WestRock Reports Fiscal 2023 Third Quarter Results

Huhtamaki, a key global advanced manufacturer of sustainable packaging solutions, announced plans to expand its molded fiber product manufacturing unit in the city of Hammond, Indiana, as part of its investment in Fiber Solutions. The investment, which is expected to start ramping up towards the end of 2023, will enable Huhtamaki to better serve existing and new customers in North America with a broad range of sustainable, fully recyclable and compostable, fiber-based packaging solutions, manufactured from 100% recycled North American raw material. “The investment in this new manufacturing capacity, adjacent to our existing site in Hammond represents our strong belief in the future development of the region and in the continued success of our customers – both current and new. The expansion will introduce new sustainable fiber-based products such as egg cartons and cup carriers – manufactured on state-of-the-art machinery developed by Huhtamaki – to our portfolio in the region and drive production efficiency. Our know-how in key packaging technologies and our strong track record in sustainability make us extremely well positioned to support our customers and deliver on their sustainability agendas and goals with innovative solutions”, says Charles Héaulmé, President and CEO of Huhtamaki. Amounting to a total investment of almost USD 100 million, the expanded facility covers circa 23,000 square meters and will be built adjacent to Huhtamaki’s existing Hammond manufacturing unit. Huhtamaki has operated in Hammond, Indiana, since 1948 and currently has approximately 140 employees. It expects to employ a further 100 new employees when fully operational.

IPG® (Intertape Polymer Group®), a global manufacturer of packaging and protective solutions across a diversified set of geographies and end-markets, will be exhibiting at Pack Expo International held at McCormick Place in Chicago from November 3-6, 2024. This year, the booth highlights ‘The IPG Advantage’ across packaging automation, consumables, and service programs. “IPG provides valuable solutions that enhance throughput, simplify processes, and minimize downtime—all from a single source,” says Jason Fisher, Vice President of Corporate Marketing at IPG. IPG proudly presents a comprehensive range of packaging automation solutions, including case sealers, case packers and erectors, A.I. vision systems, palletizers, tray packers, robotics, void fill systems, mailer systems, and more. These data-driven automated solutions are designed to reduce labor and increase efficiency.

The consolidated sales of the Group reached EUR 3,069.7 million and were thus 21.4% or EUR 541.3 million above the previous year’s figure (2020: EUR 2,528.4 million). This increase resulted primarily from the acquisition of the Board & Paper division. At EUR 269.6 million, the operating result was 16.5% or EUR 38.2 million higher than in the previous year (2020: EUR 231.4 million). Around 55% of this growth is attributable to MM Board & Paper and around 45% to MM Packaging. At EUR 244.5 million, earnings before taxes were 10.1% higher than in the previous year (2020: EUR 222.1 million). Income taxes amounted to EUR 53.8 million (2020: EUR 59.8 million), resulting in an effective Group tax rate of 22.0% (2020: 27.0%). The net profit for the year thus increased by 17.5% or EUR 28.5 million to EUR 190.7 million (2020: EUR 162.2 million).