Finance: Page 4

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

Increasing demand buoys PCA’s earnings, but pricing questions distract from progress

Packaging Corp. of America experienced demand that was “stronger than our expectations” in the fourth quarter of 2023, according to CEO Mark Kowlzan, which could signal longer-term recovery.

By Katie Pyzyk • Jan. 25, 2024

The packaging industry outlook for 2024

Serdar Akar takes a closer look at what’s in store for policymaking, producer responsibility, plastics and more.

By Serdar Akar Staff • Jan. 23, 2024

Will fiber price hikes stick in 2024? Early signs are questionable.

Fiber packaging companies including Greif, Sonoco and WestRock announced price increases, largely citing higher production costs. But multiple observers believe the hikes are ill-timed and could be reversed.

By Katie Pyzyk • Jan. 23, 2024

Graphic Packaging discloses closures and layoffs in Michigan, Massachusetts

The packaging company also said this month it will close a converting facility in Charlotte, North Carolina.

By Katie Pyzyk • Updated Jan. 18, 2024

WestRock to close plants in Seattle and North Carolina, affecting more than 240 jobs

Production volumes from the Seattle box plant and North Carolina healthcare packaging plant will shift to other WestRock facilities. Laid-off employees can apply for open positions at other locations.

By Katie Pyzyk • Jan. 18, 2024

Graphic Packaging to close paperboard converting facility, affecting 112 jobs

A Graphic Packaging International spokesperson provided details about the company’s decision to consolidate production at the Charlotte, North Carolina, plant into the company’s “broader network of plants.”

By Katie Pyzyk • Jan. 17, 2024

Sustana rebrand unifies distinct fiber businesses

The rebrand lets the company “talk about the whole story,” from material sourcing to recycling, including efforts like its paper cup recycling pilot program with Starbucks.

By Katie Pyzyk • Jan. 17, 2024

2023: A year of packaging leadership changes

International Paper, Berry Global, DS Smith, Stora Enso, SEE and Billerud all announced changes for key leadership roles.

By Serdar Akar Staff • Dec. 26, 2023

2023 packaging trends by the numbers

These are some of the stats that defined policymaking, e-commerce, sustainability, dealmaking and more for the packaging industry across varied substrates and markets.

By Katie Pyzyk , Maria Rachal , Cole Rosengren • Dec. 22, 2023

2023 saw thousands of packaging layoffs amid manufacturing shutdowns

Serdar Akar tracked at least 9,000 packaging-related jobs affected by manufacturing closures and layoffs this year, according to state notices, company disclosures and local news reports.

By Serdar Akar Staff • Dec. 21, 2023

Destocking, a pandemic hangover, lingered in 2023

Inventory imbalances persisted, affecting results at many of the packaging industry’s biggest companies quarter after quarter.

By Maria Rachal • Dec. 20, 2023

After an uneven year, could packaging M&A be picking up speed?

The sector saw blockbuster transactions such as Smurfit Kappa’s pending acquisition of WestRock alongside smaller private equity deals. Experts from Deloitte, Truist and Triad Securities weigh in on what it all means.

By Cole Rosengren • Dec. 18, 2023

Greif details M&A strategy amid ongoing economic headwinds

Greif executives discussed an “extremely weak industrial sector,” downtime at paper mills and other challenges after ending the fiscal year with a nearly 18% decline in total sales. The company is optimistic about growth from acquisitions.

By Maria Rachal • Dec. 8, 2023

DS Smith CEO of 13 years to retire

Miles Roberts' plan to depart follows packaging CEO transition announcements this year at multiple companies. The British paper packaging company also touted six-month results in a “challenging environment.”

By Maria Rachal • Dec. 7, 2023

Ardagh, Silgan closures add to November packaging layoff announcements

Hundreds more impending layoffs were announced this week. Ball, Hood, TC Transcontinental and others in packaging manufacturing also provided updates this month on closures and disruptions.

By Maria Rachal • Nov. 30, 2023

Origin Materials laying off 30% of workforce, prioritizing ‘revenue-generating projects’

Approximately 60 positions will be affected as part of the company’s cost-cutting measures. Origin Materials aims to achieve positive earnings via the realignment.

By Katie Pyzyk • Nov. 21, 2023

Berry’s new CEO talks organic growth, sustainability opportunities

After fiscal year 2023 saw a nearly 13% decline in net sales, CEO Kevin Kwilinski took the helm. He shared his outlook on Berry Global’s acquisition strategy, the future of the Health, Hygiene, & Specialties division and more.

By Maria Rachal • Nov. 17, 2023

WestRock Q4 results helped by corrugated, hurt by closures

While the corrugated sector grew, global paper sales declined. The company did not share new details on Smurfit Kappa’s pending acquisition.

By Katie Pyzyk • Nov. 9, 2023

Packaging companies seeing ‘no impact whatsoever’ from weight-loss drugs

Multiple analysts and executives view concerns about potential downstream impacts from popular medications such as Ozempic as being overblown.

By Maria Rachal , Katie Pyzyk • Nov. 6, 2023

Ball announces site closures, discusses Bud Light impacts

Amid changes in demand, Ball is shutting down sites in Virginia and Washington and stepping back from expansion projects in Nevada and North Carolina.

By Maria Rachal • Nov. 3, 2023

Sonoco outperforms Q3 guidance, but ‘cautious’ consumers depress demand

The company is beginning to see returns from recent M&A and equipment conversion investments, according to executives on a Q3 earnings call.

By Katie Pyzyk • Nov. 2, 2023

O-I Glass to curtail 20% of global capacity in Q4

The company is forging ahead on a new high-tech plant in Kentucky for a mid-2024 ramp-up, but it is extending the timeline for expansion projects in South America and Europe “to better align with the market recovery.”

By Maria Rachal • Nov. 2, 2023

Destocking in ‘rearview mirror,’ but ‘cautious consumer’ slows Graphic Packaging’s recovery

GPI’s growth could be fueled by ramen, as a partnership to transform an iconic noodle cup from foam to fiber marks the company’s most recent innovation investment. Meanwhile, GPI discontinued a project to add capacity in Texas.

By Katie Pyzyk • Nov. 1, 2023

Amcor CEO talks ongoing customer destocking, weak consumer demand

The company reaffirmed its guidance for fiscal year 2024, saying it expects the destocking trend to abate and cost-cutting benefits to kick in during the back half of the year.

By Maria Rachal • Nov. 1, 2023