Containerboard price-fixing lawsuit advances

Global Packaging Solutions has announced an expansion of its operations in Albemarle, NC, creating 10 new jobs and investing $4.8 million in real and business personal property. This expansion is made possible through the Rural Infrastructure Authority’s Building Reuse Grant, totaling $80,000. The Office of Governor Cooper officially announced the funding of Global Packaging Solutions’ Building Reuse Application on December 5. Global Packaging Solutions is a premier manufacturer specializing in flexible packaging and pouch production. The expansion involves establishing four new production lines and acquiring advanced machinery, effectively tripling its operational capacity within five years, according to President Jim Anderson.

Total packaging papers & specialty packaging shipments in May increased five percent compared to May 2020. They were up two percent when compared to the same five months of 2020. The operating rate was 87.6 percent, up 7.3 points from May 2020 and up 5.6 points year-to-date. Mill inventories at the end of May decreased 2,000 short tons from the previous month and were up 3,000 short tons compared to May 2020.

Net sales of $1.1 billion increased 6% on an as reported basis. Currency had a positive impact on total net sales of 1%, or $13 million. As reported, net sales increased across all regions. Net income from continuing operations on a reported basis was $62 million, or $0.33 per diluted share, as compared to net income from continuing operations of $64 million, or $0.32 per diluted share, in the third quarter 2016. Net income in the third quarter 2017 was unfavorably impacted by $24 million of special items, including $9 million of restructuring and other restructuring associated costs, $7 million related to acquisition and divestiture activity and $5 million of tax special items. Net income in the third quarter 2016 included $17 million of special items, including $7 million of charges related to restructuring and other costs associated with our restructuring programs and $9 million related to tax special items. Click Read More below for additional information.