Third Quarter 2022 Financial Highlights: *Net Revenues of $1,609 million for the third quarter of 2022 were down 2% compared to $1,640 million in the second quarter of 2022 with 3% attributed to volume decline, partially offset by 2% growth due to price/mix. Net revenues were up 15% compared to $1,394 million in the third quarter of 2021 with attributions of 17% growth due to price/mix and 8% growth due to acquisitions, partially offset by 8% volume decline and 2% decline due to dispositions. *Net Income from continuing operations was $175 million for the third quarter of 2022 compared to $74 million in the second quarter of 2022 and $2 million in the third quarter of 2021.
TC Transcontinental Packaging is thrilled to announce the significant expansion of our Transcontinental Ontario, California facility, fully commercial and ready for operation as of September 2021. The expansion of the Transcontinental Ontario facility notably enhances our Shrink & Extrusion Group capabilities and capacity, providing a coast-to-coast, cost-effective, and efficient solution for our customers and the market.
The $14 million (USD) investment includes the addition of advanced technology: a 3-layer extrusion line along with a state-of-the-art flexographic 10-color, wide web press. This investment enables us to meet the market’s surging demand for improved delivery times, enhanced inventory management, and reduced transit time to market, especially for those customers west of the Mississippi.
“This major expansion meets our aspiration to produce unparalleled quality, provide high service levels, and offer a sustainable solution for custom extruded shrink collation films,” stated Thomas Morin, President TC Transcontinental Packaging, “which are necessary to continue to be a leader in the market and remain competitive.”
Offering our West Coast customers a manufacturing solution in their own backyard contributes to an improved environmental footprint by reducing distribution miles. This combined with the fact that we are focused on producing Integritite™ PCR sustainable collation shrink films which contain a high percentage of PCR (Post Consumer Recycled) content, underscores our commitment to sustainability and brings us closer to meeting our 2025 goals.
Dustin Dyer, SVP Shrink and Extrusion at TC Transcontinental Packaging, believes that “living our everyday values of teamwork and performance is what contributes to our success with the customer. Expansion investments such as these, allow our customers, as well as our organization, to be competitive, efficient and therefore, successful.”