First Quarter 2018 Highlights (as compared to first quarter 2017): • Revenue increased 14.5% to $237.2 million primarily due to additional revenue from the Cantech Acquisition(1) and an increase in average selling price, including the impact of product mix. • Net earnings attributable to the Company shareholders ("IPG Net Earnings") decreased $2.1 million to $11.4 million, primarily due to the increase in SG&A and other finance costs, partially offset by a decrease in income tax expense and an increase in gross profit. • Adjusted EBITDA(3) decreased 0.6% to $30.2 million primarily due to an increase in SG&A and the non-recurrence of Insurance Proceeds of $2.1 million realized in the first quarter of 2017, partially offset by adjusted EBITDA contributed by Cantech and an increase in gross profit. Excluding the Insurance Proceeds, adjusted EBITDA for the first quarter of 2018 increased by almost 7% compared to the first quarter of 2017. Click Read More below for additional information.
Green Bay Packaging Inc. announced the acquisition of Wisconsin Packaging Corp., a corrugated sheet plant in Fort Atkinson, WI. Wisconsin Packaging Corp. was founded in 1986 and will operate as part of Green Bay Packaging Inc. The acquisition is effective May 31, 2018.
Wisconsin Packaging Corp. specializes in the design and manufacture of corrugated packaging and retail displays for clients throughout the United States. “Wisconsin Packaging is proud to become a member of Green Bay Packaging. Our family has grown our business in Fort Atkinson, our goal always being to provide for the everchanging needs of our customers. We are especially grateful to our employees and our community who have supported us. To stay competitive, we emphasize continuous improvement in technology, efficiency and design.
This new bond with Green Bay Packaging strengthens our abilities to meet these goals,” stated Fred Negus, Jr., President of Wisconsin Packaging Corp.
“The acquisition of Wisconsin Packaging Corp. provides an exciting opportunity for Green Bay Packaging. It allows us to grow our company with an organization that aligns with a similar business philosophy of excellent quality, service and dedicated employees,” explains Will Kress, President and CEO of Green Bay Packaging Inc. “Wisconsin Packaging Corp. is geographically and strategically a great fit for our company but most important is the alignment of its leadership and cultural approach to business.”
Similar to Green Bay Packaging Inc., Wisconsin Packaging Corp. places its emphasis not just on superior production, but on customer relationships and service.