Tetra Pak to consolidate its Singapore-based production

Huhtamaki is investing app. EUR 11 million to have a new manufacturing facility built in Hämeenlinna, Finland. Manufacturing operations will be transferred from the current facility that has been built in the 60's to a new, modern facility. Construction work is planned to begin during spring 2018 and the new facility is expected to begin operations in spring 2019. The majority of the investment takes place during 2018. As part of the investment the Hämeenlinna unit's machine base will also be partially renewed and automation will be increased. Competitiveness will also be improved by designing the new facility according to Lean manufacturing principles and improving the flow of goods and minimizing unnecessary traffic within production. The modernization of the manufacturing facility will also improve workplace safety and ergonomics. Click Read More below for additional information.

Q1 2023 in brief • Net sales stable at EUR 1,047 million (EUR 1,050 million) • Comparable net sales growth was 2% at Group level and 0% in emerging markets • The impact of currency movements was EUR -0 million on the Group’s net sales and EUR 1 million on EBIT

Second Quarter 2021 Highlights (as compared to second quarter 2020): • Revenue increased 40.7% to $376.7 million primarily due to organic growth in certain film, woven, and tape products, including continued strength in products with significant e-commerce end-market exposure such as water-activated tape and dispensing machines. • Gross margin increased to 23.7% from 21.3% primarily due to a favourable product volume/mix and an increase in the spread between selling prices and combined raw material and freight costs. • Net earnings attributable to the Company shareholders decreased $0.1 million to $14.3 million primarily due to (i) an increase in finance costs mainly due to the 2018 Senior Unsecured Notes Redemption Charges(2) and the non-recurrence of a gain in the second quarter of 2020 resulting from a fair value adjustment to the Company's contingent consideration related to the Nortech Acquisition(3) and (ii) an increase in selling, general and administrative expenses mainly due to increases in both variable and share-based compensation. The unfavourable impacts were largely offset by an increase in gross profit. • Free cash flows(1) decreased by $28.8 million to $6.4 million primarily due to the decrease in cash flows from operating activities and an increase in capital expenditures as compared to minimal capital expenditures in 2020 as a precautionary measure given market uncertainty caused by COVID-19.