Finance: Page 6
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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 Packaging Dive 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 -
Kristoffer Tripplaar/Sipa/AP
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 -
Nuclear_lily via Getty Images
The packaging industry outlook for 2024
Packaging Dive takes a closer look at what’s in store for policymaking, producer responsibility, plastics and more.
By Packaging Dive Staff • Jan. 23, 2024 -
Lisa Beeby via Getty Images
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 -
Itsanan Sampuntarat via Getty Images
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 -
Permission granted by WestRock
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 -
Bohdan Bevz via Getty Images
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
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