Following successful commercial consumer testing in 2022, Tetra Pak and Lactogal have now launched an aseptic beverage carton featuring a paper-based barrier. This is part of a large-scale technology validation, involving around 25 million packages and currently ongoing in Portugal. Made of approximately 80% paperboard, the package increases the renewable content to 90%, reduces its carbon footprint by one third (33%1) and has been certified as Carbon Neutral by the Carbon Trust™.2 Greenhouse gas emissions, food waste and plastic littering are cited as the top three environmental sustainability concerns facing food and beverage (F&B) businesses today, and this is expected to remain the case over the next five years.3 Packaging solutions like these, that expand the amount of paper and lower the carbon footprint, while ensuring food safety, can help the industry overcome these challenges.

Trioworld launched the first ever Post-Consumer Recyclates (PCR) based bale wrap in Agritechnica 2019, the world’s largest agricultural exhibition. With more than five million bales successfully wrapped in high-performance bale wrap made of recycled content since then, Trioworld now displays a full assortment of premium products for baled silage with recycled content at Agritechnica 2023. “We believe that this is the bale wrap of the future”, says Anders Larsson, Product manager Agricultural stretch films at Trioworld. “The performance is just as we want it. Silage quality and wrapping performance have proven to be on equal level as with our premium products without PCR. The fact that five million bales have been successfully wrapped with our bale wrap containing recycled material is just additional proof that it really does work”, he continues.

Norske Skog announced that the start-up of the rebuilt PM 1 at its Golbey mill in France will we delayed and has been again postponed from Q2 2024 to the second half of next year due to delivery delays. In addition, the net investment amount for the conversion project will increase from €265m to €300m, primarily due to increased purchase prices for goods and services as well as somewhat delayed deliveries of equipment. In July this year, the company had postponed the start-up to Q2 2024 in order to align it with the commissioning of the new biomass boiler. The Golbey project is to convert PM 1 from newsprint to recycled containerboard production. The rebuilt paper machine will have an output capacity of 550,000 tpy, and Norske Skog expects the machine to run at 95 per cent of full capacity within two to three years after start-up. PM 1 formerly produced up to 250,000 tpy of newsprint and was stopped in the fourth quarter of 2022 to commence the rebuild.

Smurfit Kappa has developed a recyclable film to replace the nylon which is commonly used in bag-in-box products, particularly in the US. Nylon bags are often used in bag-in-box packaging which requires extra protection, for example motor oil or detergents or large industrial-use food bags. Nylon is also sometimes chosen when there is particularly long or complex supply chain. Smurfit Kappa Bag-in-Box has developed a polyethylene film which has similar properties to nylon, in terms of strength and resilience but, unlike nylon, is recyclable. Massimiliano Bianchi, COO of Smurfit Kappa Bag-in-Box, commented: “Our new Lx polyethylene film is much better for the planet because polyethylene is the most developed recyclability stream in the flexible packaging sector.

Trioworld, a leading producer of innovative, high-performance plastic packaging solutions in Europe and North America with its head office in Sweden, is proud to announce that it has once again received the EcoVadis Platinum medal, the highest-level of recognition from EcoVadis, a leading provider of business sustainability ratings. “I am again truly honoured by this third consecutive EcoVadis Platinum medal”, says Andreas Malmberg, CEO of Trioworld Group. “This acknowledgement of our ambitious sustainability agenda and performance is of great value to us as well as to our customers. Cooperation and credibility are essential components if we are to achieve sustainable value chains, that include flexible plastic packaging, to accelerate the journey towards a circular economy for plastics.” continues Andreas Malmberg. “The EcoVadis Platinum medal helps us to provide our stakeholders with a deeper understanding of our ESG practices by demonstrating our sustainability performance through a scorecard. And it encourages us to continuously improve our processes and performance,” says Andreas Malmberg.

Paper and paper-based packaging manufacturers in the United States have renewed their commitment to sharing the industry’s successful sustainability story by continuing support for the Paper and Packaging Board program. In a recent referendum, 53 percent of domestic manufacturers and importers — who represented 53 percent of the volume of paper and paper-based packaging voting in the referendum — voted in favor of continuing the Paper and Packaging Board program. The decision comes in time for America Recycles Day on Nov. 15, another opportunity to highlight paper’s unmatched recycling record.

“Being acknowledged by AF&PA and receiving this award for PawPrint® Pet Food Packaging is a great achievement. It demonstrates how we are living up to our purpose to purify and protect with every fiber for a sustainable world by innovating more sustainable solutions,“ says Mark Ushpol, Executive Vice President for Ahlstrom’s Food and Consumer Packaging division. Ahlstrom’s PawPrint® papers provide pet food brand owners functional and visually appealing pet food packaging, eliminating plastic and using fiber-based materials, while helping pet food manufactures achieve their sustainability metrics. They are made from renewable materials and are recyclable and compostable. What makes the product truly unique is that it is produced with Ahlstrom’s FluoroFree® proprietary technology, making it fully grease-resistant without the use of PFAS compounds. Ahlstrom’s next generation of PawPrint® packaging solutions additionally ensure pet food shelf-life requirements are met while achieving pet-palatability test results for the most distinguished of pet consumers.

*Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions was $5.1 million in the third quarter of 2023 versus $12.1 million in the third quarter of last year due to sluggish market conditions. EBITDA from ongoing operations during the last four quarters has been weak, in a range of $5.1 million to $14.6 million. -Sales volume of 32.5 million pounds in the third quarter of 2023 declined significantly versus 45.5 million pounds in the third quarter of last year. -Open orders at the end of the third quarter of 2023 were approximately 17 million pounds (versus 20 million pounds at the end of the second quarter of 2023), which is below the quarterly range of 21 to 27 million pounds in 2019 before pandemic-related disruptions that resulted in excessive open orders, which peaked in the first quarter of 2022 at approximately 100 million pounds. *EBITDA from ongoing operations for PE Films was $4.0 million in the third quarter of 2023 versus $0.4 million in the third quarter of 2022. EBITDA from ongoing operations during the last four quarters has been low with a range of negative $2.6 million to positive $4.0 million. *EBITDA from ongoing operations for Flexible Packaging Films (also referred to as "Terphane") was $0.5 million during the third quarter of 2023 versus $7.8 million in the third quarter of 2022 primarily due to lower sales volume and lower margins that the Company believes were driven by customer inventory corrections earlier in the year and now are being driven by global excess capacity and competition in Brazil from imports. See the Status of Current Corporate Strategic Initiatives section of this report for information on the sale of Terphane.

Huhtamaki’s subsidiary in India has recently consolidated five manufacturing sites into larger local units. Following the reorganization, the company has sold its real estate in Thane, India, from where a manufacturing facility and offices have been transferred. The real estate was sold to Phoenix Group, a large real estate developer, for EUR 47 million. Huhtamaki will book a gain of approximately EUR 44 million in the fourth quarter of 2023 and it will be treated as an item affecting comparability.

Lacerta Group, a leading provider of innovative and sustainable thermoformed packaging solutions, announced today the appointment of Paul Young as its new Chief Executive Officer, effective November 6, 2023. Mr. Young previously served as the Chief Executive Officer of Tekni-Plex, a global leader in the consumer and healthcare packaging sector, where he led the successful turnaround of the business. Through operational excellence, customer responsiveness and strategic growth investments, its revenue grew to more than $1 billion while earnings quadrupled. Prior to joining Tekni-Plex, Mr. Young held various general management and manufacturing roles for Graham Packaging, Owens-Illinois and Continental PET Technologies. Mr. Young holds an M.B.A. from DePaul University and a B.S. in Chemical Engineering from the University of Toledo.

Amcor announced a Memorandum of Understanding (MOU) with leading sustainable polyethylene producer NOVA Chemicals Corporation for the purchase of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films. Increasing the use of rPE in flexible packaging applications is an important element of Amcor’s commitment to support packaging circularity. The supply agreement would enable Amcor to purchase SYNDIGO™ rPE resin, manufactured at NOVA Chemicals’ first mechanical recycling facility in Connersville, Indiana, which is projected to be in operation as early as 2025. The recycling facility was announced in July as a significant expansion of NOVA Chemicals’ Circular Solutions business.

Mondi, a global leader in packaging and paper, has collaborated with Skånemejerier to create a mono-material, polypropylene (PP) based packaging for, among others, ICA’s Hushållsost cheese. The new packaging comprises a mono-material base web and lidding film, all of which is produced and printed by Mondi before being converted for 1kg and 2kg blocks of cheese by Skånemejerier. It will be sold in leading Swedish supermarket ICA and now comes in packaging that is designed for recycling. Mondi’s mono-material solution provides high barriers against oxygen and water vapours, keeping the product fresh on the supermarket shelf. It offers high puncture resistance protecting the cheese, and great printability so that the brand and recycling messages can be communicated well on-pack.

Virox Technologies Inc., a leading innovator of patented, sustainable disinfectant chemistries, today announces that it has finalized multi-year licensing and supply agreements with Diversey, A Solenis Company, to bring its latest patented disinfectant technology, Citr-IQTM, to the healthcare sector and others. Diversey is a leading provider of hygiene, infection prevention and cleaning products, and technology, and will add multiple disinfectant products, powered by Virox’s Citr-IQ, to its lineup of professional offerings. Under the terms of the agreements, Virox will receive undisclosed license fees and royalties for the use of the formulas covered under the patented Citr-IQ disinfectant platform, as well as manufacture products containing the Citr-IQ formulas for Diversey’s North American markets. These Citr-IQ products will be produced in Virox’s LEED® Gold Certified manufacturing facility in Oakville, Ontario, Canada. Diversey has previously licensed chemical disinfectant technology from Virox with the patented Accelerated Hydrogen Peroxide® (AHP®) platform, which Diversey fully acquired from Virox in 2019. AHP was created by Virox in 1998, and successfully transformed disinfection with a safe, effective, and sustainable patented chemistry. AHP is used across the globe in human and animal health sectors and is the active ingredient in multiple brands, including Diversey’s Oxivir® and Accel® infection prevention platforms.

Fourth Quarter Highlights and other notable items: *Net sales of $5.0 billion *Net income of $110 million, net income included $344 million ($239 million of which was non-cash) of restructuring and other costs, net and a $239 million gain on sale of the Company’s interior partitions converting operations and Chattanooga, Tennessee uncoated recycled paperboard mill *Results negatively impacted by $64 million due to economic downtime and a $40 million increase in non-cash pension costs, each compared to the fourth quarter of fiscal 2022; WestRock’s U.S. qualified and non-qualified pension plans remain overfunded *Announced 10% dividend increase in October 2023 *Announced proposed business combination with Smurfit Kappa Group plc to create a global leader in sustainable packaging (the “Transaction”)

Billerud’s European production of packaging materials is the first to be third-party assessed as 100% recyclable, according to EU legislation proposed for 2030. This reinforces Billerud as a world leader in sustainable packaging. The standards proposed by the coming Packaging and Packaging Waste Regulation (PPWR) are high, but Billerud has been meeting high standards for many years. This is why we reached the goal seven years in advance and are the first in the world to do so. Whatever type of 100% recyclable paper or packaging material you need, contact our team to achieve your sustainability goals. Together, we will customize a solution with tomorrow in mind!

UPM Specialty Papers is responding to the growing pet food market’s need to transform traditional packaging solutions by offering paper-based alternatives for plastics and packages that contain soon to be phased out PFAS chemicals. “As PFAS chemicals are expected to be banned in the EU, UPM Specialty Papers can support converters and brand owners in this change. UPM’s barrier papers can achieve excellent grease resistance without the use of PFAS chemicals,” says Kalle Luomi, Senior Manager, Product Stewardship, UPM Specialty Papers. Depending on customer requirements, the company offers a wide range of packaging papers for pet food packaging. One example is the UPM Asendo™ Pro barrier paper that combines recyclability and grease resistance with excellent print properties.

*Operating result in Q3 above the previous quarter but significantly below the previous year *Solid performance at MM Packaging *A decline in volume caused by the market and renovations continued to weigh on MM Board & Paper's earnings *General conditions remain tense due to inflation-related consumer restraint and the overall economic slowdown *No immediate recovery apparent *The profit and cash protection program that has been initiated is beginning to take effect

*Net Revenues of $1,379 million for the third quarter of 2023 were down 14% compared to $1,609 million in the third quarter of 2022 and down 3% compared to $1,426 million in the second quarter of 2023. *Net Income from continuing operations of $28 million for the third quarter of 2023 compared to $175 million in the third quarter of 2022, a net loss from continuing operations of $139 million in the second quarter of 2023 and a net loss from continuing operations of $217 million in the twelve months ended September 30, 2023.

*Net sales of $1.38 billion, down 1% as reported; flat at constant currency *Net earnings of $58 million, down 57% *Cash flow from operations (YTD) of $193 million

WestRock Company earned 10 awards for packaging design excellence during the 80th annual North American Paperboard Packaging Competition. The competition, sponsored by the Paperboard Packaging Council (PPC), is widely known as one of the premier competitions for manufacturers in the packaging industry. WestRock earned the prestigious Package of the Year award for its WhistlePig Whiskey PiggyBank rigid box with folding carton sleeve. The sleek and sturdy packaging displayed a pig-shaped bottle, leading to a unique “reveal” of the product. Due to its upscale look and limited-edition status, the carton quickly became a collector’s item celebrating WhistlePig’s premium standard. WestRock was recognized for its “commitment to detail and structural innovation in delivering premium packaging that offered a memorable unboxing experience.” Grounded World collaborated on the design.

*Sonoco achieved fully diluted earnings per share of $1.32 *Continued near record results in the flexible packaging and the rigid paper container businesses in the Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”) segments *Inflationary pricing pressures continue to impact year-over-year demand in the Consumer segment *Generated $617 million of operating cash flow in the first nine months of 2023 due to strong GAAP Net Income and disciplined working capital management *Lowered full-year operating cash flow and free cash flow guidance based on lowered operating cash flow and lower capital expenses

• Net sales of $3,443 million; • GAAP Net income of $152 million; GAAP diluted earnings per share (EPS) of 10.5 cps; • Increased cash returns to shareholders: Quarterly dividend increased to 12.5 cents per share and $30 million of shares repurchased

Greif, Inc. announced that it has entered into exclusive negotiations to acquire I PACKCHEM Group SAS, a global leader in premium barrier and non-barrier jerrycans and small plastic containers, from an affiliate of SK Capital Partners, in a cash transaction valued at $538 million. The planned transaction would be funded through available capacity in Greif’s existing credit facilities and would be expected to close by the end of the second quarter of Greif’s 2024 fiscal year, subject to prior completion of the information-consultation processes under French law and closing conditions, including regulatory clearances.

*EBITDA of €1,625 million with an EBITDA margin of 19.0% *ROCE of 18.0% reflecting the ongoing benefit of capital plans and operating excellence *Net Debt to EBITDA ratio of 1.4x *Announced transaction to combine Smurfit Kappa and WestRock, creating a global leader in sustainable fibre based packaging

*Net Sales were $2,349 million, a decrease of 4% versus the prior year quarter. *Net Income was $170 million, a decrease of 12% versus the prior year quarter. *Continued progress of multi-year coated recycled paperboard (CRB) system transformation. *Completed acquisition and commenced integration of Bell Incorporated in September. *Published 2022 ESG Report demonstrating progress on Vision 2025 ESG goals.

TIME featured 200 innovations this year in its annual list of the best inventions, and Cruz Cool is featured in the Reuse & Recycle category. Cruz Cool is a curbside-recyclable cold-chain cooler from Cruz Foam, a circular materials company. This modern take on cold-chain packaging replaces traditional EPS foam coolers and is perfect for protecting temperature-sensitive products for up to 48 hours. Cruz Foam is made from chitin, a material derived from shrimp shells and sustainably sourced from naturally occurring waste streams in the seafood industry. Whether it’s meal kits, fish packaging, or frozen-food packaging, it has the same temperature control performance as its non-sustainable predecessors. Cruz Foam, which forms the inner insulation layer of Cruz Cool, is home compostable, and the entire unit is certified through Western Michigan University (WMU) as curbside recyclable. The Cruz Foam is washed out and separated from the cardboard during the recycling process, eliminating any impact on the cardboard recovery.

The certification underpins Mondi’s MAP2030 (Mondi Action Plan 2030) sustainability commitment to make 100% of its packaging and paper products reusable, recyclable, or compostable by 2025, ensuring a sustainable end-of-life for all paper and packaging products. While recyclability remains Mondi’s focus to keep fibres in circulation, composting can be a viable end-of-life option for certain applications, such as those disposed in the biowaste stream. Mondi’s kraft papers are made from renewable and certified sources, which can support customers to achieve their own sustainability targets. Customers can benefit from a comprehensive product range to meet requirements for industrial packaging, shopping bags for retailers and attractive food packaging for supermarket shelves. An example of Mondi’s compostable kraft papers is Advantage MF EcoComp, which is specifically designed for household and agricultural use and is used for paper bags for wet organic household waste. Another example is Mondi’s EcoVantage kraft paper, which combines fresh and recycled fibres for sustainable and food compliant shopping packaging.

UPM Specialty Papers and adhesive tape specialist Lohmann have partnered to promote recycling of paper liners in the tape industry. Until now, liner recycling in the tape industry has proven to be very difficult. As part of its own sustainability strategy of driving forward sustainable adhesive technologies, Lohmann saw the opportunity to spearhead design for recycling in the tapes industry. The collaboration builds on UPM LinerLoop, which is the pioneering closed-loop paper liner recycling solution launched in 2018. For adhesive tape liners, the greatest technical barrier to high-yield recycling is that the industry has traditionally used siliconized release liners with a darker brown shade. As the typical shade of glassine is white or some other light shade, recycling darker coloured glassine grades in the same stream would contaminate the recycled pulp. Darker shades are comparatively small in volume so recycling them separately is not economically viable.

A.J. Plast Vietnam Co has inaugurated a 70,000sq.m biaxially oriented plastic film production plant in the southern province of Bình Dương. The factory's core products include biaxially oriented polypropylene (BOPP) and biaxially oriented polyethylene trephthalate (BOPET) firms, both serving as essential raw materials for flexible packaging industry in a wide range of applications such as household products, agriculture, and pet food. Prasan Onwong, General Director of A.J. Plast Vietnam, said that the packaging sector in Việt Nam boasted considerable growth prospects, particularly in the domain of flexible packaging, which predominantly utilises BOPP and BOPET films. In terms of production capacity, the initial BOPP production line is geared to deliver 30,000 tonnes annually.

January–September 2023 compared with January–September 2022 *Net sales decreased to SEK 13,697m (15,921). The decline was mainly related to lower selling prices, which was partly offset by positive exchange rate effects and higher delivery volumes. *EBITDA amounted to SEK 5,172m (8,213). The change was mainly attributable to lower selling prices. A strong result in the Forest segment and good growth in the Renewable Energy segment had a positive impact on earnings. EBITDA margin was 37.8% (51.6). *Operating profit declined to SEK 3,738m (7,052). *Operating cash flow was SEK 3,040m (4,958).

*Reported sales increased 7% and net income increased 55% to $84 million *Core sales increased 2% and adjusted EBITDA of $193 million increased 26% from the prior year *Pharma proprietary drug delivery systems had double-digit growth across multiple therapeutic applications *Beauty’s prestige and mass fragrance dispensing technologies had double-digit sales growth *Reported earnings per share increased about 56% to $1.26 compared to $0.81 in the prior year *Adjusted earnings per share increased 39% to $1.39 compared to $1.00 in the prior year (including comparable exchange rates) *Margins continued to expand across all three segments *Cash flow from operations was $173 million and free cash flow was $97 million, up from $55 million in 2022, a 76% increase

*Net earnings of $165 million ($0.47 per diluted share); Adjusted operating earnings (non-GAAP) of $224 million ($0.64 per diluted share) *$75 million of earnings achieved from Building a Better IP initiatives, bringing year-to-date to $195 million, exceeding full-year targets *Cash provided by operations of $468 million, bringing year-to-date to $1.3 billion *Returned $160 million to shareholders in dividends, bringing year-to-date to $679 million in share repurchases and dividends *Completed the sale of our Ilim Joint Venture interest for $508 million

January–September 2023 (compared to 1–9/2022) *Sales were EUR 1,519.2 million (1,879.7). *The comparable operating result was EUR 121.5 million 420.0), or 8.0% of sales (22.3). Operating result was EUR 121.0 million (436.8). *Comparable earnings per share were EUR 0.26 (0.90), and earnings per share were EUR 0.26 (0.94). *Comparable return on capital employed was 6.7% (23.0). *Net cash flow from operations was EUR 218.6 million (161.7). July–September 2023 (compared to 7–9/2022) *Sales were EUR 479.0 million (647.3). *The comparable operating result was EUR 5.5 million (152.5), or 1.1% (23.6) of sales. Operating result was EUR 3.1 million (153.4). *Comparable earnings per share were EUR 0.02 (0.33), and earnings per share were EUR 0.01 (0.33). *Comparable return on capital employed was 1.3% (24.7). *Net cash flow from operations was EUR 76.6 million (66.4).

Mondi plc provides an update on trading for the three months to 30 September 2023. In the third quarter of 2023 the challenging market conditions continued as expected in light of the ongoing weak macro-economic environment. Market demand has remained soft with lower average selling prices largely mitigated by lower input costs and tight fixed cost control. A much-reduced forestry fair value gain resulted in a lower underlying EBITDA of €261 million when compared to Q2 2023. In Corrugated Packaging, containerboard prices were stable with our order books improving. Flexible Packaging saw further price and volume declines in kraft paper, which is traditionally later cycle. Our converting network delivered a resilient performance. Uncoated Fine Paper pricing continued to decline in Europe on ongoing weakness in demand. Southern Africa markets remain stable. The forestry fair value gain, accounted for within uncoated fine paper, was €14 million in Q3 2023, significantly lower than Q2 2023 of €72 million.

Silgan Holdings Inc., a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products, reported third quarter 2023 net sales of $1.80 billion and net income of $110.6 million, or $1.02 per diluted share, as compared to record third quarter 2022 net sales of $1.97 billion and net income of $138.7 million, or $1.25 per diluted share. "Our third quarter results continued to display the strength and breadth of our diverse portfolio, as we delivered our second highest quarterly earnings amidst challenging market conditions. Our high value dispensing business posted another record quarter, and trends in the third quarter developed largely as we expected," said Adam Greenlee, President and CEO.

Smurfit Kappa recently published its second annual Green Bond Allocation and Impact Report which provides details on the use of proceeds of its inaugural €1 billion dual-tranche Green Bond issued in September 2021. Circular economy adapted products, production technologies and processes and/or certified eco-efficient projects (96%) contributing to: *6.8m tonnes of primarily post-consumer waste recycled in 2022 *76% recycled fibres in global production *100% recycled fibres from certified FSC, PEFC or SFI sustainable sources *4% reduction in waste sent to landfill versus 2020 *8% reduction in water intake versus 2020

Consumers are now actively considering the environment alongside their individual health when buying food, according to Tetra Pak’s Index 2023. These environmentally conscious consumers labelled 'Climatarians’ are willing to alter their eating habits to protect the planet. The market for healthy foods is already well established, as consumers actively seek products that will have a positive impact on their physical wellbeing. But a significant majority now take a more holistic view: 70% say that healthy products should not harm the environment, while another 54% are willing to take responsibility for the planet and change their diet to contribute to a better world. This dual focus is reflected in the rising number of consumers consciously reducing the amount of meat they eat, known as 'flexitarians', with nearly half of all consumers saying they are reducing meat intake or excluding meat altogether.

Stora Enso appoints Ad Smit as Executive Vice President of the Packaging Solutions division and a member of the Group Leadership Team. He will start on 1 December 2023 and report to Hans Sohlström, President and CEO of Stora Enso. Ad Smit is a Dutch citizen and will be based in the Netherlands. He has led the Business Unit Western Europe within Stora Enso’s Packaging Solutions division since January 2023. He has over 30 years of business leadership experience in the packaging industry. From 2012, Ad was the CEO of De Jong Packaging Group, which Stora Enso acquired in January 2023. Prior to that he held various Managing Director positions leading packaging divisions and units at Smurfit Kappa Group for over 20 years. “I’m delighted to welcome Ad Smit to Stora Enso’s leadership team. Ad has extensive experience and a successful track record in the packaging business. He is well placed to both lead the Packaging Solutions division and to optimise the integration and synergies with De Jong Packaging Group,” says Hans Sohlström.

Q3/2023 (year-on-year) • Sales decreased by 28% to EUR 2,127 (2,963) million. • Operational EBIT decreased to EUR 21 (527) million. • Operating profit (IFRS) was EUR -1 (511) million. • Cash flow from operations amounted to EUR 231 (639) million. Cash flow after investing activities was EUR 38 (489) million. • The net debt to operational EBITDA ratio (last 12 months) was 2.4 (0.8). The target is to keep the ratio below 2.0. • Operational ROCE excluding the Forest division (last 12 months) decreased to 4.7% (22.1%), the target being above 13%.

Packaging Corporation of America (NYSE: PKG) today reported third quarter 2023 net income of $183 million, or $2.03 per share, and net income of $185 million, or $2.05 per share, excluding special items. Third quarter net sales were $1.9 billion in 2023 and $2.1 billion in 2022. Reported earnings in the third quarter of 2023 include special items primarily for certain costs at the Jackson, AL mill for paper-to-containerboard conversion related activities. Results were $.17 above third quarter guidance of $1.88 per share primarily due to higher volume in the Packaging and Paper segments and lower operating and converting costs.

SEE announced that its Board of Directors and Ted Doheny have mutually agreed to transition SEE’s leadership. Mr. Doheny has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately. He will continue to serve SEE in an advisory capacity to assist in the transition. Effective immediately, Emile Chammas, Chief Operating Officer, and Dustin Semach, Chief Financial Officer, are appointed Interim Co-Presidents and Co-CEOs, in addition to their current roles. The Board is undertaking a comprehensive search, internally and externally, with the assistance of a leading executive search firm to identify SEE’s next Chief Executive Officer.

Nearly half of all new plastic waste entering the ocean each year comes from one ubiquitous source: thin-film plastic made from fossil fuels, that are extracted from the ground, releasing harmful carbon into the atmosphere and displacing wildlife and people from their homes. These flexible films are not readily degradable and difficult to recycle — they can often end up in the ocean, where they can be ingested by sea life. In 2020, Lonely Whale, a nonprofit whose mission is to keep plastic out of oceans, unveiled “Unwrap the Future,” a three phase, multi-year program to vet and scale viable, marine-safe solutions to traditional thin-film plastic. For phase one of the program, the TOM FORD Plastic Innovation Prize was created in partnership with Lonely Whale and TOM FORD, a luxury fashion house.

Net sales in the third quarter were $3,069 million compared to $3,259 million in the third quarter of 2022 reflecting higher beverage can volumes in North America and favorable foreign currency translation of $60 million, offset by lower volumes across most other businesses and the pass through of $187 million in lower material costs. Income from operations was $374 million in the third quarter compared to $297 million in the third quarter of 2022. Segment income in the third quarter of 2023 was $430 million compared to $336 million in the prior year third quarter reflecting the benefits from higher beverage can volumes in North America, the contractual recovery of prior years' inflationary cost increases in Europe and the successful implementation of cost reduction programs in Transit Packaging.

Quarter Highlights *Delivered net sales of $5.1 billion, up 2 percent, with organic sales growth of 5 percent. *Gross margin was 35.8 percent, up 530 basis points versus the prior year, driven by favorable net revenue realization and productivity. *Raised 2023 outlook for organic growth to 4% - 5%, and for adjusted earnings per share growth of 15% - 17%, with adjusted operating margin up 170 basis points at the midpoint versus last year.

Metsä Group is conducting a pre-study related to the construction of a first commercial mill for producing Muoto™ packaging products on its Rauma mill site, Finland. The goal is to determine the mill’s technical feasibility and economic profitability. It is envisioned that the mill will produce Muoto fibre-based packaging tailored to various uses in people’s daily lives. Muoto is a wood-based alternative to plastics and aluminium in food packaging, for example. In addition to being easy to mould in different shapes, Muoto is lightweight, strong and recyclable. Muoto products have been developed at the joint demo plant of Metsä Group’s innovation company Metsä Spring and Valmet in Äänekoski, Finland, since May 2022. The demo plant has conducted parallel development of the fibre-based packaging and an entirely new production method that converts wood fibre into safe packaging while saving raw material, energy and water.

Q3 2023 in brief *Net sales decreased 12% to EUR 1,037 million (EUR 1,178 million) *Comparable net sales growth at Group level was -4% and -7% in emerging markets. Q1-Q3 2023 in brief *Net sales decreased 7% to EUR 3,136 million (EUR 3,375 million) *Comparable net sales growth at Group level was -1% and -3% in emerging markets *Capital expenditure was EUR 204 million (EUR 185 million) *Free cash flow was EUR 193 million (EUR -60 million)

Crawford Packaging is pleased to announce its new partnership and distribution agreement in Central Mexico with StePacPPC, a global leader in Modified Atmosphere Packaging (MAP) solutions for shelf-life extension of fresh produce. StePacPPC’s products are revolutionizing fresh produce packaging by naturally altering gas composition and controlling moisture within the packaging, creating an environment that extends the produce shelf life, preserves freshness, and reduces spoilage in the supply chain. The partnership between Crawford Packaging and StePacPPC builds upon an already well-established cooperation between the two companies in Canada. This joint collaboration in the Central Mexican market is a testament to their shared dedication to bringing value-added solutions to the produce marketplace.

Tetra Pak and Lund University have announced the launch of Biotech Heights, a new research hub that will explore food and materials production using bioprocessing to create useful products from living cells or cell components. Biotech Heights will establish an open innovation environment, in which all participating organisations will have access to world leading laboratories and equipment for both commercial and academic purposes. In addition, participants will have the opportunity to work alongside several faculties at the University to address both the technical and non-technical challenges facing producers, brands, and manufacturers operating in this space. This, combined with Tetra Pak’s experience supporting food and beverage brands with product development, will make Biotech Heights a space to nurture and test ideas, and collaborate to share knowledge on best practices and consumer trends.

Supremex Inc., a leading North American manufacturer and marketer of envelopes and a growing provider of paper-based packaging solutions, announced optimization initiatives aimed at improving operational efficiency and achieving synergies within its Packaging and Specialty Products segment. These initiatives are expected to result in annual cost savings of approximately $1.5 million once all measures are implemented. First, the Company is closing its Saint-Hyacinthe facility, acquired as part of the Impression Paragraph Inc. transaction completed earlier this year. Production of packaging products carried out in Saint-Hyacinthe will be transferred to existing packaging facilities in the Montreal area. Supremex also announces the departure of Simon Provencher, President of the Packaging segment. Following his departure, the Company revamped its Packaging management structure under which three general managers will be responsible, respectively, for folding carton, e-commerce, and the commercial printing activities.

The role of food packaging in improving resource circularity has become more vital than ever as the emphasis on sustainability increases across the globe, especially in Europe. With that, many brands are facing the challenge of providing more sustainable packaging solutions without compromising consumers’ convenience and product safety. Consumer and market expertise are critical to staying up to date with new and upcoming sustainability requirements and having the ability to leverage breakthrough innovations to incorporate them in the development of new solutions. Aptar’s SimpliCycle, a fully recyclable valve for use in dispensing closures, is a recent demonstration of Aptar’s commitment to sustainability without compromising performance. Like other flow control valves that we have brought to market over the past 30 years, the SimpliCycle valve results in a clean and controlled product dispensing throughout the life of the package. With SimpliCycle, consumers get a cleaner and more convenient product squeeze while brand owners benefit from a fully recyclable closure.

UPM Specialty Papers, Lantmännen Unibake and Adara have co-created a new fibre-based packaging that replaces plastic bags as primary packaging for frozen baked goods. To minimize the use of fossil-based materials, the companies joined forces to create a solution where the plastic bags were eliminated by using UPM Asendo™ barrier paper as an inner liner in the corrugated cardboard box; the barrier paper layer ensures food safety and freshness. “The partnership with Lantmännen Unibake and Adara opened the opportunity to unite our expertise across the food packaging value network to create a renewable and recyclable packaging solution for frozen bread. Lantmännen Unibake and a third-party food industry development company conducted thorough testing and analysis on the impact of packaging materials on the taste of the frozen bread; as a result UPM Asendo was chosen as the inner liner for the cardboard box. The food safe UPM Asendo barrier paper layer has proven to offer the grease and moisture resistance needed while ensuring food safety,” says Kirsi Lahtela, Product Manager, UPM Specialty Papers.

International technology group ANDRITZ will rebuild a paper machine at Holmen Paper’s Braviken mill in Sweden to provide maximum production flexibility. Start-up is planned for autumn 2024. This order follows Holmen Paper’s recent successful entry into the packaging market with an innovative lightweight corrugated board product. The rebuild of PM52 will enable Holmen Paper to increase the production of fluting for corrugated boxes. ANDRITZ will implement a sophisticated technology concept allowing to easily switch production between the different paper grades.

Mester Grønn has together with Stora Enso developed a plastic-free transportation tray for plants. The new PureFiber™ Horti tray is made from formed fiber and reduces CO2 emissions compared to the plastic alternatives. Mester Grønn is hoping the new tray will have a positive effect on the entire industry’s environmental impact. With an ambition to replace plastic where they can, Mester Grønn set sight on the single use plastic trays used for transporting plants from growers to flower shops. They discussed with Stora Enso about finding a new sustainable option. It should be plastic-free but still had to meet three criteria: 1. Stiffness and Resilience: The tray needed to retain its rigidity in both dry and humid conditions. 2. Efficiency in Logistics: It needed to follow industry standards to fit the existing logistical chain. 3. Water Resistance: The new material had to be able to withstand exposure to water.