Total boxboard production increased 2.9 percent when compared to July 2016, and increased 6.5 percent from last month. Unbleached Kraft Boxboard production increased over the same month as last year and increased compared to last month. Total Solid Bleached Boxboard & Liner production increased when compared to July 2016, and increased compared to last month. The production of Recycled Boxboard decreased compared to July 2016, and decreased when compared to last month.
http://afandpa.org/media/news/2017/08/16/american-forest-paper-association-releases-july-2017-boxboard-report
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SEE announced that its Board of Directors and Ted Doheny have mutually agreed to transition SEE’s leadership. Mr. Doheny has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately. He will continue to serve SEE in an advisory capacity to assist in the transition. Effective immediately, Emile Chammas, Chief Operating Officer, and Dustin Semach, Chief Financial Officer, are appointed Interim Co-Presidents and Co-CEOs, in addition to their current roles. The Board is undertaking a comprehensive search, internally and externally, with the assistance of a leading executive search firm to identify SEE’s next Chief Executive Officer.
Summary *Strong performance and cash flows despite operating in a generally disruptive demand environment *Most of our businesses were at or above expectations for the quarter due to commercial and operational excellence, with particular strength in the flexible packaging and rigid paper container businesses, offset by weakness in the metal packaging and industrial North American region businesses *Inventory management and destocking trends among our customers as well as inflationary pricing pressures led to lower and increasingly uncertain demand which impacted operational efficiency in our metal and industrials businesses *Remained disciplined in managing working capital to generate $349 million of operating cash flow in the first six months of 2023
Charles Héaulmé, President and CEO: Market conditions started to improve during the third quarter. While the situation improved compared to the first half of the year, the pace was moderate with differences between categories and geographies. Demand for pre-packed on-the-shelf food increased, particularly in egg packaging and in a volatile market, demand for flexible packaging continued to improve. Food-on-the-go volumes remained subdued, with consumers still feeling the impact of inflation and elevated market prices. The foodservice market has progressed more positively in North America than in other regions. The on-going war in the Middle East continued to affect global brands in some markets in the Middle East and Asia. Our comparable net sales remained at the previous year’s level in the third quarter and decreased by 1% during the first nine months of the year. During the third quarter, sales volumes increased while pricing pressure continued. Adjusted EBIT increased by 2% in the third quarter and 8% during the first nine months of the year with an improved adjusted EBIT margin reaching 10%. The profitability development was supported by our actions to improve efficiency. Free cash flow remained strong, reaching EUR 160 million at the end of the third quarter. While continuing to focus on future growth, the investments level was contained, enabling further reduction of net debt and resulting in a net debt to adjusted EBITDA ratio of 2.0. During the quarter, North America continued to deliver profitable growth, maintaining a strong adjusted EBIT margin. Flexible Packaging profitability continued to improve. Foodservice E-A-O margins were negatively impacted by low demand. Fiber Packaging profitability was weighed on by a lag in pricing, as raw material costs increased.