Finance: Page 6

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 Maria Rachal • Aug. 31, 2023

WestRock to close two plants in October

The Indiana corrugated sheet plant and Pennsylvania folding carton plant closures bring the company’s 2023 layoff total to more than 1,000 employees.

By Katie Pyzyk • Updated Sept. 1, 2023

PFAS class action suit alleges Ahlstrom paper mill contaminated Wisconsin farms

Ahlstrom is accused of spreading PFAS-contaminated sludge on Wisconsin farmland. But the company says it didn’t own the mill at the time in question.

By Katie Pyzyk • Aug. 21, 2023

Amcor talks inflation, destocking, demand challenges in full-year report

M&A is also on Amcor executives’ minds as they continue to operate in a lower-demand environment, according to commentary during a full fiscal year earnings report Wednesday.

By Maria Rachal • Aug. 17, 2023

Berry Global names new CEO

Multi-Color Corp. President and CEO Kevin Kwilinski will replace Berry CEO Tom Salmon, who announced his planned retirement earlier this year.

By Katie Pyzyk • Aug. 15, 2023

Inventory outlook: What packaging suppliers predict for rest of 2023

Customers’ inventory management dominated numerous recent earnings call discussions, with footprint optimization being another prominent theme among some packaging manufacturers.

By Maria Rachal • Aug. 14, 2023

Berry closed 20 facilities last quarter to optimize footprint

Executives offered few details about the closures, which are part of a cost-cutting initiative. As destocking and inflation ease, investments in innovation and sustainability provide a “competitive advantage,” said CEO Tom Salmon.

By Katie Pyzyk • Aug. 10, 2023

SEE announces restructuring following brand revamp

The company formerly known as Sealed Air also recently said it’s working with ExxonMobil on an “advanced recycling” initiative for food-grade plastics.

By Maria Rachal • Aug. 9, 2023

Veritiv to be acquired in $2.3B private equity deal

Almost a decade after Veritiv was formed through a merger, the public company is slated to become private via a deal with an affiliate of a major firm.

By Katie Pyzyk • Aug. 7, 2023

Ball says Q2 volumes declined due to US beer controversy, Russia divestment

Global beverage volumes fell 11% in Q2, said CEO Dan Fisher. The company offered few updates on a possible sale of its aerospace business.

By Maria Rachal • Aug. 4, 2023

WestRock sees start of volume turnaround during ‘unprecedented year’ of declines

Following this week’s announcement of the Tacoma, Washington, mill closure, executives further detailed the ongoing footprint optimization plan intended to improve profitability.

By Katie Pyzyk • Aug. 3, 2023

O-I Glass looks ahead to 2024 expansions amid ‘choppy’ destocking

Q2 results exceeded expectations, executives said, despite lower consumer demand and destocking trends dampening sales volumes.

By Maria Rachal • Aug. 3, 2023

Sonoco’s net sales fell 11% in Q2 amid ‘turbulent’ market conditions

The company pointed to “accelerated inventory reduction programs” at top customers in food and aerosols, which resulted in lower-than-expected demand. At the same time, it saw “record results” in flexible packaging.

By Maria Rachal • Aug. 2, 2023

Graphic Packaging to enter fiber mailer space via acquisition

The foray into the e-commerce mailers comes as more customers request flexible fiber packaging solutions as they transition away from plastic.

By Katie Pyzyk • Aug. 2, 2023

Constantia Flexibles to be sold in 1.1B-euro deal

The world’s third-largest producer of flexible packaging is slated for a new private equity owner after more than eight years and nearly a dozen acquisitions of its own.

By Maria Rachal • July 31, 2023

Packaging industry trends that shaped Q2 earnings

Amcor, Berry, Ball, WestRock, O-I, Sonoco, Graphic Packaging, Ardagh, International Paper, Silgan, Crown and Packaging Corp. of America shared insights into the status of destocking, consumer demand and other trends.

By Serdar Akar Staff • Updated Aug. 17, 2023

Beer controversy exacerbates 16% drag in Ardagh’s North American glass shipments

Amid a sharp dropoff in U.S. beer demand, the company pulled forward plant closures in North Carolina and Louisiana as it pursues a 15% net reduction in North American glass capacity.

By Maria Rachal • July 28, 2023

International Paper says destocking is impacting box volumes unevenly

Early Q3 volumes are starting to tick up, which executives expect to continue through the year.

By Katie Pyzyk • July 27, 2023

Silgan CEO ‘very disappointed’ after Q2, lowers guidance amid demand shift

The consumer goods packaging company said it’s past pandemic-era destocking but a new wave of inventory issues has emerged. It will begin “rightsizing” its footprint to adjust to customers’ 2023 expectations.

By Maria Rachal • July 27, 2023

Sticky destocking, demand issues drag down PCA’s earnings

Packaging Corp. of America had predicted that destocking largely would wind down in Q2, but the trend continues to some degree.

By Katie Pyzyk • July 26, 2023

Crown sales fell 11% in Q2 amid varied consumer spending trends

Inflation, promotional activity and other factors impacted different markets. The can manufacturer anticipates new capacity will come online in the U.S. and the U.K. next month.

By Maria Rachal • July 26, 2023

Confidence wanes about Q2 packaging earnings improvements

Despite easing inflationary pressure, weak demand and destocking continue to impact producers’ volumes, analysts said. One of the first packaging producers to report earnings this cycle saw sales decline 22% year over year.

By Katie Pyzyk • July 24, 2023

Cascades Specialty Products names new president

Jérôme Porlier has held various tissue and packaging sector roles since joining Cascades in 2012. He takes over for Luc Langevin, who held the president position since 2011.

By Katie Pyzyk • July 21, 2023

Destocking trend lingers, June data suggests

Labor data and purchasing managers’ index readings shed new light on the state of manufacturing and inventories, as economists and analysts weigh in.

By Maria Rachal • July 13, 2023

Coca-Cola targets sustainable packaging innovations with $137.7M venture fund

The company expects the investments, managed by Greycroft, will provide greater access to emerging technologies to boost sustainability and reduce carbon emissions as 2025 and 2030 goals loom.

By Katie Pyzyk • July 13, 2023