Irving Tissue announces $600 million expansion project in Macon, Georgia

Third quarter of fiscal 2020 financial highlights include: *Net sales of $4.2 billion decreased by 9.7% compared to the prior year quarter *Segment EBITDA margins improved sequentially across both segments in a rapidly changing economic environment *Generated net cash provided by operating activities of $740 million *More than $3.2 billion of availability under long-term committed credit facilities and cash and cash equivalents at June 30, 2020

At Pratt Industries, we take a holistic approach with our customers to look beyond basic packaging needs to develop vertically integrated, sustainable solutions to help protect, transport and drive sales for our customers’ products. To do this, we employ an extensive network of highly skilled experts who apply the knowledge they’ve gained from various industries to utilize best practices, reduce operational costs and improve efficiencies. Below are a few examples of how Pratt was able to assist our customers in creating beyond the box solutions for their organizations. Partnering with our Value Improvement Program (VIP) team, a customer was able to reduce costs across its operations, including material, pallets, warehouse and freight. Pratt experts partnered with the customer to evaluate packaging, shipping and storage requirements for nearly 200 items. The Pratt team then performed tests to understand how changing containerboard grades, packaging dimensions and pallet configuration affected the items and overall supply chain costs. Based on these studies, Pratt recommended using less corrugated material more efficiently and optimizing the balance of case stacking on pallets. The result was more cases per pallet layer and a reduction in truckloads to create substantial savings in material, warehousing and freight.

Fourth Quarter Highlights (all comparisons made to the September 2019 quarter): *Net sales of $3 billion with 4 percent organic volume growth *Operating income of $349 million *Operating EBITDA up 18 percent to $586 million *Net income per diluted share of $1.44. Fiscal Year Highlights (all comparisons made to fiscal year 2019): *Net sales of $11.7 billion with 2 percent organic volume growth *Operating income up 21 percent to $1.2 billion *Operating EBITDA up 41 percent to $2.2 billion *Net income per diluted share up 38 percent to $4.14 *RPC Group Plc (“RPC”) integration and synergy realization progressing better than plan *Exceeded guidance for both cash flow from operations and free cash flow, recording $1.5 billion and $947 million, respectively.