Metsä Board to modernise Simpele board mill

Berry Global Group, Inc. announced that its Board of Directors has unanimously elected Kevin Kwilinski as Chief Executive Officer of Berry, effective October 2, 2023. In connection with this appointment, the Board has elected Stephen Sterrett, Lead Independent Director, as Chairman of the Board, also effective on October 2, 2023. As previously announced in February 2023, Tom Salmon will retire from his roles as CEO and Chairman, and he will remain with the Company through the end of the calendar year in an advisory capacity to ensure a smooth transition. Mr. Kwilinski brings to Berry nearly three decades of experience in the packaging industry and a track record of driving operational excellence, expanding margins and managing complex global operations. He currently serves as President and CEO of Multi-Color Corporation, a global provider of label solutions, where he successfully led and integrated multiple acquisitions, resulting in significant EBITDA and revenue growth while delivering above target commercial and operational synergies.

First Quarter Financial Highlights include: *Net income of $10.3 million or $0.18 per diluted Class A share decreased compared to net income of $23.4 million or $0.40 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $75.6 million or $1.28 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $35.9 million or $0.61 per diluted Class A share. *Net cash provided by operating activities increased by $10.9 million to $22.4 million. Adjusted free cash flow(3) decreased by $7.3 million to a use of $18.8 million. *Total debt decreased by $242.6 million to $2,296.8 million. Net debt(4) decreased by $260.9 million to $2,177.1 million. The Company’s leverage ratio(5) decreased to 2.39x from 3.79x and from 2.49x at year-end.

The event marked the completion of the mill’s conversion into our first 100 percent recycled containerboard facility. The two-year project transformed the mill’s uncoated freesheet paper machine into the second-largest 100 percent-recycled containerboard machine in North America, capable of producing approximately 600,000 tons of high-quality recycled linerboard and corrugated medium annually. “Our machine is one of the most sophisticated and highly automated machines in North America,” says Mill Manager Troy Wilson. “Its state-of-the-art technology is enabling us to provide our customers a high-quality, consistent product thanks to a highly controllable, stable and repeatable process.” The mill reopened in January and is now the largest recycled manufacturer in the state of Tennessee.