Packaging Corporation of America reported second quarter 2020 net income of $57 million, or $0.59 per share, and net income of $132 million, or $1.38 per share, excluding special items. Second quarter net sales were $1.54 billion in 2020 and $1.76 billion in 2019. Reported earnings in the second quarter of 2020 include $.79 per share of special items expense primarily for the impairment of goodwill associated with our Paper segment (as described below), the previously reported closure of our corrugated products production facility in San Lorenzo, CA, and costs and expenses associated with the COVID-19 pandemic.
Iggesund Paperboard is expanding distribution in the US making its flagship product Invercote available coast to coast. Increasing interest in Invercote’s unique properties from brand owners on the West Coast, and some key new business acquisitions made expanding west a natural next step.
Iggesund Paperboard has established an inventory position and sheeting capabilities in Pomona, CA with the objective of making Invercote readily available for quick turn market demand. The primary goal is to be able to serve the commercial print and packaging cluster in California and beyond.
“We’ve been in the US for more than thirty years but our distribution footprint has been concentrated on the east coast,” explains Rickard Österlindh, President Iggesund Americas. “Now is the time to increase our presence on the West Coast, where we know there is a density of brand owners who will appreciate the quality level we offer with Invercote.”
Iggesund will focus its sales & marketing efforts on premium packaging and graphical print applications, building on the foundation of offset and digital print business recently established through a network of merchant distributors.