Finance: Page 2

  • Plastic waste on a sandy beach. Pollution of the waters of the world ocean by plastic. Polluted beach in Los Angeles, USA
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    Konoplytska via Getty Images
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    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 • March 13, 2024
  • A large roll of kraft paper, part of Mondi Group's kraft paper production in Sweden
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    Courtesy of Mondi Group Plc
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    Acquisition of DS Smith

    Mondi’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 • March 7, 2024
  • O-I Glass global headquarters.
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    Courtesy of O-I Glass
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    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 • March 6, 2024
  • paper tubes and cores
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    Nikola Milosevic via Getty Images
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    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 • March 4, 2024
  • rolled paper
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    SafakOguz via Getty Images
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    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 • Updated March 8, 2024
  • An array of beverage packaging made by Pactiv Evergreen
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    Retrieved from Pactiv Evergreen on March 01, 2024
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    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 • March 1, 2024
  • The new logo for SEE, the rebrand of Sealed Air.
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    Courtesy of SEE
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    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 • Feb. 28, 2024
  • Sonoco EnviroFlex pouch
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    Courtesy of Sonoco
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    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 , • Feb. 26, 2024
  • Workers celebrate at Cascades Containerboard Packaging plant in Bear Island, Virginia
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    Courtesy of Cascades
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    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 • Feb. 23, 2024
  • The tops of silver tabbed beverage cans
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    LordRunar via Getty Images
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    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 • Feb. 23, 2024
  • The new logo for SEE, the rebrand of Sealed Air.
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    Courtesy of SEE
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    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 • Feb. 22, 2024
  • Nine types of colorful fiber-based packages, made by Graphic Packaging International, for food, candy and snacks.
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    Katie Pyzyk/Packaging Dive
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    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 • Feb. 22, 2024
  • Corrugated linerboard on a production line
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    agnormark via Getty Images
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    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 • Updated Feb. 21, 2024
  • Three people in full-coverage protective suits push a piece of aerospace equipment.
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    Courtesy of Ball Aerospace
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    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 • Feb. 16, 2024
  • A can of Pringles potato chips in a new paper-based container.
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    Courtesy of Kellogg's
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    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 • Feb. 15, 2024
  • An aerial view of Arglass' manufacturing facility in Valdosta, Georgia.
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    Permission granted by Arglass
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    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 • Feb. 15, 2024
  • Close-up of brown corrugated packaging
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    Lisa Beeby via Getty Images
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    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 • Feb. 13, 2024
  • O-I Glass quality inspection.
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    Courtesy of O-I Glass
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    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 • Feb. 9, 2024
  • Stacks of cardboard boxes in a logistics center
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    Rost-9D via Getty Images
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    Acquisition of DS Smith

    Mondi 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 • Feb. 8, 2024
  • Amcor logo
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    Permission granted by Amcor
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    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 • Feb. 8, 2024
  • Smurfit Kappa flags
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    Courtesy of Smurfit Kappa
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    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 • Feb. 7, 2024
  • Berry Global's headquarters in Evansville, Indiana.
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    Permission granted by Berry Global
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    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 • Feb. 7, 2024
  • The tops of silver tabbed beverage cans
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    LordRunar via Getty Images
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    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 • Feb. 6, 2024
  • paper tubes and cores
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    Nikola Milosevic via Getty Images
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    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 , • Feb. 5, 2024
  • Flexible plastic packaging pouches
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    Romeo Gacad via Getty Images
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    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