Q1 2020 Highlights: * Sales of $1,313 million (compared with $1,227 million in Q4 2019 (+7%) and $1,230 million in Q1 2019 (+7%)) *Operating income of $90 million (compared with an operating loss of $1 million in Q4 2019 and an operating income of $72 million in Q1 2019 (+25%)) *Exercised option to acquire the Caisse de dépôt et placement du Québec's ("CDPQ") 20.2% interest in the Greenpac Mill, increasing the Corporation's ownership to 86.3%; Transaction was settled January 3, 2020 for a total purchase price of $121 million. *Net debt1 of $2,212 million as at March 31, 2020 (compared with $1,963 million as at December 31, 2019) reflecting FX impact ($140 million) and the acquisition of CDPQ's interest in Greenpac Mill ($121 million); Net debt to adjusted OIBD ratio1 at 3.5x.
Liberty Diversified International (LDI) has acquired the assets of Miller Container Company, a Quad Cities-based manufacturer of corrugated cartons and displays.
Miller Container will continue to operate under its well-established brand name at its Rock Island headquarters and warehouse as well as its sheet plant in Clinton, Illinois. Mike Vonderhaar, who has served as owner and president, will remain with the company and join LDI’s packaging management team. Miller Container employees will be offered continued employment.
LDI’s profile as a major player in the corrugated packaging industry, with facilities in Minnesota, Nebraska, Texas, California and Mexico, continues to expand with this acquisition in the Quad Cities area.
Mike Fiterman, LDI’s Chairman and CEO, said, “By joining forces with Miller Container, we are increasing LDI’s Midwest market power and footprint as a leader in packaging manufacturing, design, warehousing, distribution and fulfillment.”
Fiterman pointed out, “We’ve been in the packaging business for nearly 100 years, and we recognized Miller Container as a gem for quality products and exemplary customer service – both of which beautifully fit into our LDI values.”
Vonderhaar said, “LDI is the perfect partner for us because of their business approach of caring for customers, employees and the community.”
Fiterman added, “Community involvement is a core value of the LDI organization. This new partnership with Miller Container will result in new and deepened connections with community organizations in the Quad Cities, matching our commitment to communities hosting our other North America operations.”
Because each of the companies are privately held, purchase price was not disclosed.