Intertape Polymer Group Inc. announced it has closed on its previously exercised call option to acquire the outstanding 26% interest in Powerband Industries Private Limited for $9.9 million. The Company held the option under a shareholders agreement with the minority shareholders of Powerband. IPG now owns all of the issued and outstanding common shares of Powerband after this transaction which is subject to regulatory approval in India. IPG had already transitioned all management responsibilities to an IPG-appointed management team earlier this year so this transaction will not have any impact on day-to-day operations. “By exercising our option, we have simplified the governance structure of the Powerband subsidiary. Most importantly, the transaction provides us with a 100% interest in the cash flows from the business,” said Greg Yull, President and CEO of IPG. “Acquiring a controlling interest in Powerband in 2016 provided us with additional capacity for acrylic carton-sealing tapes in a low-cost manufacturing region with the goal of exporting these competitively-priced tape products to North America and Europe. Since that time, having this overseas asset has enabled us to expand our market share in North America and negotiate better terms on raw materials for our US production of similar packaging tapes.” Click read more below for additional detail.
Smurfit Kappa’s Van Mierlo plant in Belgium is celebrating its 100th anniversary. The plant, which was founded by entrepreneur Jan Van Mierlo back in 1918, quickly established itself as a leading supplier of corrugated board in Belgium and then extended its reach throughout Europe. The Van Mierlo plant produces corrugated board and folding carton used for consumer and gift packaging. The products are printed in offset to a high specification using specialised finishing effects like UV, metallic or soft touch to make the brands come alive on the shelf. Click read more below for additional detail.
Cascades Packaging recently started up PM1 at its Kingsey Falls mill in Quebec following a major rebuild of the dryer section supplied by Italian tissue, paper and board systems manufacturer Toscotec. The machine was started up on schedule on September 23, 2018, with the support of Toscotec’s service engineers, who also provided the commissioning and the erection supervision onsite. Toscotec implemented TT SteelDryers in a rebuild aimed to achieve the highest production increase with the lowest possible impact on the existing machine. Toscotec customized its engineering design in order to efficiently integrate its new dryer section into the existing equipment. The project was completed in record time and maintained the overall length of the dryer section and the width of the dryers’ frame.
Fourth Quarter Highlights (all comparisons made to the September 2017 quarter): » Net sales increased 9 percent to $2.1 billion » Organic sales growth, excluding currency and acquisition effects, up 3 percent » Operating income down 3 percent to $194 million. Fiscal Year Highlights (all comparisons made to fiscal year 2017) » Net sales increased 11 percent to an annual record of $7.9 billion » Organic sales, excluding currency and acquisition effects, increased 1 percent » Operating income up 4 percent to $761 million. Click read more below for additional detail.
DS Smith is pleased to note that the European Commission has cleared its proposed acquisition of Papeles y Cartones de Europa, S.A., known as Europac. As part of the transaction clearance DS Smith has agreed with the Commission the disposal of two packaging businesses in Western France and Portugal. The financial impact of these disposals is not material. Following the clearance, DS Smith anticipates the offer documentation being posted to shareholders of Europac shortly and expects to complete the acquisition by the end of 2018. Click read more below for additional detail.
ePac Flexible Packaging, a market leader in quick-turn, short to medium length run length production of flexible packaging, has announced that its next location will open in Austin, Texas in early 2019, with order taking now available. The company will serve food manufacturers, producers of lawn and garden, pet food, and sports nutrition products in the Austin/San Antonio area. Enabled by the latest in digital printing technology, ePac primarily serves small and medium size businesses, who benefit from 3-week turn time, high definition quality graphics, custom printing, low minimum orders, and the ability to order to demand to reduce inventory and obsolescence. Click read more below for additional detail.
In the first nine months of 2018, the consolidated sales of the Group totaled EUR 1,763.1 million and were thus slightly above the previous year’s value (1-3Q 2017: EUR 1,749.1 million). Both divisions contributed to this. At EUR 172.3 million, operating profit was 8.4 % or EUR 13.4 million above the comparative value of the previous year (1-3Q 2017: EUR 158.9 million). A significant profit increase at the cartonboard division contrasted with a decrease at the packaging division. The Group's operating margin thus climbed to 9.8 % (1-3Q 2017: 9.1 %). Profit for the period rose accordingly by 11.6 % to EUR 126.4 million (1-3Q 2017: EUR 113.3 million). Click read more below for additional detail.
Huhtamaki is investing app. EUR 7 million in its fiber packaging operations in Russia to facilitate further growth. In addition to the fast-growing Russian market the operations in Ivanteevka, near Moscow, serve the neighboring countries of Belarus and Kazakhstan, as well as the Nordic market. With the investment Huhtamaki expands and modernizes the range of egg packaging manufactured in Ivanteevka to even better match the expectations of its customers in Russia and in the Nordic markets. The additional capacity also allows Huhtamaki to continue to support the ongoing transfer from plastic egg packaging to more sustainable fiber packaging in Eastern Russia. The investment includes a state-of the art molded fiber packaging manufacturing line as well as modernization of an existing line in the Ivanteevka unit. Click read more below for additional detail.
Eastman Kodak Company has entered into a definitive agreement to sell its Flexographic Packaging Division to Montagu Private Equity LLP, a leading private equity firm. After closing, the business will operate as a new standalone company which will develop, manufacture and sell flexographic products, including the flagship KODAK FLEXCEL NX System, to the packaging print segment. Under its new ownership, the business will have the same organizational structure, management team and growth culture that has served Kodak’s Flexographic Packaging Division well in recent years. Chris Payne, who has served as President of the Flexographic Packaging Division for the last three years, will lead the new company as CEO. Click read more below for additional detail.
Owens-Illinois, Inc. announced that it has acquired a just over 49.7 percent interest in Empresas Comegua S.A. from Fabricación de Màquinas, S.A. de C.V., a wholly owned subsidiary of Vitro, S.A.B. de C.V. (BMV: VITROA). Empresas Comegua S.A. is the leading manufacturer of glass containers for the Central American and Caribbean markets. The business serves many of O-I's global strategic customers and various segments including food, soft drinks, beer, spirits and pharmaceuticals. Operations include two glass manufacturing facilities - one in Costa Rica and another in Guatemala. Click read more below for additional detail.