Xanita Board Launches in the US with Help from Mohawk

Mill Rock Packaging Partners LLC announced that it has acquired Keystone Paper & Box Company, a leading specialty packaging company that manufactures custom folding cartons for consumer and healthcare end markets. Mill Rock Packaging, formed by Mill Rock Capital in 2020, is a growth-oriented specialty packaging company focused on leading design, innovation and technology, with strong operational capabilities and unparalleled customer service. The transaction marks Mill Rock Packaging's expansion to the Eastern U.S. and its fourth acquisition. In connection with the transaction, Keystone's leadership team has made a significant investment in Mill Rock Packaging. Management will remain with the company. Terms of the transaction were not disclosed.

*Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions was $5.1 million in the third quarter of 2023 versus $12.1 million in the third quarter of last year due to sluggish market conditions. EBITDA from ongoing operations during the last four quarters has been weak, in a range of $5.1 million to $14.6 million. -Sales volume of 32.5 million pounds in the third quarter of 2023 declined significantly versus 45.5 million pounds in the third quarter of last year. -Open orders at the end of the third quarter of 2023 were approximately 17 million pounds (versus 20 million pounds at the end of the second quarter of 2023), which is below the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in excessive open orders, which peaked in the first quarter of 2022 at approximately 100 million pounds. *EBITDA from ongoing operations for PE Films was $4.0 million in the third quarter of 2023 versus $0.4 million in the third quarter of 2022. EBITDA from ongoing operations during the last four quarters has been low with a range of negative $2.6 million to positive $4.0 million. *EBITDA from ongoing operations for Flexible Packaging Films (also referred to as "Terphane") was $0.5 million during the third quarter of 2023 versus $7.8 million in the third quarter of 2022 primarily due to lower sales volume and lower margins that the Company believes were driven by customer inventory corrections earlier in the year and now are being driven by global excess capacity and competition in Brazil from imports. See the Status of Current Corporate Strategic Initiatives section of this report for information on the sale of Terphane.

Smurfit Kappa has won 21 awards for its forward-thinking and innovative packaging solutions at this year’s Flexographic Industry Association (FIA) UK awards. Since 2013, Smurfit Kappa has received over 130 FIA awards, consolidating its industry-leading position in the packaging industry. Smurfit Kappa’s sustainable packaging solutions received three gold, seven silver, seven bronze and three Highly Commended awards. Their Markham Vale site’s DRO - Operator Vince Ward also took home the highly coveted Student of the Year award, and the site themselves won the Silver award for the Best in Show category.