Carolina Container Acquires Dixie Reel & Box Company

Fiscal 2020 Full Year Highlights • GAAP net income of $612 million and earnings per share (EPS) of 38.2 cents per share; • Bemis integration well ahead of original expectations. Pre-tax synergy benefits of $80 million delivered; • Adjusted free cash flow of $1.2 billion, up 26%; • $500 million share buy-back completed. Shares on issue reduced by 3.5% during the year; and • Fiscal 2021 outlook: constant currency adjusted EPS growth of 5-10%. Adjusted free cash flow of $1.0-$1.1 billion.

Net sales in the second quarter of 2020 were $1.4 billion, compared to $1.8 billion in the second quarter of 2019. Average selling prices improved approximately 1 percent and increased revenue $18 million. However, lower shipments due to the pandemic negatively impacted sales by $255 million. Unfavorable foreign currency translation reduced net sales by $88 million. Segment operating profit1 was $95 million in the quarter, compared with $236 million in the same period of 2019. Current year profits were impacted $6 million by unfavorable foreign currency translation. The benefit of higher selling prices more than offset incremental cost inflation by $1 million. Reflecting the impact of the pandemic, sales volume in tons declined approximately 15 percent from the prior year quarter and negatively impacted segment operating profit by $84 million. Segment operating profit was negatively impacted by $52 million as lower production levels were partially offset by improved operating performance and cost control efforts. Production levels were down approximately 20 percent from the second quarter of 2019 reflecting required curtailment to comply with government decrees to manage the pandemic, including disruptive lock downs in Mexico and the Andean countries, as well as the company’s effort to align supply with lower demand and manage inventory.

O-I Packaging Solutions, along with Revino, announce the introduction of returnable, reusable glass wine bottles to advance​ the​​ ​sustainability of wine packaging​, first rolling out in Oregon and extending soon to the west coast​​. O-IPS, a global manufacturer of sustainable glass packaging, will locally produce more than 2.4 million reusable glass wine bottles as part of Revino’s return system. Revino was founded to revive the reusable glass bottle ecosystem for beverage producers and consumers. “Glass packaging for wine is made from pure and natural resources that are inert, infinitely recyclable and reliably preserve the integrity of the wine it packages,” said Randy Burns, Chief Sustainability and Corporate Affairs Officer for O-I Glass. “By extending the use phase of the glass packaging through return and refill winery partnerships, Revino is maximizing the sustainability of packaging for environmentally conscious wine producers.” ​​On average, a reusable glass bottle can be reused 25-50 times before being retired and recycled into new glass packaging.