Crawford Packaging expands its reach to Mexico

Berry Global Group, Inc. announced its agreement with its longtime supplier, Repsol, to supply circular resins. Spanish multi-energy global company Repsol will supply Berry with ISCC Plus certified circular polyolefins from its Repsol Reciclex® range. These polyolefins are obtained by advanced recycling, enabled by the adoption of new chemical recycling technologies, of post-consumer plastic waste not suitable for traditional recycling. As a result of the agreement, Berry will procure food-grade polypropylene for food and healthcare packaging. Berry will initially use the materials in manufacturing at its European packaging facilities. Repsol has certified all its petrochemical complexes to produce circular polyolefins under the ISCC PLUS certification. This certification guarantees the traceability of the plastic waste used at the source. At the same time, Repsol, applies the latest and innovative technology to ensure that the circular polyolefins have the same quality and functionality as virgin polyolefins

Intertape Polymer Group Inc. announced that it has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with certain of its affiliates, “Clearlake”). Under the terms of the agreement, Clearlake will acquire the outstanding shares of IPG for CDN$40.50 per share in an all-cash transaction valued at approximately US$2.6 billion, including net debt. This represents a premium of approximately 82% to the closing price of IPG common shares on the Toronto Stock Exchange on March 7, 2022 and approximately 66% to the volume weighted average trading price of IPG common shares on the Toronto Stock Exchange for the preceding 30 trading days. Upon completion of the transaction, IPG will become a privately held company. “We believe this transaction is a great next step in the evolution of our business as Clearlake has strong industry knowledge in the protective packaging and e-commerce ecosystems. Clearlake provides us the operational and financial resources to accelerate our acquisition strategy, as well as organic growth opportunities such as investing in product innovation, sustainability, and market expansion,” said Greg Yull, President and Chief Executive Officer of IPG. “We have built a scaled business serving a diverse set of growing end markets, and have seen particularly strong growth in our large e-commerce segment. Clearlake’s investment reflects its confidence in our people, processes, and strategy, and this transaction will advance our vision of becoming a global leader in packaging and protective solutions. We believe this all-cash transaction represents an attractive return and provides certainty for our shareholder base.”

First Quarter Financial Results Highlights *Earnings before interest, taxes, depreciation and amortization from ongoing operations for Aluminum Extrusions was $12.5 million in the first quarter of 2024 versus $14.6 million in the first quarter of last year and $8.0 million in the fourth quarter of 2023. *EBITDA from ongoing operations for PE Films was $6.9 million in the first quarter of 2024 versus $1.8 million in the first quarter of 2023 and $4.5 million in the fourth quarter of 2023. Sales volume was 10.0 million pounds in the first quarter of 2024 versus 7.4 million pounds in the first quarter of 2023 and 8.5 million pounds in the fourth quarter of 2023. *EBITDA from ongoing operations for Flexible Packaging Films (also referred to as "Terphane") was $2.0 million during the first quarter of 2024 versus $1.4 million in the first quarter of 2023 and $2.3 million during the fourth quarter of 2023. Sales volume was 22.0 million pounds in the first quarter of 2024 versus 19.8 million pounds in the first quarter 2023 and 22.8 million pounds in the fourth quarter of 2023. See the Status of Agreement to Sell Terphane section of this report for information on the sale of Terphane.