International Paper (NYSE: IP) today announced that it has completed the transfer of its North America Consumer Packaging business to Graphic Packaging. As a result of the transaction, Graphic Packaging has assumed $660 million of IP debt. IP now holds a 20.5% ownership interest in the subsidiary of Graphic Packaging that holds the assets of the combined business. The transferred business includes approximately 3,900 employees, two coated paperboard mills and three converting facilities in the U.S., along with one converting facility in the U.K.
http://internationalpaper2015.q4web.com/news-releases/press-r/2018/International-Paper-Completes-Transfer-of-Their-North-America-Consumer-Packaging-Business-to-Graphic-Packaging/default.aspx
Related Posts
Smurfit Kappa has created an innovative and sustainable packaging solution specifically tailored for wine, to help businesses in the sector capitalise on the continued growth in eCommerce wine sales. The new solution holds Amazon’s ‘Frustration-Free Packaging’ (FFP) certification, which is a world first for a generic packaging solution that caters for different case counts and wine bottle types. The eCommerce wine sector has seen a significant increase in sales since the beginning of the pandemic in 2020. Shopping for wine online has been hailed as the next big consumer trend with market research company Euromonitor reporting a 52% increase in online wine sales between 2019 and 2021.
The EU is seeking to become the first climate-neutral continent by 2050 as outlined in the European Green Deal. One of the deal’s key building blocks is the transition to the Circular Economy, which will reduce pressure on natural resources, create sustainable growth and jobs and help achieve the EU’s climate neutrality target. The metal packaging industry is already making significant contributions to the Circular Economy thanks to the format’s inherent sustainability credentials. At Crown, we have also prioritized resource efficiency, reducing greenhouse gas emissions and use of renewable energy to further drive down our environmental impact. Another key area of advancement lies in lightweighting. This process enables us to produce more cans with the same material and for resources to be used more efficiently, as energy consumption is reduced downstream in the supply chain.
Packaging Corporation of America reported second quarter 2020 net income of $57 million, or $0.59 per share, and net income of $132 million, or $1.38 per share, excluding special items. Second quarter net sales were $1.54 billion in 2020 and $1.76 billion in 2019. Reported earnings in the second quarter of 2020 include $.79 per share of special items expense primarily for the impairment of goodwill associated with our Paper segment (as described below), the previously reported closure of our corrugated products production facility in San Lorenzo, CA, and costs and expenses associated with the COVID-19 pandemic.