Silgan Announces Third Quarter 2024 Results

Graphic Packaging Holding Company announced the conclusion of its successful partnership with International Paper Company. The final tranche of the membership interests held by International Paper in Graphic Packaging International Partners, LLC (the "Partnership") were exchanged for an equivalent number of shares of Graphic Packaging common stock. As a result, Graphic Packaging now owns 100% of the Partnership. Michael Doss, the Company's President and CEO, said, "The partnership with International Paper played an important role as we established our leadership position in fiber-based consumer packaging across all three paperboard substrates. The highly integrated model we have built enables us to serve a broad set of global customers with new and innovative packaging solutions, positioning us to achieve the ambitious growth and return goals established in Vision 2025. Through the combination with International Paper's consumer packaging business, along with our other organic and inorganic growth initiatives, we have built scale across all three paperboard substrates, and have unique flexibility to quickly meet changing demand patterns for sustainable packaging solutions and deliver value for all stakeholders."

The four coaters for the white cardboard and folding boxboard production line have a design speed of 1,000 m/min and a maximum web-width of 5,660 mm. They feature a jet nozzle to apply the coating color to the paper web. Dispensing methods can be either bent blade, stiff blade or doctor blade. The advanced nozzle geometry ensures uniform application of the coating color to the paper web, even at high speeds and high viscosities or solid contents. The four PrimeCoat Jet coaters are of very compact design, taking up very little space and providing perfect access for operation and maintenance. They enable a large operating window regarding coating weight and viscosity and can be used for pre-coating, middle- or final top-coating. The nozzle beam can be opened easily, thus reducing cleaning time and extending cleaning intervals. The redesign of the color feed system with optimized flow guidance also makes a significant contribution to this. Dead zones and the resulting color deposits are significantly reduced.

Huhtamaki has made the decision to consolidate the production footprint of its Flexible Packaging segment in Europe and will be closing its Flexible Packaging production facility in Prague, Czech Republic. All production and supporting activities at the facility will be scaled down during the second half of the year, with the closure of the operations completed by March 31, 2024. Production will gradually be transferred to Huhtamaki’s other manufacturing sites. The decision affects all 198 employees in the site. Huhtamaki will support its employees during this period, including providing information about vacancies in other Huhtamaki units in the Czech Republic and across Europe. Huhtamaki currently has two manufacturing units in Czech Republic. The closure of the Prague site does not affect the Fiber packaging operations in Okrisky which today employs 274 people.