Commentary from CEO Ole Rosgaard: “Greif is actively managing a historical period of industrial activity contraction while simultaneously transforming our internal processes and our portfolio mix for optimal alignment to long-term profitable earnings growth.” said Ole Rosgaard, Chief Executive Officer of Greif, “This quarter highlights the resilience of our new business model amid multiple headwinds and demonstrates our willingness to invest in the long-term future of Greif while managing the present. We’re excited for what the future holds and for accelerating our growth in both the near and long-term. Our announcement to seek the sale of our Soterra land management holdings demonstrates our commitment to constantly assessing our business portfolio for maximum value creation and taking decisive action to pursue long-term sustainable earnings growth.” Strategic Actions and Announcements: Intend to divest our approximately 176,000 acres of timberland in the Southeastern United States. Proceeds will be applied towards debt reduction. Announced closure of A1 uncoated recycled paperboard machine in Austell, GA as well as the containerboard and uncoated recycled paperboard mill in Fitchburg, MA. Progress on announced cost optimization project proceeding on target, with $13.0 million of annual run-rate savings achieved through the end of first quarter 2025.

Total Packaging Papers shipments were down 6.6 percent compared to March 2017 and down 6.5 percent year-to-date. Bag & Sack shipments were down 8.3 percent year-to-date. Multiwall shipments were down 12.6 percent. Converting shipments were down 2.8 percent and Food Wrapping shipments remained essentially flat. The operating rate for March decreased to 87.4 percent from 88.5 percent in February. Inventories were up 1.4 percent since February.

In the category of “Why Didn’t They Think of This Sooner,” the Heinz Dipper fry box for foodservice has restored my faith in packaging design as a bringer of delight. The new foodservice fry container uses a flap that pulls out to create a small storage area for ketchup, Heinz Ketchup if you please, or other condiment. Starting January 13, the Heinz Dipper is currently in trial in 11 countries, including six US cities, at participating restaurants and sports stadiums. According to the Heinz press release, the trial will run while supplies last.