January–June 2023 (compared to 1–6/2022) *Sales were EUR 1,040.2 million (1,232.5). *The comparable operating result was EUR 116.0 million 267.4), or 11.2% of sales (21.7). Operating result was EUR 117.9 million (283.3). *Net cash flow from operations was EUR 142.0 million (95.3). April–June 2023 (compared to 4–6/2022) *Sales were EUR 498.2 million (650.5). *The comparable operating result was EUR 27.3 million (145.9), or 5.5% (22.4) of sales. Operating result was EUR 29.5 million (142.6). *Net cash flow from operations was EUR 15.6 million (2.7).

Huhtamaki has completed the acquisition of Jiangsu Hihio-Art Packaging Co. Ltd.’s assets. Jiangsu Hihio-Art Packaging is a privately owned manufacturer of paper bags, wraps and folding carton packaging in China. The acquisition strengthens Huhtamaki’s position as the leading foodservice packaging provider in Asia and expands its product portfolio allowing it to better serve both existing and new customers in China. Huhtamaki now has approximately 850 employees across four manufacturing units in China, with Hihio-Art Packaging Co. Ltd.’s approximately 200 employees joining as Huhtamaki employees at the newly established Huhtamaki Foodservice (Xuzhou) Limited. The net sales of the acquired business were approximately EUR 20 million in 2020. The debt free purchase price was EUR 27 million. The acquired business is incorporated into and reports as part of the Foodservice Europe-Asia-Oceania reporting segment as of June 11, 2021.

Sonoco announced that two members of the Company’s Board of Directors will be leaving. Marc D. Oken, 75, chairman and founder of Falfurrias Capital Partners, a Charlotte, N.C., private equity firm, has reached the Board’s mandatory retirement age and will not stand for reelection at the Company’s 2022 Annual General Meeting. Oken joined the board in 2006 and serves on the Company’s Executive Committee as well as the Executive Compensation, Audit and Corporate Governance and Nominating committees. In addition, Lloyd M. Yates, 61, who was recently named President and Chief Executive Officer of NiSource, Inc. (NYSE: NI), a Merrillville, IN, energy holding company, extended his resignation to Sonoco’s Board, effective March 1, 2022. Yates served on Sonoco’s Board since 2019 and is a member of Audit, Financial Policy and Employee and Public Responsibility committees. Yate’s resignation was not the result of any disagreement between Yates and the Company, its management, board of directors or any committee thereof, or with respect to any matter relating to the Company’s operation, policies or practices.