Finance: Page 8
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Permission granted by Amcor
Amcor CEO retiring due to health reasons
The company’s chief commercial officer will serve as interim CEO during the search for Ron Delia’s permanent replacement.
By Katie Pyzyk • March 20, 2024 -
Courtesy of International Paper/Cision
International Paper names Andrew Silvernail as next CEO
Silvernail will take over in May for Mark Sutton, who is stepping down after four decades with the company.
By Katie Pyzyk • Updated March 19, 2024 -
Konoplytska via Getty Images
As You Sow stays the course with plastic reduction resolutions despite ESG headwinds
“I think this is a really difficult year for shareholder resolutions,” said Kelly McBee, circular economy manager at As You Sow. To date, its 2024 consumer packaging efforts target Altria, Amazon and others.
By Maria Rachal • March 13, 2024 -
Courtesy of Mondi Group Plc
Acquisition of DS SmithMondi’s offer to buy DS Smith moving forward, not yet final
The companies are now working to quantify “synergies” they expect from the combination. Each recently reported headwinds coming out of 2023.
By Maria Rachal • March 7, 2024 -
Courtesy of O-I Glass
Longtime O-I Glass CEO Andres Lopez to retire
Lopez first joined the company in 1986 and moved up through multiple roles to become CEO in 2016.
By Maria Rachal • March 6, 2024 -
Nikola Milosevic via Getty Images
Greif navigates ongoing slow demand, delayed recognition of price increases
The company touted multiple acquisitions and a partnership to improve jerrycan recyclability. Those were bright spots in an otherwise challenging environment.
By Maria Rachal • March 4, 2024 -
SafakOguz via Getty Images
Paper packaging facilities impacted in February shutdown announcements
Tetra Pak, Domtar, Stora Enso and Cascades were some of the companies that disclosed closures, layoffs or idling, citing shifts in demand and restructuring plans. Plastic packaging makers also announced changes.
By Maria Rachal • Updated March 8, 2024 -
Retrieved from Pactiv Evergreen on March 01, 2024
Pactiv Evergreen restructuring to affect 10% of company’s footprint
The changes will be spread across its manufacturing and warehousing footprint over the next few years. The company also reported lower revenues and sales volumes for Q4.
By Katie Pyzyk • March 1, 2024 -
Courtesy of SEE
SEE advances restructuring as it searches for new CEO
The interim co-CEOs discussed expected cost savings as SEE closes multiple locations. The company formerly known as Sealed Air is also revamping commercial teams, integrating Liquibox and looking beyond destocking.
By Maria Rachal • Feb. 28, 2024 -
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/Packaging Dive
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
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