Finance: Page 13
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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 -
Jérôme Porlier/Cascades Specialty Products
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 -
Caroline Colvin/Packaging Dive
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 -
Cole Rosengren/Packaging Dive
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 -
Mikola249 via Getty Images
DS Smith anticipates improved box volumes following dip that dragged down financial results
The U.K.-based packaging company is investing heavily in innovation, especially to help customers replace plastic products with fiber.
By Katie Pyzyk • June 26, 2023 -
Stora Enso to lay off 1,150 employees amid restructuring
The Finland-based fiber and forestry company is making changes at facilities in multiple countries to boost profitability and competitiveness after signaling financial trouble for months.
By Katie Pyzyk • June 15, 2023 -
kupicoo via Getty Images
Data from CPI, Fed and cardboard box sales may signal slowing economy
A broadening “cardboard box recession” could be a harbinger of a wider global recession.
By Katie Pyzyk • Updated June 15, 2023 -
Mikola249 via Getty Images
Destocking is out, higher-priced ‘urgent orders’ are in, Greif CEO says
Although the company’s numbers were down year over year, executives reiterated that this Q2 was the second-strongest in company history. They also discussed initial results from recent acquisitions.
By Katie Pyzyk • June 14, 2023 -
Retrieved from Avery Dennison on May 24, 2023
Avery Dennison announces new CEO and current leader’s retirement
Deon Stander, currently president and chief operating officer, will take over as CEO later this year.
By Katie Pyzyk • May 24, 2023 -
Courtesy of Smurfit Kappa https://www.smurfitkappa.com/newsroom/2023/40-million-euro-investment-in-state-of-the-art-technology-in-poland
Packaging manufacturing investments and expansions in 2023
Amid an industry theme of pullbacks in production, companies including Smurfit Kappa, PulPac and Berry Global have all recently shared expansion updates.
By Maria Rachal • May 16, 2023 -
Caroline Colvin/Packaging Dive
US inflation again eased in April
The plastics manufacturing workforce saw a little growth last month, while paper manufacturing’s workforce declined.
By Maria Rachal • May 12, 2023 -
Sean Rayford via Getty Images
Amazon, Yum Brands, Kroger face upcoming shareholder votes on circular packaging
Yum Brands — the fast-food corporation behind KFC, Pizza Hut and Taco Bell — is set to consider a proposal Thursday on single-use packaging, with meetings at Amazon and Restaurant Brands International to follow next week.
By Maria Rachal • May 10, 2023 -
monticelllo via Getty Images
Pactiv Evergreen gives updates on restructuring and shifting consumer spending
CEO Michael King said the company is adapting to tighter consumer spending and gave an estimated June date for previously announced facility closures in Arkansas and North Carolina.
By Katie Pyzyk • May 10, 2023 -
Brandon Bell via Getty Images
Destocking effects linger for packaging manufacturers
Q1 and April inventory trends — and what they might mean for the second half of the year — were discussed by paper, glass, metal and plastic packaging executives in recent earnings calls.
By Katie Pyzyk , Maria Rachal • May 9, 2023 -
Permission granted by Berry Global
Berry execs talk consolidation, shifting priority sectors
The company is “rationalizing” 15 facilities across the world — and more could be affected — to boost efficiencies and productivity.
By Katie Pyzyk • May 8, 2023 -
Permission granted by Ball Corporation
Ball’s beverage can shipments decline amid weaker consumer spending
Executives said Ball will continue to take downtime at facilities in Q2, and it’s moving forward to close a plant in Wallkill, New York. The coming summer months and new products offer some reasons for optimism, though.
By Maria Rachal • May 5, 2023 -
WestRock sees ‘unprecedented drop in volumes,’ will continue closing inefficient facilities
Streamlining measures are helping to “successfully navigate this slower demand environment,” said CEO David Sewell.
By Katie Pyzyk • May 4, 2023 -
Courtesy of SEE
Sealed Air rebrands as SEE, emphasizing automation and digital solutions
The announcement came as the global packaging company reported results from a “tough quarter” but outlined 2027 growth plans on multiple fronts, including through its recently finalized Liquibox acquisition.
By Maria Rachal • May 4, 2023 -
Win McNamee via Getty Images
Federal Reserve hikes main rate while ‘highly attentive to inflation risks’
It raised the main interest rate by a quarter percentage point and suggested that in the future it may pause its most aggressive monetary policy in four decades, depending on incoming data on inflation and other factors.
By Jim Tyson • May 4, 2023 -
Permission granted by Amcor
Amcor plans further labor cuts as weak demand and destocking persist
The company lacks optimism that market challenges will abate in the near term. Executives foresee volume weakness during what is typically the seasonally strongest quarter for the North American beverage business.
By Maria Rachal • May 3, 2023 -
Jordiferrer, CC BY-SA 3.0, via Wikimedia Commons
Graphic Packaging touts diverse end market portfolio, launches Chick-fil-A insulated fiber cups
Executives lauded gains in the face of challenging Q1 fiber demand, while announcing a new partnership for insulated, double-walled fiber cups to displace plastic foam.
By Katie Pyzyk • May 2, 2023 -
shank_ali via Getty Images
Sonoco reports food packaging sales helped balance weak quarter for aerosols
“We are cautiously optimistic about the remainder of the year,” CFO Rob Dillard said on a Tuesday earnings call, as the company raised aspects of its full-year guidance.
By Maria Rachal • May 2, 2023 -
DeSid via Getty Images
How packaging manufacturers fared in Q1
Follow what top companies said in quarterly earnings reports about consolidation efforts, consumer demand and projections for the rest of 2023.
By Packaging Dive Staff • Updated May 10, 2023 -
Courtesy of International Paper/Cision
International Paper earnings down as March brought ‘surprise’ demand dropoff
The longer and deeper period of inventory destocking has taken a toll, but April has shown a notable uptick in box sales.
By Katie Pyzyk • April 28, 2023 -
Chip Somodevilla via Getty Images
Consumer confidence sinks, implying downturn to come
Weakening optimism among consumers, as measured by the Conference Board, coincides with a decline in credit.
By Jim Tyson • April 27, 2023
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