Aptar Beauty Acquires iD SCENT, an Innovative Expert in Paper Fragrance Sampling Solutions

Sonoco Products Company announced the completion of its acquisition of the remaining equity interest in RTS Packaging, LLC (“RTS”) from joint venture partner WestRock (NYSE:WRK) and one WestRock paper mill in Chattanooga, Tennessee. The acquisition, originally announced on November 9, 2022, will further strengthen and expand Sonoco’s 100% recycled fiber-based packaging solutions to serve growing consumer wine, spirits, food, beauty and healthcare markets. Prior to closing the transaction, Sonoco was a 35% owner in the joint venture with WestRock. With this acquisition, Sonoco adds a network of 15 operations and 1,100 employees in the U.S., Mexico, and South America. The purchase price for this acquisition was $330 million, subject to customary price adjustments. The Company funded the acquisition with borrowings under its existing credit facilities and cash on hand. After the transaction, the Company’s net debt to adjusted EBITDA ratio is less than 2.9x. The acquisition is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments.

Third Quarter 2021 Highlights (as compared to third quarter 2020): • Revenue increased 22.5% to $395.6 million primarily due to the impact of higher selling prices in tape, film, woven, and protective packaging products driven by increases in the cost of many raw materials and freight. • Gross margin decreased to 22.0% from 26.0% primarily due to the impact of maintaining dollar spread on higher average selling prices and increased plant operating costs, partially offset by a favourable product volume/mix. • Net earnings attributable to the Company shareholders ("IPG Net Earnings") decreased $1.4 million to $25.3 million ($0.43 basic and $0.42 diluted earnings per share) primarily due to an increase in selling, general and administrative expenses ("SG&A") resulting from an increase in employee- and technology-related costs mainly due to the growth of the business in 2021 and the non-recurrence of cost saving measures implemented in response to COVID-19 related uncertainty in 2020. This unfavourable impact was partially offset by an increase in gross profit.

Fortis Solutions Group LLC ("Fortis"), a leading provider of high impact printed packaging solutions and a portfolio company of funds managed by Harvest Partners, LP, announced the acquisition of Identi-Graphics, Inc. based in Montgomery, Illinois. Terms of the transaction were not disclosed. Identi-Graphics is a manufacturer and printer of pressure sensitive labels and flexible packaging products serving the snack, bakery, confectionary, cosmetic and chemical end markets in the U.S. and Canada. The company specializes in the printing of bar wrappers for the nutritional supplement industry, in both heat and cold seal applications. Fortis President and CEO John O. Wynne, Jr. said, "Fortis is excited to bolster its flexible packaging and label capabilities in key end-markets with the acquisition of Identi-Graphics. With its great technical aptitude and central location, Identi-Graphics is well positioned for future growth. We welcome the experienced Identi-Graphics team and look forward to working with them."