Second Quarter 2024 Highlights: *net earnings of $498 million; includes a tax benefit of $338 million related to internal legal entity restructuring *cash provided by operations of $365 million and returned $160 million to shareholders in dividends. "Reflecting on my first 90 days, I am confident in our teams' ability to unlock substantial value at IP," said Andy Silvernail, Chief Executive Officer. "While our second quarter financial results increased sequentially on better price and seasonally higher volumes, we expect near-term performance to be challenged. In order to accelerate improvement, we are deploying an 80/20 business process. We will make the changes needed to focus our portfolio, become excellent with our customers and optimize our cost to deliver profitable growth. In North America, our investments will center on providing customers with the most reliable and innovative packaging solutions. We also look forward to the combination with DS Smith and together creating significant value for our shareholders."

This impressive growth is being driven, in part, by a demand for premium products – a category in which single malt whisky, and Glenfiddich undoubtedly belongs. Premiumisation has led many global brands to leverage packaging as a truly unique, sophisticated finishing touch to complement their products. Metal packaging is an ideal option to achieve this goal, offering a great deal of design and decoration freedom to create flourishes and incorporate fine details that add an extra level of class. Glenfiddich partnered with Crown to create two limited edition gift tins for its 12- and 15-year-old single malt whiskies. The format was chosen for its premium feel, and superior sustainable credentials. The metal used to create the tins is infinitely recyclable, meaning it can go through the recycling process over and over again, with no loss of physical properties. Click Read More below for additional information.

The new 298,000 square foot facility will be located in McDonough, Georgia and is the latest in a series of investments in protective packaging manufacturing facilities to support e-commerce demand. Pregis recently announced two manufacturing facilities in Texas, one in Bethel, Pennsylvania, in addition to an existing facility in Elk Grove Village, Illinois. The McDonough facility will be producing the recently rebranded Pregis EverTec™ mailer which features lightweight, recyclable all-paper cushioned construction. Pregis is currently looking to fill 80 new manufacturing positions there, with room to expand production and employment opportunities in the future. In total, the new EverTec manufacturing locations are expected to create approximately 450 new jobs.