Graphic Packaging Holding Company Announces Second $250 Million Acquisition of International Paper’s Minority Partnership Interest

Tredegar Surface Protection announced that it will implement a resin index based pricing plan that will apply to all products and customers, in response to unprecedented price increases and supply issues for polyethylene and polypropylene resin. This bilateral pricing model, which allows for decreases if resin prices fall in the future, will be effective on all shipments beginning July 1, 2021. Citing growing cost pressures, Dr. Bapi DasGupta, president of Tredegar Surface Protection, said, “While we are seeing cost inflation in many areas, the increase in the cost of our primary raw material is the most challenging, given that resin prices have doubled over the past year. In addition, resin supply continues to be tight as a result of recent force majeure events and issues associated with COVID-19 conditions, including supply chain delays. We continue to focus on cost-control measures across our business and remain fully committed to delivering industry-leading product quality and supply reliability to our customers.”

Summary: *Achieved GAAP net income attributable to Sonoco of $91 million, Adjusted EBITDA of $262 million, diluted earnings per share of $0.92 and diluted Adjusted earnings per share of $1.28 *Generated strong productivity of $51 million during the second quarter and $102 million during the first half of 2024 *Generated $275 million of operating cash flow and $96 million of Free Cash Flow during the first half of 2024 *Entered into an agreement on June 24, 2024, to acquire Eviosys for approximately $3.9 billion; expected to be completed in the fourth quarter of 2024. “Sonoco delivered solid second quarter results with sequential growth in adjusted EBITDA and EPS,” said Sonoco’s President and CEO, Howard Coker. “While the pace of Consumer volume recovery remains muted, we were pleased to see low single digit organic volume improvements in Industrials. Importantly, productivity was $51 million in the second quarter bringing our first half 2024 total to $102 million, well ahead of our full year outlook. Our assertive actions to improve productivity from value creating capital and portfolio simplification has continued to yield results. In addition, we continued executing on our disciplined and dynamic capital deployment strategy by investing in capital and innovation projects while returning capital to shareholders.”

Meal kits aren’t a new concept. In fact, the delivery service has been around for more than a decade. But, during the beginning of the COVID-19 pandemic, a newfound demand for fresh, shipped groceries started to skyrocket. As going to your local grocery store to grab everything on your weekly list became more difficult, people around the world searched for services that not only shopped for them but also taught them how to cook. As profitability and membership among meal kit services surged, some companies even saw sales rise more than 100 percent compared to the year prior. Success has permeated into 2021, bolstering the top meal kit players’ subscriber bases. For example, HelloFresh reported a 74.2 percent increase in active users compared to 2020 during the first three months of the year. While it’s hard to predict what the future holds for meal kit services, it’s safe to say the market is viable and growing in the short term.