Lincoln International is pleased to announce Command Packaging, LLC, has been sold to Delta Plastics of the South, LLC. Terms of the transaction were not disclosed. Command is an industry pioneer and market leading provider of flexible packaging solutions, focused on supplying 100% certifiably sustainable carryout bags across the food service, retail and grocery industries. Headquartered in Vernon, California, the Company offers technically-sophisticated capabilities, including extrusion, printing, conversion and value-added services to 400+ blue chip customers nationwide. These customers rely on Command to solve their most complex carryout bag challenges and design products that represent their brands through superior quality, innovation and premium graphics. Click Read More below for additional information
Net sales in the second quarter were $2,278 million compared to $2,383 million in the second quarter of 2014, primarily due to $241 million of unfavorable currency translation partially offset by the impact of the Empaque acquisition.
Segment income (a non-GAAP measure defined by the Company as gross profit excluding the impact of fair value adjustments to inventory acquired in an acquisition and the timing impact of hedge ineffectiveness, less selling and administrative expense) was $272 million in the second quarter compared to $285 million in the second quarter of 2014, and included $30 million of unfavorable currency translation.
Commenting on the quarter,John W. Conway, Chairman and Chief Executive Officer, stated, “We continued the year as expected with very solid second quarter performance. On a currency neutral basis, segment income for the second quarter increased 6% over 2014, reflecting strong underlying fundamentals in the Company’s businesses despite challenges in certain of our markets. We are pleased with the integration of the Empaque and Mivisa acquisitions, as our Americas Beverage and European Food businesses both contributed meaningfully to the Company’s results. In addition, we experienced notable beverage can growth in North America and Asia Pacific as well as food can growth in Europe during the quarter compared to 2014.
Net sales for the first six months of 2015 were $4,275 million compared to $4,376 million in the first six months of 2014, reflecting unfavorable currency translation of $413 million partially offset by the impact of the Mivisa and Empaque acquisitions.
Segment income in the first half of 2015 was $464 million compared to $485 million in the first six months of 2014, including $46 million of unfavorable currency translation.
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