Doubling tariffs on metals imports risks unintended consequences throughout the packaging supply chain, according to the Can Manufacturers Institute and the Aluminum Association.
Packaging manufacturers worried by 50% tariffs on steel, aluminum | Packaging Dive
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Fourth Quarter Highlights and other notable items: *Net sales of $5.0 billion *Net income of $110 million, net income included $344 million ($239 million of which was non-cash) of restructuring and other costs, net and a $239 million gain on sale of the Company’s interior partitions converting operations and Chattanooga, Tennessee uncoated recycled paperboard mill *Results negatively impacted by $64 million due to economic downtime and a $40 million increase in non-cash pension costs, each compared to the fourth quarter of fiscal 2022; WestRock’s U.S. qualified and non-qualified pension plans remain overfunded *Announced 10% dividend increase in October 2023 *Announced proposed business combination with Smurfit Kappa Group plc to create a global leader in sustainable packaging (the “Transaction”)
Huhtamaki welcomes the development of an EU contingency plan to support Europe’s food system in times of crisis and calls for the essential role of food packaging to be fully incorporated into the plan. The EU food supply and food security contingency plan builds on lessons learned from the COVID-19 pandemic and is an important component of the European Green Deal and the EU’s Farm to Fork strategy. The availability of food, access to food, stability and utilization of food are key components of food security. Food packaging plays a key role in delivering these. It is critical to the effective functioning of modern food systems, which rely on packaging to store and transport food, while keeping safe from spoilage and disease.
The plastic recycling capacity in Europe is growing according to a recent study made by Plastic Recyclers Europe and is expected to continue growing with the coming legislation on packaging as a key driver. The demand for PCR (Post-Consumer Recyclates) material is expected to increase significantly and Trioworld is investing heavily to meet the demand and secure the supply of PCR for our customers. The study from PRE shows that plastic recycling capacity grew 8 % between 2018 to 2020 alongside considerable improvements in collection, sorting and recycling leading to a growing uptake in a wider range of end applications. “In 2022, Trioworld decided to invest more than 50 million EUR in expanding our recycling capabilities. Investments that will make it possible to supply high-quality post-consumer recycled material to stretch film”, says Oskar Karlsson, CPO and VP Sustainability at Trioworld Group.