Fourth quarter 2020 net income from continuing operations was $6.5 million compared to net income from continuing operations of $1.0 million in the fourth quarter of 2019. Net income from ongoing operations, which excludes special items and discontinued operations, was $9.7 million in the fourth quarter of 2020 and $9.9 million in the fourth quarter of 2019. Full year 2020 net loss from continuing operations was $16.8 million compared to net income from continuing operations of $58.5 million in 2019. Net income from ongoing operations was $50.8 million in 2020 and $47.6 million in 2019.

Net sales for the first quarter of 2021 were $1.24 billion, an increase of $207.7 million, or 20.2 percent, as compared to the same period in the prior year. This increase was the result of higher net sales in all of the segments. Income before interest and income taxes for the first quarter of 2021 was a record $126.6 million, an increase of $24.5 million, or 24.0 percent, as compared to $102.1 million for the first quarter of 2020, and margins increased to 10.2 percent from 9.9 percent for the same periods. The increase in income before interest and income taxes was the result of higher income in the Dispensing and Specialty Closures and Custom Containers segments and lower corporate expenses primarily related to prior year costs for one-time plant employee incentive payments and announced acquisitions, partially offset by higher rationalization charges. Rationalization charges were $10.3 million and $2.8 million in the first quarters of 2021 and 2020, respectively.

Mayr-Melnhof Group (MM) has entered into an agreement to buy Essentra Packaging (100% equity interest in ESNT Packaging & Securing Solutions Limited (UK) and its affiliates and 100% equity interest in Essentra Packaging US Inc (US)) from Essentra plc (UK) for GBP 312 million - currently around EUR 365 million. The acquisition of Essentra Packaging serves to implement MM Packaging's strategy to grow in profitable and resilient segments such as pharma secondary packaging and strengthens its position in the European market for pharma folding boxes and leaflets. Additionally, this acquisition expands MM's presence in the US market with a significant position in the East Coast pharma hub. Essentra Packaging reported sales of around £370m for 2021 - currently c.€430m. The company comprises 21 production sites in 10 countries in Europe and North America, ideally complementing MM Packaging's current position in Scandinavia through the recently acquired Eson Pac and the existing business in France. Essentra Packaging serves over 800 customers worldwide, including 19 of the top 20 pharmaceutical companies, and employs over 3,500 people.