Huhtamaki, a leading global provider of sustainable packaging solutions for consumers around the world, is making a significant investment in its Paris, Texas facility in the U.S. The investment consists of an expansion of its manufacturing capacity as well as a consolidation of an external warehouse. The investment into production assets is approximately USD 30 million, and the warehouse and manufacturing facility will be leased. This will significantly increase the North America business segment’s capacity in folding cartons to support the growth of the Foodservice business. Production is expected to start ramping up in Q1 2025 and will be key to servicing the growth of existing customers and a growing list of up-and-coming customers throughout the Southern and Midwestern states. The Paris facility is uniquely positioned to meet the increased demand in the U.S. for more innovative and sustainable folding cartons which provide convenient, safe and hygienic food for busy consumers. The site is expected to employ up to 80 employees within the first three years.

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Commentary from CEO Ole Rosgaard: “Greif is actively managing a historical period of industrial activity contraction while simultaneously transforming our internal processes and our portfolio mix for optimal alignment to long-term profitable earnings growth.” said Ole Rosgaard, Chief Executive Officer of Greif, “This quarter highlights the resilience of our new business model amid multiple headwinds and demonstrates our willingness to invest in the long-term future of Greif while managing the present. We’re excited for what the future holds and for accelerating our growth in both the near and long-term. Our announcement to seek the sale of our Soterra land management holdings demonstrates our commitment to constantly assessing our business portfolio for maximum value creation and taking decisive action to pursue long-term sustainable earnings growth.” Strategic Actions and Announcements: Intend to divest our approximately 176,000 acres of timberland in the Southeastern United States. Proceeds will be applied towards debt reduction. Announced closure of A1 uncoated recycled paperboard machine in Austell, GA as well as the containerboard and uncoated recycled paperboard mill in Fitchburg, MA. Progress on announced cost optimization project proceeding on target, with $13.0 million of annual run-rate savings achieved through the end of first quarter 2025.