The Group's consolidated sales reached EUR 2,528.4 million and were therefore close to the previous year's level (2019: EUR 2,544.4 million). A volume-related increase in sales in the packaging division was offset by a price-related decrease in the cartonboard division. EBITDA increased by 2.4% or EUR 9.3 million to EUR 398.9 million (2019: EUR 389.6 million), the EBITDA margin to 15.8% (2019: 15.3%) ). At EUR 231.4 million, the operating result was 9.4% or EUR 23.9 million below the previous year (2019: EUR 255.3 million). Financial income of EUR 1.7 million (2019: EUR 1.4 million) was offset by financial expenses of EUR -7.9 million (2019: EUR -8.4 million). The “other financial result - net” changed to EUR -3.2 million (2019: EUR 2.8 million), primarily due to changes in the foreign currency result. At EUR 222.1 million, earnings before taxes were therefore 11.6% below the previous year (2019: EUR 251.1 million). Income taxes amounted to EUR 59.8 million (2019: EUR 60.9 million), resulting in an effective Group tax rate of 27.0% (2019: 24.3%).
Novolex® announced today that it has launched a new Chattanooga, Tenn. production line to manufacture compostable cold beverage cups made from a plant-based plastic.
The clear cups are made using polylactic acid (PLA), a plastics polymer created from starch-based plants such as corn, sugarcane and wheat straw. The cups will be available from Novolex brand Eco-Products®, a leading provider of foodservice packaging made from renewable and recycled resources.
“PLA looks, acts and performs like a traditional clear plastic, yet it is 100% compostable in commercial compost facilities,” said Adrianne Tipton, Chief Technology Officer of Novolex. “It is one more sustainable choice that we are proud to offer our customers.
“At Novolex, we’re focused on a future where the packaging we make is recyclable or compostable,” Tipton added.
The new manufacturing line, located at the Novolex manufacturing complex in Chattanooga, features state-of-the-art technology from some of the world’s leading thermoforming and extrusion equipment suppliers.
The environmental benefits of PLA products are twofold. First, they are made from renewable resources like corn that can be grown again and again. Second, PLA products are third-party BPI-certified compostable, meaning that instead of going to a landfill, the products can be turned into fertile soil.
“We’re creating cups made from plants that, after using, can be composted to help plants grow again,” said Ian Jacobson, President of Eco-Products. “It’s part of our commitment to work with our customers to achieve their Zero Waste goal, a win for both our customers and the environment.”