Mondi has completed the acquisition of the Western Europe assets of Schumacher Packaging, expanding the product range, capacity and innovation available to customers demanding high-performance, sustainable packaging at scale. For existing Mondi customers, the expanded product range and enhanced production flexibility supports the growing demand for sustainable packaging solutions. Customers joining from Schumacher Packaging gain full access to Mondi’s comprehensive product portfolio and services, industry-leading sustainability credentials, reliable delivery systems and strengthened security of supply. Among the acquired sites, the two state-of-the-art mega box plants in Ebersdorf and Greven (Germany) deliver best-in-class asset performance and quality. By adding solid board solutions to the portfolio, Mondi provides eCommerce and FMCG customers with sustainable packaging that protects products while optimising logistics. “This acquisition is all about delivering more for our customers – greater capacity, enhanced supply security, and a broader range of sustainable packaging solutions to help them succeed. Bringing together the expertise of our new colleagues from Schumacher Packaging with Mondi’s capabilities strengthens our offering even further, enabling us to drive greater innovation and value for the customers we serve,” comments Markus Gärtner, CEO Corrugated Packaging, Mondi Group.

First Quarter Highlights *First quarter 2021 GAAP earnings per diluted share were $0.71, compared with $0.80 in 2020. *First quarter 2021 GAAP earnings included net after-tax charges of $19.4 million related to restructuring activity, asset impairments, acquisition and divestiture transaction costs, loss on a business divestiture and non-operating pension costs which were partially offset by insurance proceeds. In the first quarter of 2020, GAAP earnings included net after-tax charges of $14.8 million related mostly to restructuring actions and non-operating pension costs. *Base net income attributable to Sonoco (base earnings) for first quarter 2021 was $0.90 per diluted share, compared with $0.94 in 2020. (See base earnings definition, explanation and reconciliation to GAAP earnings later in this release.) Sonoco previously provided first quarter 2021 base earnings guidance of $0.80 to $0.90 per diluted share. *First quarter 2021 net sales were $1.35 billion, compared with $1.30 billion in 2020. *Cash flow from operations was $138.7 million in the first three months of 2021, compared to $87.7 million in 2020. Free cash flow was $99.4 million in the first three months of 2021, compared with $57.1 million in the first three months of 2020. *On April 4, 2021, Sonoco completed the sale of its U.S. Display and Packaging business to Hood Container Corporation for approximately $80 million in cash, the proceeds of which were received subsequent to the period's end.

Stora Enso is preparing to sell approximately 12% of its total forest assets of 1.4 million hectares in Sweden. Stora Enso has therefore initiated steps to implement a new legal structure for its Swedish forest assets to facilitate the potential sale. A potential transaction would be subject to agreeing terms and conditions with investors, including a long-term wood supply and forest management agreement. A sale would reduce debt and further strengthen Stora Enso’s balance sheet, confirming the financial value of the Company’s forest holdings.