Industry Publishes Updated Voluntary Standard for Recycling Cardboard

Green Bay Packaging (GBP) has announced that it is in the first phase of evaluating construction of a new, state of the art recycled containerboard machine at its location in Green Bay Wisconsin. The 220” machine would be operational in 2020 and would replace the Company’s existing 164” trim machine, originally constructed in 1950. The investment would increase GBP’s recycled containerboard capacity by over 70%.

Greif is pleased to announce the rebrand of its product circularity program, now known as Life Cycle Services by Greif. Backed by one of the most comprehensive sustainability programs in industrial packaging, Greif has a proven history of helping customers meet and exceed their sustainability goals. This initiative aligns with its recently announced 2030 Sustainability Targets, including a broader focus on advancing a circular economy, reducing greenhouse gas emissions, and championing diversity, equity, and inclusion initiatives. Under the new Life Cycle Services brand, Greif has aligned these end-of-life services offered by its Global Industrial Packaging (GIP) and Paper Packaging and Services (PPS) businesses.

First Quarter Highlights *First quarter 2022 net sales were a record $1.77 billion, compared with $1.35 billion in the same period in 2021. *First quarter 2022 GAAP earnings per diluted share were $1.17, compared with $0.71 in the same period in 2021. *Base net income attributable to Sonoco (base earnings) for the first quarter 2022 was a record $1.85 per diluted share, compared with $1.00 per diluted share in the same period of 2021. 2021 base results throughout the release have been revised to conform with the Company’s current Base Earnings definition which excludes amortization of acquisition intangibles. The Company recently provided updated first quarter guidance of $1.70 to $1.80 per diluted share. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) *Cash flow from operations was $1.1 million in the first quarter of 2022, compared to $138.7 million in the same period of 2021.