The prolonged disruption of the Strait of Hormuz amid the war involving Iran has constrained shipments of crude oil and naphtha to Taiwan, creating uncertainty for the island’s plastics packaging supply chain.
In response to feedstock delivery delays caused by shipping disruptions in the Middle East, Taiwan’s Formosa Petrochemical Corporation has declared force majeure on select petrochemical supplies
Taiwan’s Formosa Petrochemical Corporation has declared force majeure, while Formosa Plastics has announced production cuts on key petrochemical products.
Taiwanese consumers have been stockpiling plastic packaging products, prompting Costco to impose purchase limits on items.
Costco’s purchase limits cover items such as food storage bags and plastic wraps, effective until April 2.
The prolonged disruption of the Strait of Hormuz amid the war involving Iran has constrained shipments of crude oil and naphtha to Taiwan, creating uncertainty for the island’s plastics packaging supply chain.
In response to feedstock delivery delays caused by shipping disruptions in the Middle East, Taiwan’s Formosa Petrochemical Corporation has declared force majeure on select petrochemical supplies. These include ethylene and propylene, with the company announcing production cuts and suspending new orders.
Meanwhile, due to the disruptions, Taiwanese consumers have stockpiled plastic packaging products, driven by concerns over potential price hikes and shortages.
In an effort to manage demand, Costco Wholesale Taiwan has implemented purchase limits, which started on March 27.
Ten types of packaging sold at Costco Taiwan, including food storage bags, garbage bags, plastic wrap, and zipper bags, will be restricted to one set per membership card.
Fourth Quarter Financial Results Highlights *Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from ongoing operations for Aluminum Extrusions of $8.9 million was $2.0 million lower than the fourth quarter of 2021 *EBITDA from ongoing operations for PE Films of negative $2.6 million was $9.3 million lower than the fourth quarter of 2021 *EBITDA from ongoing operations for Flexible Packaging Films of $7.0 million was $0.6 million higher than the fourth quarter of 2021
Amcor and forestry industry company Metsä Group, announced a collaboration to develop three-dimensional molded fiber packaging solutions with lidding and liner for a variety of food applications. The collaboration underscores Amcor and Metsä Group’s commitment to sustainability and innovation by creating recycle-ready packaging solutions. Combining Amcor’s advanced high-barrier film liner and lidding technology with Muoto™, a wood-based molded fiber product developed by Metsä Spring, Metsä Group’s innovation company, the partnership seeks to deliver innovative fiber-based food packaging that protects perishable food products and extends shelf life. Ilya Syshchikov, Amcor’s Vice President, Global Fiber, said, “I am excited about this collaboration with our good partner Metsä. Both parties bring a wealth of materials, packaging and market knowledge to deliver more sustainable solutions to our customers with exceptional quality, functionality and efficiency.“
It’s the completion of “Pitt Plastics'” 200,000 square foot facility. Company leaders originally broke ground on the structure in March of last year. Before this expansion, the company had a 300,000-square-foot building, so this project has allowed it to nearly double its space. It was a $16 million price tag that allowed the company to increase its storage space by 66 percent. Company leaders say projects like this aren’t just a big investment for them. Pitt Plastics produces a variety of products from can liners, to foodservice and utility products, and even materials used in the healthcare industry.
