Graphic Packaging Holding Company (NYSE: GPK), (the “Company” or “Graphic Packaging”), announced today that International Paper has notified the Company of its intent to continue the monetization process of its ownership interest in Graphic Packaging International Partners, LLC (the “Partnership”). Per the agreement, the Partnership will purchase approximately 17.4 million partnership units from International Paper for $250 million. As a result, Graphic Packaging’s ownership interest in the Partnership will increase from approximately 81.1% to 85.5%. The purchase will be funded with cash on hand and a draw on the domestic revolving credit facility.
https://investors.graphicpkg.com/news/news-details/2020/Graphic-Packaging-Holding-Company-Announces-Second-250-Million-Acquisition-of-International-Papers-Minority-Partnership-Interest/default.aspx
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Koehler Paper has added “Koehler NexPlus® Seal WVB” to its portfolio of innovative flexible packaging paper in the NexPlus® product line. “Koehler NexPlus® Seal WVB” is a heat-sealable paper which boasts a vapor barrier as its functional layer, thereby offering optimal product protection. The barrier paper is used as primary and secondary packaging and is suitable for a variety of food and non-food products. These include household items like dishwasher tabs, washing powder and bath tabs. “Koehler NexPlus® Seal WVB” is produced with a grammage of 75 gsm. Thanks to its outstanding strength properties, excellent sealability, and optimal runnability “Koehler NexPlus® Seal WVB” is ideally suited for processing on all conventional converting and packaging machines—particularly for gravure and flexographic printing. The barrier paper is made from 100-percent certified virgin fiber pulp, which means it is equally suitable for direct contact with food.
Sealed Air Corporation announced its participation in the United Nations World Food Programme (WFP)’s Innovation Accelerator, an initiative that convenes the brightest minds in science and technology to develop and scale high-potential solutions for ending hunger worldwide. Sealed Air has partnered with World Food Program USA since 2017 in support of its mandate to reach zero hunger and respond to critical needs caused by the COVID-19 pandemic. Through relentless innovation, Sealed Air is developing the next generation of sustainable packaging solutions to address some of society’s most pressing challenges including food safety, eliminating waste, and reducing greenhouse gas emissions. “We’re on a mission to leave the world better than we found it,” said Steve Garland, Sealed Air’s Chief Innovation Officer. “Now more than ever, collaboration is needed to help communities around the world fight hunger. We value the opportunity to contribute Sealed Air’s expertise in science, engineering, research, and development and technological innovation to the World Food Programme.”
Net sales for the third quarter were a record $1.32 billion, an increase of $115.9 million, or 9.6 percent, from last year’s quarter. The improvement in sales was a result of higher selling prices, largely driven by rising raw material prices; sales added from acquisitions, net of divestitures; and the positive impact of foreign exchange. Gross profits were a record $250.9 million in the third quarter, an increase of $15.5 million or 6.6 percent, compared with $235.4 million in the same period in 2016. Gross profit as a percentage of sales declined to 18.9 percent, compared with 19.5 percent in the same period in 2016. The gross profit percentage reduction was primarily due to higher raw material and other operating costs offset by manufacturing and procurement productivity. Third-quarter selling, general and administrative expenses increased $8.7 million from the prior year to $130.3 million. This increase was driven by wage inflation and acquisition-related expenses. Click Read More below for additional information.