The net sales increase of $161 million from the prior year quarter was primarily attributed to acquisition net sales of $106 million, selling price increases of $59 million due to the pass through of higher resin prices, and a $34 million favorable impact from foreign currency changes, partially offset by a 2% base volume decline. The operating income increase of $13 million from the prior year quarter was primarily attributed to acquisition operating income of $20 million, a $13 million decrease in selling, general and administrative expense due to synergies and cost reductions, a $7 million decrease in depreciation and amortization, and a $5 million favorable impact from foreign currency changes, partially offset by a $22 million negative impact from under recovery of higher cost of goods sold, and a $7 million negative impact from lower base volumes, and a $3 million increase in business integration expenses. Click Read More below for additional information.

Huhtamaki has acquired full ownership of Huhtamaki Tailored Packaging Pty Ltd (HTP), the Australian foodservice packaging distribution and wholesale group. HTP employs more than 130 people and is today one of the largest importers and distributors of foodservice packaging in Australia serving a wide network of customers including metropolitan and regional packaging wholesalers, food wholesalers, club and hospitality suppliers, and national quick service restaurant businesses.

Through its Pregis Inspyre™ product line, the company has taken steps to make a difference in communities worldwide. As a proud brand member of 1% for the Planet, 1% of the Inspyre product line sales are donated to the Uzima Clean Water Mission, a nonprofit organization working to bring clean drinking water to communities vulnerable to waterborne illnesses. Access to clean water is a critical global issue, and Pregis is committed to supporting Uzima’s mission to improve health and quality of life for those in need. “We believe that businesses should be a force for good. Through our Pregis Inspyre purpose-driven product offering, we are empowering customers to make product choices that create benefit to their operation and fuel meaningful change,” said Daché Davidson, CMO of Pregis. “Our partnership with Uzima helps ensure that communities around the world have access to clean water, a basic human right that so many still lack. This is just one way we’re extending our purpose to ‘inspyre’ positive change for people and the planet.”