LEIPA on its way to market leadership in White Top Testliner business

Sonoco announced it has entered into a new five-year $750 million revolving credit facility (the “Credit Agreement”) with a syndicate of banks. The Credit Agreement replaces an existing credit facility entered into on July 20, 2017, and reflects substantially the same terms and conditions. “We are pleased to upsize our prior $500 million committed credit facility with a new $750 million revolver and extend the maturity date for an additional five years. This new credit facility provides us with additional financial flexibility and reflects our strong credit profile. It also illustrates the solid relationships with our commercial banks,” said Julie Albrecht, Sonoco Vice President and Chief Financial Officer.

Mactac® Engineered Tapes & Laminates announces it will have a leading presence at the 2023 Tape and Functional Film (TFF) Expo, showcasing a wide variety of bonding and laminating tapes for diverse applications. “Mactac has been providing specially engineered, high-quality adhesive tapes for bonding, mounting and fastening applications for more than 60 years and we are excited to show expo attendees what Mactac tapes are made of,” said Janet Page, General Manager, Mactac Engineered Tapes & Laminates, and TFF advisory board member. “Our products are constructed for high-performance long-term applications, economical temporary applications, and everything in between. They are formulated in-house, and they are cleaner and greener than other pressure-sensitive adhesives (PSAs) on the market.” Mactac tapes feature attributes such as high strength, excellent tack and peel, superior shear performance, near-immediate adhesion, ease of product handling and die-cutting, and chemical and UV resistance. Mactac leads the industry in sustainable manufacturing practices as one of the first manufacturers to specialize in 100% solids adhesive technology.

The company reported net sales of $426.5 million for the third quarter of 2017, down 2.0% compared to net sales of $435.3 million for the third quarter of 2016. Net earnings determined in accordance with generally accepted accounting principles, or GAAP, for the third quarter of 2017 were $0.9 million, or $0.05 per diluted share, comparable to net earnings for the third quarter of 2016 of $0.9 million, or $0.05 per diluted share, as a $2.4 million tax benefit from Federal tax credits in the third quarter of 2017 more than offset a pre-tax loss of $2.2 million for the quarter. Excluding certain non-core items identified in the attached Reconciliation of Non-GAAP Financial Measures, third quarter 2017 adjusted net earnings were $5.3 million, or $0.32 per diluted share, compared to third quarter 2016 adjusted net earnings of $2.4 million, or $0.14 per diluted share. Earnings before interest, taxes, depreciation and amortization, or EBITDA, were $31.3 million for the third quarter of 2017 compared to $32.0 million for the third quarter of 2016. Adjusted EBITDA for the quarter was $37.6 million, up 9.7% compared to third quarter 2016 Adjusted EBITDA of $34.3 million. Click Read More below for additional information.