A paper wrapper that meets the challenge of chocolate: UPM & Orkla Suomi team up for innovative solution

Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The transaction has received unanimous approval of the boards of directors of both Amcor and Berry and values Berry’s common stock at $73.59 per share. The combination brings together two highly complementary businesses to create a global leader in consumer packaging solutions, with a broader flexible film and converted film offering for customers, a scaled containers and closures business and a unique global healthcare portfolio. The combined company will have unprecedented innovation capabilities and scale, and be uniquely positioned to accelerate growth, solve customers’ and consumers’ sustainability needs, unlock portfolio transformation and deliver significant value to both sets of shareholders.

Sonoco announced it has acquired the assets of D&W Paper Tubes, Inc., a Chatsworth, GA-based manufacturer of sustainable industrial paper tubes and cores. Founded in 2000, D&W is a family-owned company that produces 100-pe rcent recycled paperboard convolute tubes, spiral-wound cores and yarn tubes primarily serving the carpet and textile industry from operations at its Chatsworth facility. The company expects to produce approximately $18 million in sales in 2021. “D&W is complementary to our Industrial Paper Packaging segment and further strengthens our position serving the carpet and textile market in Northeast Georgia. In addition to acquiring an attractive book of business, we expect to drive meaningful business synergies from our integrated industrial products operations in the Southeast,” said Howard Coker, Sonoco President and Chief Executive Officer.

First Quarter 2021 Results *Reported Results: For the first quarter 2021, the company recorded a loss of $0.62 per share compared to earnings of $0.32 per share (diluted) in the prior year. The current year loss before income taxes was $65 million, compared to earnings before income taxes of $81 million in the first quarter of 2020. Both periods include items management considers not representative of ongoing operations. In the first quarter of 2021, this included a $154 million adjustment to the company’s Paddock support agreement liability primarily to reflect the subsidiary’s agreement in principle for a consensual plan of reorganization. *Segment Operating Profit1: First quarter 2021 segment operating profit was $175 million compared to $176 million in the prior year period. These results were in-line with the prior year period despite the July 2020 divestiture of the company’s Australia and New Zealand (“ANZ”) business, which contributed $12 million of segment operating profit in the first quarter of 2020. Sales volume was stable with prior year levels on a comparable basis, excluding the impact from recent divestitures. Continued strong operating performance and the benefit of margin enhancement initiatives offset the significant impact of severe weather.