Kellogg’s to trial recyclable paper liners in cereal boxes (twosides.info/uk)

Fourth Quarter 2021 Highlights (as compared to fourth quarter 2020): • Revenue increased 20.2% to $413.7 million primarily due to the impact of higher selling prices and an increase in volume/mix primarily driven by certain tapes and dispensing machines. • Gross margin decreased to 19.7% from 25.7% primarily due to the unfavourable mathematical impact of Dollar Spread Maintenance(2) and an increase in plant operating costs including costs associated with supply chain disruptions and labor shortages, partially offset by a favourable product mix. • Net earnings attributable to the Company's shareholders ("IPG Net Earnings") decreased $8.0 million to $9.1 million primarily due to an increase in finance costs mainly due to an increase in the NCI Put Options Revaluation(3) and a decrease in gross profit, partially offset by a decrease in SG&A. Fiscal Year 2021 Highlights (as compared to fiscal year 2020): • Revenue increased 26.3% to $1,531.5 million primarily due to the impact of higher selling prices in all product categories driven by significant increases in the cost of raw materials and freight as well as an increase in volume/mix. 1 • Gross margin decreased to 22.2% from 23.8% primarily due to the unfavourable mathematical impact of Dollar Spread Maintenance. • IPG Net Earnings decreased $4.9 million to $67.8 million primarily due to (i) an increase in finance costs mainly due to the 2018 Senior Unsecured Notes Redemption Charges(5), the non-recurrence of the Nortech Contingent Consideration Gain(6) and an increase in the NCI Put Options Revaluation, and (ii) an increase in SG&A, partially offset by an increase in gross profit.

Total packaging papers & specialty packaging shipments in July increased seven percent compared to July 2019. They were up three percent when compared to the same seven months of 2019. The operating rate was 84.5 percent, up 2.2 points from July 2019 and down 0.7 points year-to-date. Mill inventories at the end of July decreased 1,000 short tons from the previous month and were up 17,000 short tons compared to July 2019.

Stora Enso appoints Ad Smit as Executive Vice President of the Packaging Solutions division and a member of the Group Leadership Team. He will start on 1 December 2023 and report to Hans Sohlström, President and CEO of Stora Enso. Ad Smit is a Dutch citizen and will be based in the Netherlands. He has led the Business Unit Western Europe within Stora Enso’s Packaging Solutions division since January 2023. He has over 30 years of business leadership experience in the packaging industry. From 2012, Ad was the CEO of De Jong Packaging Group, which Stora Enso acquired in January 2023. Prior to that he held various Managing Director positions leading packaging divisions and units at Smurfit Kappa Group for over 20 years. “I’m delighted to welcome Ad Smit to Stora Enso’s leadership team. Ad has extensive experience and a successful track record in the packaging business. He is well placed to both lead the Packaging Solutions division and to optimise the integration and synergies with De Jong Packaging Group,” says Hans Sohlström.