Huhtamaki is investing app. EUR 7 million in its fiber packaging operations in Russia to facilitate further growth. In addition to the fast-growing Russian market the operations in Ivanteevka, near Moscow, serve the neighboring countries of Belarus and Kazakhstan, as well as the Nordic market. With the investment Huhtamaki expands and modernizes the range of egg packaging manufactured in Ivanteevka to even better match the expectations of its customers in Russia and in the Nordic markets. The additional capacity also allows Huhtamaki to continue to support the ongoing transfer from plastic egg packaging to more sustainable fiber packaging in Eastern Russia. The investment includes a state-of the art molded fiber packaging manufacturing line as well as modernization of an existing line in the Ivanteevka unit. Click read more below for additional detail.
Cascades Inc. (TSX: CAS), a leader in the recovery and manufacturing of green packaging and tissue paper products, announces its unaudited financial results for the three-month period ended March 31, 2015.
Sales of $910 million (compared to $879 million in Q4 2014 (+4%) and $863 million in Q1 2014 (+5%))
Excluding specific items
*OIBD of $85 million (compared to $82 million in Q4 2014 (+4%) and $75 million in Q1 2014 (+13%))
*Net earnings per share of $0.18 (compared to $0.08 in Q4 2014 and $0.01 in Q1 2014)
*Greenpac contribution to net earnings: $0.03
Including specific items
*OIBD of $72 million (compared to $57 million in Q4 2014 (+26%) and $79 million in Q1 2014 (-9%))
*Net loss per share of $0.37 (compared to $0.51 in Q4 2014 and $0.01 in Q1 2014)
Mr. Mario Plourde, President and Chief Executive Officer, had the following comments on the first quarter results: “Despite the seasonality inherent to the first quarter of the year, we are satisfied with the financial results released today which represent an improvement, both on a sequential and year-over-year basis.
Similar to what we experienced in 2014, energy costs had a negative impact during the first quarter which was offset by the weakening of the Canadian dollar and a sequential decrease in raw material costs. The 4% OIBD increase compared to the previous quarter is essentially linked to the strong performance of our Containerboard Group. Results in Europe were slightly higher while results of our Specialty Products Group were stable. In addition to temporary impacts related to the ramp-up of two new sites in the U.S., our Tissue Papers Group was negatively impacted by downtimes for equipment maintenance, upgrades and to balance our inventories during the first quarter. Market conditions in the tissue market continue to be soft while new capacity is being absorbed by the industry. Finally, the Greenpac mill has continued to improve productivity, with daily production averaging 1,260 short tons during the quarter, and significant growth in the production of our premium lightweight grade.