Essity expands Wiping and Cleaning portfolio with acquisition of Legacy Converting, Inc.

O-I Glass, Inc. announced that a subsidiary of the company has entered into a definitive agreement to sell Cristar TableTop S.A.S. (“Cristar”) to Vidros Colombia S.A.S, an affiliate of Nadir Figueiredo S.A., a glass tableware producer based in Brazil. The sale would generate gross proceeds of approximately $95 million and is expected to close during the first half of 2022, subject to customary regulatory approvals and other closing conditions. Cristar owns a dedicated tableware manufacturing plant in Buga, Colombia, that exports tableware to approximately 40 countries around the world and generated approximately $14.6 million of EBITDA(1) during the last twelve months ended September 30, 2021. “O-I continues to advance its strategy including the company’s portfolio optimization program which will enable future growth in the core business,” said Andres Lopez, O-I Glass CEO. “We are deploying proceeds from the sale of non-core assets to help fund our expansion plan, leveraging our exciting new MAGMA solution, that includes investment with attractive returns.”

Cascades is the winner of two 2020 CTAQ Food Innovation Awards for its unique product in North America: a 100% recycled and recyclable thermoformed cardboard tray. This packaging solution took the honours in the Packaging and Technology and Productivity categories. This Cascades FreshTM product was launched in September 2020 with the goal of packaging fresh food in an efficient, environmentally friendly way. Its design has been rigorously tested to adapt to automated equipment without impacting their performance. This thermoformed tray delivers a unique innovative food packaging solution that was developed entirely using a circular economy approach and ecodesign principles. The tray is composed of 100% recycled fibres, mostly sourced from post-consumer sources certified "Recycled" under the Forest Stewardship Council® (FSC®) standard.1 In addition, it is designed with a SurfSHIELDTM water-based coating that protects it from moisture without compromising the recyclability of the cardboard. Unlike traditional containers coated with a thin layer of plastic or other non-recyclable coatings, this food tray is easily recyclable and can be placed in the recycling bin.

Net sales in the second quarter of 2020 were $1.4 billion, compared to $1.8 billion in the second quarter of 2019. Average selling prices improved approximately 1 percent and increased revenue $18 million. However, lower shipments due to the pandemic negatively impacted sales by $255 million. Unfavorable foreign currency translation reduced net sales by $88 million. Segment operating profit1 was $95 million in the quarter, compared with $236 million in the same period of 2019. Current year profits were impacted $6 million by unfavorable foreign currency translation. The benefit of higher selling prices more than offset incremental cost inflation by $1 million. Reflecting the impact of the pandemic, sales volume in tons declined approximately 15 percent from the prior year quarter and negatively impacted segment operating profit by $84 million. Segment operating profit was negatively impacted by $52 million as lower production levels were partially offset by improved operating performance and cost control efforts. Production levels were down approximately 20 percent from the second quarter of 2019 reflecting required curtailment to comply with government decrees to manage the pandemic, including disruptive lock downs in Mexico and the Andean countries, as well as the company’s effort to align supply with lower demand and manage inventory.