Coveris Announces Major Investment in Technical Films Capacity

Industrial Packaging Corporation (IPC) has announced the addition of a new Kraft Paper Honeycomb panel line in Arcadia, WI, located 40 miles northwest of La Crosse, WI. This new equipment adds to IPC’s Honeycomb capacity, currently supplied from Wilton, IA. With two Honeycomb operations in the Upper Midwest, IPC will better service the states of Wisconsin, Minnesota, North Dakota, and South Dakota. Additionally, this will free up capacity restraints in the Wilton, IA facility to better serve Iowa, Nebraska, Kansas, Missouri, and Illinois. IPC is a family owned and has been in business since 1989. In addition to Kraft Paper Honeycomb, IPC manufactures Build Up A-flute products of Angle Pads, U Channels, and Flat Pads, in Tomahawk, WI, Arcadia, WI and Fort Payne, AL.

Tredegar Corporation announced that it has agreed to sell its flexible packaging films business to affiliates of Oben Group for net debt-free base consideration of $116 million. Terphane, which solely comprises the flexible packaging segment reported by Tredegar, has approximately 500 employees with manufacturing sites located in Cabo de Santo Agostinho, Brazil and Bloomfield, New York, and headquarters located in São Paulo, Brazil, and exports to 29 countries. Tredegar expects to realize after-tax cash proceeds from completion of the transaction of $85 million after deducting projected Brazil withholding taxes, escrw funds, US capital gains taxes and transaction costs. Actual after-tax proceeds may differ from estimates due to possible changes in deductions during the potentially lengthy interim period (expected to be between 8 and 14 months) to the closing date. For the 12 months ended June 30, 2023, net sales and EBITDA from ongoing operations for Terphane were $152 million and $16.4 million, respectively.

Intertape Polymer Group Inc. published its 2019 annual sustainability report, titled “We Package, We Protect & We Sustain”. The report provides an overview of the Company’s sustainability progress in 2019 and highlights IPG's sustainability opportunities in the years ahead. The report was prepared with reference to certain Global Reporting Initiative (“GRI”) standards with details provided in the index section of the report. “Sustainability is a core pillar of our long-term strategy and we believe it is a key component to meeting the needs of our stakeholders as well as the growth of our business,” said Greg Yull, President and CEO of IPG. “While this year’s report is published as society is dealing with the impact of the COVID-19 pandemic, our approach to sustainability is a long-term initiative that requires consistent and continuous support. In fact, the ingrained culture of health and safety within our daily operations at the plant level underpinned our ability to maintain ongoing operations in the face of the pandemic.”