The upcoming launch of SB 343 has particularly notable implications for carton recycling in the state, even though the law also applies to other kinds of packaging. SB 343 is meant to protect consumers from false recycling claims by prohibiting use of the well-known “chasing arrows” symbol, or other recyclability claims on packaging, unless approved through a complex state process. The carton recycling industry has been down a bumpy road with SB 343 in recent months. SB 343 has other requirements beyond the 60% MRF processing threshold. To be deemed recyclable, packaging must also be collected by programs that cover at least 60% of the state population, too.  The law also prohibits manufacturers from selling products or packaging labeled as recyclable unless the items are regularly collected and processed for recycling in the state. MRFs must send the material to a reclaimer that follows the Basel Convention, which prohibits international exports of certain hazardous wastes.

Huhtamaki, a key advanced manufacturer of sustainable packaging solutions for consumers around the world, has entered into an agreement to acquire the assets of Jiangsu Hihio-Art Packaging Co. Ltd., a leading manufacturer of paper bags, wraps and folding carton packaging in China. The company currently serves international quick-service restaurants (QSR) as well as national bakery chains. With this acquisition, Huhtamaki continues to strengthen its position as the leading foodservice packaging provider in Asia and expands its product portfolio in China allowing it to better serve its existing and new customers in this exciting growth market. Jiangsu Hihio-Art Packaging Co. Ltd. currently employs approximately 200 people in its manufacturing unit in Xuzhou city, Jiangsu. Employees will be offered an opportunity to continue to work for Huhtamaki after the transaction is closed. In 2020 the annual net sales of the privately owned business were approximately EUR 20 million. Following the acquisition, Huhtamaki will have altogether four manufacturing units in China: in Guangzhou, Shanghai, Tianjin, and Xuzhou.

*Net earnings of $235 million ($0.68 per diluted share); Adjusted operating earnings* (non-GAAP) of $204 million ($0.59 per diluted share) *$55 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $120 million *Cash provided by operations of $528 million, bringing year-to-date to $873 million; Free cash flow** (non-GAAP) of $265 million year-to-date 2023 *Returned $200 million to shareholders through $40 million share repurchases and $160 million in dividends, bringing year-to-date to $519 million