Net sales of $1.3 billion increased 8% as reported. Currency contributed $25 million, or approximately 2%, to net sales as compared to first quarter 2020. Net earnings in first quarter 2021 were $106 million, or $0.68 per diluted share, as compared to net earnings of $115 million, or $0.74 per diluted share, in first quarter 2020. The effective tax rate in first quarter 2021 was 34.0%, as compared to 22.2% in first quarter 2020. The current year effective tax rate was unfavorably impacted by legislative and administrative changes to enacted foreign statutes.

Color-Logic--the leader in metallic color communication and decorative effects--has certified Platinum Recycled Cast Coat, a luxury carton stock offered by Midland Paper, for use with the Color-Logic process. Discussing the certification, Mark Geeves, Color-Logic Director of Sales and Marketing, said : "The new Midland stock for carton applications, in combination with Color-Logi c BEST Silver ink and software, is a game changer for luxury packaging applications. The samples submitted for certification--produced by a Midland client--have the smoothest glass-like surface of any cast coat we have seen." Also commenting on the certification, Mike Jacobson, Midland Paper Senior Vice-President Sales, said: "We knew our new Platinum Recycled Cast Coat stock would provide exceptional print quality. After tests with the Color-Logic software and BEST silver ink, however, we now know our customers can enjoy dramatic effects at an economical production cost. What can be done with five ink colors--and the fact that all the decorative effects can be done at the design stage with no post finishing necessary--opens up new markets for our new recycled board." Click Read More below for additional detail.

Pregis unveils an evolution in foam technology supported by certified-circular polyethylene resins. Through collaboration with ExxonMobil, a leader in advanced recycling technology, Pregis now offers protective foam packaging to help customers meet their plastics circularity goals. This innovation was driven by a need for packaging that helps brands meet consumer demand for more circular plastic products, while still offering the high-quality protection properties of polyethylene foam. ExxonMobil's investment in advanced recycling technology and Pregis' holistic approach to circular design fueled this integration of certified-circular resins into more circular packaging applications that do not compromise performance. Ryan Wolcott, Chief Sustainability Officer at Pregis, explains, "Incorporating certified-circular resins into protective foam applications is a novel approach achieved through deep collaboration across the value chain. We view advanced recycling technologies and the use of certified-circular resins as one more set of tools that allow us to help tackle the plastic waste challenge. This achievement embodies Pregis’ commitment to plastics circularity.”