Finance: Page 3
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Courtesy of Sonoco
Sonoco eyes selling off more businesses, touts Flex-Therm integration
At an investor day, executives discussed simplifying Sonoco’s business structure, its divestiture strategy, brand partnerships and the path forward for metal packaging.
By Katie Pyzyk , Maria Rachal • Feb. 26, 2024 -
Courtesy of Cascades
Cascades optimistic about contributions from new Virginia plant amid other closures
While Cascades’ sales ticked up in 2023 as a whole, Q4 dragged down results. The company continues to prioritize production at Bear Island, Virginia, and other more modern facilities.
By Katie Pyzyk • Feb. 23, 2024 -
LordRunar via Getty Images
Ardagh Metal Packaging shipment volumes grew 5% in 2023
The business was hit by end-of-year customer destocking, particularly in Europe, while sales in the Americas showed continued strength.
By Maria Rachal • Feb. 23, 2024 -
Courtesy of SEE
SEE workers in New Jersey face layoffs
The changes in New Jersey follow last year’s company rebrand, CEO change and restructuring program launch.
By Maria Rachal • Feb. 22, 2024 -
Katie Pyzyk/Serdar Akar
Graphic Packaging touts consumer packaging growth, announces $700M paperboard plant sale
GPI executives highlighted innovation’s role in the company’s growth and its shift toward consumer packaging during an investor day event.
By Katie Pyzyk • Feb. 22, 2024 -
agnormark via Getty Images
Confusion abounds over whether markets are accepting fiber price hikes
In the second month since the fiber price hikes were supposed to take effect, markets still aren’t reflecting the full increases that companies announced and packaging executives are questioning a key pricing index.
By Katie Pyzyk • Updated Feb. 21, 2024 -
Courtesy of Ball Aerospace
Ball closes $5.6B sale of aerospace business and now is focused exclusively on packaging
Most of the $4.5 billion in proceeds will be split between debt reduction and returns to shareholders, with the remainder boosting Ball’s balance sheet.
By Maria Rachal • Feb. 16, 2024 -
Courtesy of Kellogg's
Sonoco says paper Pringles can sales are one signal of volume recovery
Consumer products customers are returning to normal pricing following destocking, said executives on Sonoco’s Q4 and full-year 2023 earnings call. But consumer spending shifts continue amid inflation pressure.
By Katie Pyzyk • Feb. 15, 2024 -
Permission granted by Arglass
Arglass envisions ‘maximum flexibility’ Georgia production site
The U.S. packaging manufacturer says a forthcoming furnace could make 350 million glass containers per year. The ability for smaller production runs could make it resilient to market trends and more approachable for customers.
By Maria Rachal • Feb. 15, 2024 -
Lisa Beeby via Getty Images
Cascades to close 3 containerboard facilities, affecting 310 workers
The company plans to shift production from sites in the U.S. and Canada to newer facilities, following other closures in Oregon and South Carolina last year. It will assist laid-off employees with finding new jobs.
By Katie Pyzyk • Feb. 13, 2024 -
Courtesy of O-I Glass
O-I Glass says demand in beer and food is recovering, destocking lingers for wine and spirits
The year ended with shipments down 16% in Q4. Sales were hurt by customer destocking, which CEO Andres Lopez said began later than in other categories, giving O-I hope to mirror recovery trends in other parts of the industry.
By Maria Rachal • Feb. 9, 2024 -
Mikola249 via Getty Images
Acquisition of DS SmithMondi explores creating European fiber packaging giant with DS Smith
The possibility of a mega-merger comes five months after a similar deal between sector competitors Smurfit Kappa and WestRock.
By Maria Rachal • Feb. 8, 2024 -
Permission granted by Amcor
Destocking accelerated in recent quarter, Amcor says
Amcor executives reported the destocking trend worsened despite other companies declaring it over. Executives also detailed 2,000 employee reductions in 2023.
By Katie Pyzyk • Feb. 8, 2024 -
Courtesy of Smurfit Kappa
Smurfit Kappa predicts Summer Olympics will provide financial boost
2024 demand and volumes have shown improvement following challenges to both in 2023, executives said on Wednesday’s earnings call. The WestRock acquisition also is progressing smoothly, they said.
By Katie Pyzyk • Feb. 7, 2024 -
Permission granted by Berry Global
Berry to spin off health segment, creating new public company with Glatfelter
Berry Global had been considering strategic alternatives for the Health, Hygiene & Specialties segment for months. The new company is valued at $3.6 billion.
By Maria Rachal • Feb. 7, 2024 -
LordRunar via Getty Images
Crown touts beverage can growth in Americas as equipment sales stall
CEO Tim Donahue described a positive outlook for the Americas Beverage and Transit Packaging divisions while also describing weak demand for aerosols and canmaking equipment. Crown closed five production facilities in Q4.
By Maria Rachal • Feb. 6, 2024 -
Nikola Milosevic via Getty Images
Sonoco to close facilities in Washington and Tennessee, affecting 117 workers
The decisions will shutter an uncoated paperboard mill, part of Sonoco’s “ongoing strategy to optimize our mill network and lower operating costs,” as well as an ends and closures facility.
By Katie Pyzyk , Maria Rachal • Feb. 5, 2024 -
Romeo Gacad via Getty Images
Packaging manufacturers’ sales results in 2023
See how major packaging companies, including Ardagh, Ball, Crown, O-I Glass, Sonoco, Smurfit Kappa and others, closed out the year, with more earnings reports to come.
By Serdar Akar Staff • Updated March 1, 2024 -
Permission granted by Ball Corporation
Ball looks to put Bud Light disruption behind it in 2024
The company is also focused on optimizing its production capacity, as well as opportunities following the pending sale of its aerospace business, which will make it a pure-play aluminum packaging company.
By Maria Rachal • Feb. 2, 2024 -
Stora Enso to lay off up to 1,000 employees under profit improvement program
The company is launching the plan following “a historical low fourth quarter in 2023” and dim hopes for significant recovery in Q1. It recently completed a previous restructuring effort that resulted in 1,150 layoffs.
By Katie Pyzyk • Feb. 1, 2024 -
Mikola249 via Getty Images
Smurfit WestRock transaction
Smurfit Kappa-WestRock deal timing slightly delayed
WestRock shared the update on the pending transaction in its fiscal Q1 financial release. During the quarter, paperboard market demand decreased, but external containerboard shipments grew, the company said.
By Katie Pyzyk • Feb. 1, 2024 -
Courtesy of International Paper/Cision
International Paper prioritizes ‘value over volume’ in profitability strategy
Executives on an earnings call discussed new price increases and expectations for improved demand over 2023's challenging environment.
By Katie Pyzyk • Feb. 1, 2024 -
Syriopro via Getty Images
Lingering destocking trends affect Silgan sales, but CEO projects 2024 recovery
CEO Adam Greenlee also said during a Wednesday earnings call that consolidation of five manufacturing facilities will support a $50 million cost savings plan, 40% of which will be realized by the end of this year.
By Maria Rachal • Feb. 1, 2024 -
Bohdan Bevz via Getty Images
Graphic Packaging, WestRock, Crown announced layoffs in January
More than 700 jobs are expected to be impacted following multiple closure announcements this month, with North Carolina workers particularly affected.
By Maria Rachal • Jan. 31, 2024 -
kot63 via Getty Images
Sonoco to divest protective solutions packaging business
The company says the cash sale to an alternative asset management firm is part of its “portfolio optimization strategy.”
By Katie Pyzyk • Jan. 30, 2024
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