Tetra Laval donates power and heat generators to Ukraine

Finnish startup Fiberwood, a producer of 100% ecological wood fibre insulation and packaging materials made from mechanical wood industry side streams, has raised a late seed funding round. The round was led by Metsä Group’s innovation company Metsä Spring, and the round included public financing from Business Finland. The funding will be used to develop and scale up the production capabilities of its pilot plant as it heads into industrial-level continuous production. Valued at EUR 25 billion, the global insulation market is currently dominated by two groups of products: inorganic mineral wools, such as stone or glass wool, and fossil-based cellular plastic products, like polystyrene. However, these products have more environmental consequences as they are not recyclable or biodegradable. Fiberwood’s bio-based, plastic-free, and compostable insulation sheets are made from wood pulp and side streams from the mechanical wood industry with special foam-forming technology. The insulation sheets include natural traits of trees as well as air pockets that increase the material’s insulation capabilities. The products are carbon negative as they store and bind carbon dioxide to the wood for as long as it exists. The insulation sheets are easy, safe, and quick to install. Once they are ready to be recycled, the insulation sheets will biodegrade into plastic-free soil.

Packaging Corporation of America reported third quarter 2022 net income of $262 million, or $2.80 per share, and net income of $266 million, or $2.83 per share, excluding special items. Third quarter net sales were $2.1 billion in 2022 and $2.0 billion in 2021. Reported earnings in the third quarter of 2022 include special items primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities. Excluding special items, the $.14 per share increase in third quarter 2022 earnings compared to the third quarter of 2021 was driven primarily by higher prices and mix in our Packaging $1.60 and Paper $.23 segments, lower interest expense $.04, a lower share count resulting from share repurchases $.04, and a lower tax rate $.02. These items were partially offset by higher operating costs ($.77), lower volume in our Packaging ($.52) and Paper ($.05) segments, higher freight and logistics expenses ($.20), higher scheduled outage expenses ($.10), higher depreciation expense ($.07), higher converting costs ($.04), and other expenses ($.04).

*Net sales in Q4 of $1.4 billion, down 2% as reported; flat constant currency and in 2023 of $5.5 billion, down 3% as reported; down 1% constant currency *Net earnings in Q4 of $125 million, up 32%, and in 2023 of $339 million, down 31%. *Earnings per share (Diluted) in Q4 of $0.86, up 32%, and in 2023 of $2.34, down 30%. *Cash flow from operations of $516 million in 2023.