Finance: Page 5

  • Machinery inside Graphic Packaging International's Kalamazoo, Michigan, paperboard production plant.
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    Permission granted by Graphic Packaging International
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    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 • Nov. 1, 2023
  • Amcor logo
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    Permission granted by Amcor
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    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 • Nov. 1, 2023
  • Close-up of brown corrugated packaging
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    Lisa Beeby via Getty Images
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    Silgan, Sonoco, International Paper announced layoffs and closures in October

    Printpack, Greif, Hood Container and Novolex were also among the companies that disclosed changes to their manufacturing footprints.

    By • Oct. 30, 2023
  • Close-up of brown corrugated packaging
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    Lisa Beeby via Getty Images
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    Packaging manufacturers’ Q3 results

    Follow what top companies are saying in quarterly earnings reports about demand, destocking and optimizing manufacturing as 2023 winds down.

    By Serdar Akar Staff • Updated Nov. 17, 2023
  • Close-ups of multiple tab-open cans
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    w-ings via Getty Images
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    Silgan to rightsize footprint, cut costs

    “I think we are as frustrated with destocking as anybody else,” said CEO Adam Greenlee on a Q3 earnings call amid impacts to its important food, beverage and pet food markets.

    By • Oct. 27, 2023
  • International Paper holds a ribbon-cutting to celebrate the opening of its newest state-of-the-art corrugated packaging facility in Atglen, Pennsylvania, on Sept. 15, 2023.
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    Courtesy of International Paper
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    International Paper plots recovery from ‘depth and duration of this downturn’

    While the downturn is “not like anything we've seen,” demand is on the rebound, said CEO Mark Sutton. Executives also provided more details about a series of recently announced shutdowns and layoffs.

    By • Oct. 26, 2023
  • The Theppadungporn Chaokoh coconut milk can, whose golf ball-like surface design reduces the amount of material needed, was among the innovations Crown highlighted in its 2022 sustainability report.
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    Courtesy of Crown Holdings https://www.crowncork.com/news/crown-wins-multiple-awards-innovative-designs-across-global-competitions
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    Crown lowers 2023 outlook, citing weakness in aerosols and Asia

    The can manufacturer’s executives also discussed free cash flow increases, new capacity in the U.S. and Europe, customer and consumer trends and more.

    By • Oct. 25, 2023
  • Packaging Corporation of America logo on a building.
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    Kristoffer Tripplaar/Sipa/AP

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    Packaging Corp. to restart idled mill on corrugated demand uptick

    As months of destocking woes subside, company executives expect the demand increase to continue for the remainder of 2023, after hitting “rock bottom” in Q1.

    By • Oct. 24, 2023
  • The new logo for SEE, the rebrand of Sealed Air.
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    Courtesy of SEE
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    Doheny out as CEO at SEE amid multiple executive changes

    The Sealed Air company announced an immediate change for multiple top roles. The move comes a year after the board extended Doheny’s contract to 2027.

    By • Oct. 24, 2023
  • International Paper's new logo.
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    Courtesy of International Paper/Cision
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    International Paper’s plan to close mill, shut down machines will affect 900 employees

    The shutdowns — at sites in Florida, North Carolina and Texas — collectively will reduce IP’s production by 1.3 million tons annually. The moves come amid lower sales volumes this year, largely due to destocking.

    By • Oct. 18, 2023
  • A large cardboard box sits on a welcome mat on the front porch of a house.
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    Courtesy of Amazon
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    Packaging Q3 earnings reports to follow early signs of holiday shopping zeal

    Consumers have already shopped pre-holiday sales. Deloitte projected holiday season e-commerce sales growth upwards of 12.8%, while Adobe Analytics expects a boost from “record discounts and flexible payment methods.”

    By • Oct. 18, 2023
  • Can manufacturing line
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    leventince via Getty Images
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    Prices for packaging materials continue to fall, paper and plastics production down

    September data reports suggest manufacturing again contracted and prices for aluminum, corrugated boxes and polypropylene all continued monthly declines.

    By • Oct. 4, 2023
  • Origin Materials' first commercial-scale plant for manufacturing CMF.
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    Permission granted by Origin Materials
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    Origin Materials names next CFO, faces allegations of securities fraud

    The company notes market shifts and other changes this year, yet it continues to forge partnership deals for bio-based materials, including for making packaging.

    By • Oct. 3, 2023
  • Ball cans
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    Permission granted by Ball
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    Ball welcomes new CFO, with aerospace divestiture pending

    The chief financial officer transition is happening as Ball goes all in on its packaging focus.

    By • Sept. 25, 2023
  • Wide shot of Stora Enso's headquarters in Finland.
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    "Stora Enso headquarters" by I99pema is licensed under CC BY-SA 4.0
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    Stora Enso replaces CEO amid restructuring

    The announcement comes as the Finnish packaging company carries out closures and layoffs. "I look forward to working together with my new colleagues in leading our profit turn-around,” said new CEO Hans Sohlström.

    By • Sept. 19, 2023
  • Flag for the Ilim Group, a major player in the Russian paper industry that recently acquired International Paper's remaining stake in the business
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    Courtesy of Ilim Group
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    International Paper exits Russian joint venture with $508M sale

    IP divested its stake in the Ilim Group, which was formed in 2007 and describes itself as “the leader of the Russian pulp and paper industry.” It's the latest in a wave of companies looking to exit business in Russia.

    By • Sept. 18, 2023
  • Aerial view of a Smurfit Kappa corrugated production facility in Poland
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    Courtesy of Smurfit Kappa
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    Smurfit WestRock: The transaction creating a global packaging giant

    The combination of Smurfit Kappa and WestRock is expected to make the world’s largest publicly traded packaging company.

    By Serdar Akar Staff • Updated 22 hours ago
  • Aerial view of WestRock's headquarters in Atlanta, Georgia
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    Permission granted by WestRock
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    Smurfit WestRock transaction

    Smurfit Kappa finalizes plan to acquire WestRock in 2024

    CEOs Tony Smurfit and David Sewell outlined their vision for a leading global packaging company and discussed the outlook for possible divestitures on Tuesday.

    By , • Sept. 12, 2023
  • Close up view of stacked corrugated cardboard.
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    Mikola249 via Getty Images
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    Smurfit WestRock transaction

    Smurfit Kappa and WestRock deal not expected to face major barriers, analysts say

    The geographical diversity in the two companies’ assets could reduce competition concerns in what could become the largest containerboard company in the world.

    By • Sept. 11, 2023
  • Five paperboard mailer envelopes with various designs on the front.
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    Retrieved from Bell Incorporated on August 01, 2023
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    Graphic Packaging closes $262.5M acquisition of folding carton company Bell

    The deal, which includes three U.S. converting facilities, grows Graphic’s presence in food service packaging and offers an expansion opportunity into the mailer business.

    By • Sept. 11, 2023
  • Stacks of cardboard boxes in a logistics center
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    Rost-9D via Getty Images
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    Smurfit WestRock transaction

    Smurfit Kappa, WestRock in advanced talks to merge

    If finalized, Smurfit WestRock would bring together American and European paper packaging giants whose combined annual revenue this past year would have totaled approximately $34 billion, the companies said.

    By • Sept. 7, 2023
  • International Paper's new logo.
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    Courtesy of International Paper/Cision
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    International Paper CEO Mark Sutton to step down, triggering succession plan

    Sutton has been with the company his entire career, nearly four decades, and will remain in his role until International Paper finds a successor.

    By • Sept. 7, 2023
  • Exterior view of a paper and pulp mill at twilight.
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    Courtesy of Domtar
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    Domtar to ‘indefinitely’ idle Ontario mill, affecting 450 jobs

    After years of operating losses at the Ontario mill, the paper and pulp company couldn’t find a way to keep it open, such as through a site sale, it said.

    By • Updated Sept. 8, 2023
  • Illinois state flag blows in the wind
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    rarrarorro via Getty Images
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    Berry, Menasha Packaging, Solo Cup plan Illinois layoffs

    Companies cited business slowdowns, restructuring and site transformation as reasons for cuts that will impact hundreds of jobs.

    By • Updated Sept. 28, 2023
  • Cardboard partitions
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    Yulcha via Getty Images
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    Greif executives discuss downtime at mills, signs of industrial recession

    The industrial packaging and paper company also announced it’s acquired a majority interest in ColePak, which it described as the second-leading supplier of bulk and specialty partitions in North America.

    By • Aug. 31, 2023