Net sales for the second quarter of 2022 were a record $1.91 billion, compared with last year's second quarter sales of $1.38 billion. GAAP net income attributable to Sonoco in the second quarter of 2022 was $131.7 million, or $1.33 per diluted share, compared with a loss of $(334.1) million, or $(3.34) per diluted share, in the second quarter of 2021. GAAP gross profit was $387.0 million in the second quarter of 2022 compared to $262.7 million in the same period of 2021. Quarterly gross profit as a percentage of sales was approximately 20 percent compared to approximately 19 percent in the second quarter of 2021.
O-I Glass, Inc. (NYSE: OI) will build a new greenfield glass plant in Bowling Green, KY. In line with strong consumer trends towards healthy, recyclable, and sustainable food and beverage packaging, the company is adding capacity to support its customers with brand-building premium glass containers. The company plans to invest up to $240 million in multiple expansion waves over time and create approximately 140 new jobs in the region.
The new plant will be the first facility purposely-built for O-I’s revolutionary MAGMA technology that is set to redefine the glass production process for the future. MAGMA is expected to further enhance O-I’s capabilities to support multiple product categories and expand in today’s highly differentiated product segments.
The production facility is also expected to set new standards in sustainable glass manufacturing. Using renewable electricity, gas-oxy fuel, and other innovative solutions, it will significantly advance O-I’s sustainability roadmap and make glass an even more compelling choice for consumers, customers, and the environment.
“O-I is determined to be the most innovative, sustainable and chosen supplier of brand-building packaging solutions,” said Andres Lopez, CEO of O-I Glass. “The new plant is an important milestone as we continue the pursuit of our expansion plan in the US and globally, building a bright future for the company and its stakeholders. Glass is more relevant than ever, and we are proud to support our customers with innovative solutions.”
“We continue to target new employers for the commonwealth that are focused on longevity, sustainability and creating quality jobs for Kentuckians,” Gov. Andy Beshear said. “O-I Glass is a company that meets all of that criteria and more. This new facility in Warren County will create great job opportunities for our residents and bring innovative new technology to Kentucky’s manufacturing sector. Thank you to the leaders at O-I Glass for selecting the commonwealth for this significant investment. I look forward to a long, successful partnership between the company and our state.”
“O-I has a reputation for excellence that has led to jobs for over 24,000 employees in 19 different countries. We are thrilled that they have chosen to grow and invest in Bowling Green,” said Bowling Green Mayor, Todd Alcott.
The new facility is earmarked to serve the Premium Spirits category. The proximity to key customers in Bourbon country will reduce logistics and further enhance O-I’s customer service, flexibility, and sustainability. Start of the first production line is expected mid-year 2024 followed by up to two more production lines to serve the growing market and continued development of MAGMA.