Norwegian packaging and offset printing company Moltzau is one out of eight winners of Scanstar 2016 for the CEFAPAC blister packaging, made of PE-coated Invercote G from Iggesund Paperboard. CEFAPAC is a blister pack, produced by Moltzau, based entirely on paperboard. The environmental aspect was something that impressed the jury together with high marks for simplicity, technical elegance and ease of use compared with plastic blisters. “CEFAPAC is a unique blister pack in that it is based on the use of paperboard only rather than a combination of board and plastics. We are very proud that our board was chosen for this innovative solution. Invercote G is an excellent paperboard for packaging constructions that demand good and stable function every time, high performance in all production steps and finally delivers in the best possible way when it comes to shelf appeal. I am really happy to see paperboard compete with other less environmentally friendly materials while improving the usability of the packaging." says Michael Fridvall, Account Manager at Iggesund Paperboard.
Second Quarter Highlights include (all results compared to the second quarter of 2018 unless otherwise noted):
•Net sales increased by $245.0 million to $1,213.3 million.
•Gross profit increased by $53.4 million to $248.7 million.
•Net income of $13.6 million or $0.23 per diluted Class A share decreased compared to net income of $45.1 million or $0.77 per diluted Class A share. Net income, excluding the impact of adjustments(1), of $47.6 million or $0.81 per diluted Class A share increased compared to net income, excluding the impact of adjustments, of $44.7 million or $0.76 per diluted Class A share. Adjusted EBITDA(2)increased by $38.7 million to $162.0 million.
•Net cash provided by operating activities increased by $4.0 million to $62.2 million. Adjusted Free Cash Flow(3) increased by $16.2 million to $46.1 million.
•Completed the acquisition of Caraustar Industries, Inc. (“Caraustar”), on February 11, 2019 and included the results of Caraustar in the Company’s financial results under the Paper Packaging & Services segment since that date.
•Identified $15.0 million of new estimated run-rate synergies related to the Caraustar acquisition. The company now estimates that it will be able to achieve at least $60.0 million of run rate synergies over the 36 months from deal close.
“Greif produced solid financial results in fiscal second quarter 2019 despite the continuation of trade-related market softness in parts of our global Rigid Packaging segment and a more challenging demand environment in our Paper Packaging segment in the U.S.,” said Pete Watson, Greif’s President and Chief Executive Officer. “Second quarter Adjusted EBITDA rose by roughly 31.0 percent versus the prior year quarter, while Class A earnings per share, excluding the impact of adjustments, increased by more than 6.5 percent.”
“We completed the Caraustar acquisition during the quarter and are currently integrating these operations in a disciplined manner. I am pleased with the energy and pace of the integration, but I am most impressed with how well our teams have come together. Through their collective efforts, the combined team has uncovered a variety of operational enhancements and new synergies not previously identified during the due diligence process.”
“We have revised our fiscal 2019 guidance slightly higher, despite expected continuation of market demand challenges for the remainder of the fiscal year. Looking beyond 2019, the long term fundamentals for our business remain favorable as we integrate Caraustar into our business and advance ongoing value optimization activities in our global portfolio. Our team remains focused on delivering exceptional value for our shareholders and customers.”
more detail at: http://investor.greif.com/press-releases/press-release-details/2019/Greif-Reports-Second-Quarter-2019-Results/default.aspx