous materials, ensuring safety and minimizing environmental impact. Our Hazard Communication Program helps us identify risks and implement process and product improvements.

      Biodiversity

      Monadnock is dedicated to reducing its impact on endangered species and protected-land areas. Preventing operational waste from entering waterways and damaging local habitats supports the environmental health of our surrounding community. 

      Employee Training  

      Our employees are at the heart of our success. Through annual training on our Environmental Policy and clear, transparent communication, we give every team member the tools they need to thrive at Monadnock.

       

      We believe in providing the utmost transparency about our environmental commitments. View the full Monadnock Environmental Policy at www.mpm.com/sustainability.

      ISO 14001 Objectives

      Electricity Efficiency 

      The conversion of six v-belt drives on equipment achieved a 5% improvement in efficiency for each motor, while also extending drive belt life by 100%-200%. This project resulted in a total energy savings of 60,000 kWh, realized in 2023.

      Oil Consumption

      Steam and condensate pipe insulation projects, coupled with the replacement of 13 steam traps, saved a total of 2,925 MMBTUs in 2023. These efforts exemplify our commitment to energy efficiency and operational sustainability.

      Waste Reduction

      We maintained an impressive waste diversion rate of 98.1%, further reducing the volume of waste sent to landfills and reinforcing our commitment to a circular economy.

      Water Consumption

      Water usage increased to 7,100 gallons per ton of production due to lower efficiencies associated with decreased production levels. While this represents a setback, we remain focused on optimizing water use in future operations.

      EcoVadis Silver Rating

      Monadnock achieved a Silver rating in the 2023 EcoVadis assessment, placing us in the top 25% of companies evaluated worldwide. This Silver rating reflects EcoVadis’ updated scoring methodology for 2023. Despite this shift, we improved our score by two points over last year and made gains in the Sustainable Procurement category, marking our dedication to continuous improvement.

      Recycled Fiber

      We remain committed to producing high-quality products made with 100% post-consumer recycled fiber. Recycled fiber consumption dropped nearly 60% from last year, which reflects the post-COVID supply chain uncertainties and overpurchasing trends of 2022. As conditions stabilized in 2023, consumption returned to normal levels.

      Un-Plastic Timeline

      Ultraform® Backlit Poster

      Monadnock embarked on its Un-Plastic mission in 1997 with Ultraform® Backlit Poster.  Ultraform was launched to replace PVC and Styrene used in retail and hospitality back-lit and front-lit signage.  Our unique ability to craft paper with superb fiber formation and durability made this stock a perfect alternative for these high-performance applications.

      Duraprint®

      In 2008, we launched Duraprint®, a durable, printable substrate for turned-edge covering applications like entertainment, electronic device, and cosmetic gift set packaging. The unique qualities of this beautiful printing paper preclude the need for a film-laminated structure.

      Plastic Alternative

      In 2010, we unveiled Envi Wallgraphics, our first renewable fiber-based alternative to PVC for digital wallcoverings. Today, digital wallcoverings continue to lead as a high-performing segment in the wallpaper industry, with significant growth projected in the coming years.

      Also in 2010, we crafted a durable tag for the horticulture market to replace HIPS and PVC for plant tags and pot wraps, further capitalizing on our ability to balance formation with durability and printability.

      Envi Card

      Soon after, in 2011, we launched Envi Card, a drop-in replacement for PVC and PLA gift cards. Engineered to meet shifting consumer requirements for performance, aesthetics, economic value and environmental friendliness, this disruptive innovation set a new standard for the industry. Looking back, its widespread adoption highlights how ready the market was for sustainable alternatives—especially one that’s third-party verified for curbside recyclability.

      Shelf Channel

      In 2015, we developed a paper alternative to plastics used in grocery shelf channel merchandising. This unique durable material innovation was driven by a sustainable grocery chain with a mission to reduce plastics in its stores.

      Alternative Fibers

      In 2019, we expanded our portfolio with solutions that meet the lower carbon footprint associated with digital print-on-demand. Astrolite PC 100® Velvet fine printing paper and Envi PC 100® Performance Board sustainable packaging are both FSC-certified and made from 100% post-consumer waste. 

      Additionally, we launched Hemp Envi Performance Board to meet the growing demand for more sustainable packaging options. Made from 30% hemp fiber and 70% post-consumer waste, this innovation reinforced our commitment to creative fiber-based solutions.

      ENVIsual® Board

      In 2020, we launched ENVIsual® Board, a collection of poster board stocks designed to replace PVC and styrene in durable retail and hospitality signage. Engineered for superior performance across the supply chain, this material is also recyclable in standard curbside mixed paper bins.

      PCW Closures

      In 2022, we collaborated with a global brand to develop a paper-based, 100% post-consumer waste recycled bag closure.

      Wide Format & Envi PC 100 Card

      And in 2023, we expanded our Wide Format product line to include Ultrahide PC 100®, Boulevard™, and Pavilion™, to align with shifting brand priorities and the growing demand for eco-conscious signage. We also introduced our award-winning gift card alternative, Envi PC 100 Card, which performs like plastic but is made entirely from 100% post-consumer waste (PCW). 

      Accomplishments

      In 2023, Monadnock Paper Mills continued to demonstrate its leadership in sustainability, innovation, and operational excellence, earning recognition from esteemed organizations and stakeholders:

        FSC Leadership Award
        Recognized for our outstanding commitment to responsible forest management and sustainable material sourcing, the FSC Leadership Award underscores our dedication to advancing environmental responsibility.

          SCA Pulp Supplier Award (Pending Confirmation)
          This award highlights excellence in sourcing, production, and collaboration within the pulp and paper industry.

            EcoVadis Silver Medal
            Despite changes to the 2023 rating methodology, Monadnock improved its EcoVadis score by two points over last year, placing us among the top 25% of evaluated companies. This progress, driven by advancements in Sustainable Procurement, reinforces our dedication to continuous improvement and inspires us to keep pushing forward on our path to sustainable excellence.

              Metrics

              At Monadnock, we believe that transparency and accountability are essential to our sustainability journey. Each year, we track and measure key environmental performance indicators to evaluate our progress and identify opportunities for improvement.

              In 2023, we faced challenges associated with decreased production levels, which impacted some efficiencies. However, we continued to achieve notable milestones, such as maintaining an impressive 98.1% diversion rate and enhancing energy savings through operational improvements. Additionally, up to 50% of our electricity is generated by our hydropower operation, reinforcing our dedication to renewable energy.

              The following chart provides a detailed overview of our performance metrics, reflecting both our successes and areas where we are focused on improvement as we continue our commitment to sustainable innovation.

              Balancing Legacy and Progress

              For Monadnock Paper Mills, the Contoocook River has always been a source of life and progress. Its powerful falls provided the energy to launch the mill’s operations in the early 19th century, shaping the economic and social fabric of Bennington, New Hampshire. Decades later, the arrival of the Hillsboro Branch railroad in the 1870s linked the mill and the river to markets across the region. The river and the railroad worked together—nature’s energy flowing alongside human ingenuity—propelling the mill into a new era of growth.

              The railroad was more than just a means of transportation; it was an extension of the river’s role as a lifeline. Coal arrived by train to fuel the mill’s machinery, and finished paper products traveled out, reaching customers far beyond the local community. For over a century, the river, the railroad, and the mill have worked in harmony to create a balance of natural power and industrial innovation, enabling Monadnock to thrive while supporting the town’s residents and businesses.

              But balance is rarely static. In 1965, a catastrophic fire destroyed the wooden trestle bridge spanning the Contoocook River, briefly severing the railroad’s connection to the mill. Yet, as the river flowed on, so did Monadnock. The bridge was quickly rebuilt, becoming a symbol of strength, resilience and adaptation. Today, the bridge remains a landmark, a reminder of the enduring relationship between the river, the railroad, and the mill.

              Though the railroad ceased operations in Bennington in the 1980s, its legacy lives on. The tracks may now sit silent, but the balance it once brought—connecting the natural power of the river with the industrial innovation of the mill—continues to inspire. Monadnock carries this spirit forward, honoring its history while crafting sustainable solutions for the future.

              The Contoocook River reminds us that true resilience flows with change, not against it. Like the river’s current and the tracks that once carried the mill’s goods, Monadnock moves forward—rooted in community, guided by its history, and grounded in purpose to embrace what’s next.

              Looking Ahead

              As we close the chapter on 2023, we reflect on a year that tested us with challenges but also reinforced our resilience and ability to adapt. While progress often comes with moments of recalibration, our grounded commitment to our core values guides us forward.

              We are excited to step into 2024 from this balanced place, remaining focused on refining our processes, reducing our environmental footprint, and preserving the land we are so deeply connected to. With a finger on the pulse of evolving market and consumer trends, we will continue advancing fiber-based innovations that make sustainable paper and print solutions more accessible to all.

              Our EcoVadis journey this year also offered an opportunity for reflection. Initially, the results felt like a setback, but rather than dwelling on the ebb, we embraced the flow. Since sustainability is engrained in Monadnock’s DNA, it ultimately became a catalyst for improvement—a chance to sharpen our processes, strengthen our environmental policy, and raise the bar on what it means to lead with sustainability.

              As we look to 2024, we’ll stay rooted in the values that have guided us while embracing the inevitable seasons of change that lie ahead. The most rewarding journeys are rarely the smoothest, but by working together toward positive change, we can navigate whatever comes our way and nurture the seeds of progress we’ve planted, ensuring they thrive for generations to come.