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Packaging Business industry news is gathered from more than 8,000 news sources around the world. This news section comprises the top news of the day globally for the packaging and converting industries.
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BRIEF: Exopack to lay off 17 employees
The Tifton Gazette (Georgia)...May 9, 2008 Friday
May 9--TIFTON -- TIFTON -- Exopack, a manufacturing company located in Tifton's Industrial Park which produces packaging products, will lay off 17 of their employees on Monday.
Shorewood Packaging plant not closing
Danville Register & Bee (Virginia)...May 1, 2008 Thursday
May 1--About three-quarters of Shorewood Packaging's 200 employees are on a forced weeklong vacation, but despite speeding rumors, there are no imminent plans for permanent closure.
Huhtamaki axes 90 Hampshire jobs
Daily Echo (Newsquest Regional Press)...April 24, 2008 Thursday
RISING costs have forced packaging producer Huhtamaki to axe 90 jobs at its Hampshire manufacturing plant. The Finnish owned company is to make the cuts at its Gosport facility by closing down its plastic wrapping department. The firm's food service department, which produces paper cups, will remain open.
Alcan Global Pharmaceutical Packaging launches new StabilitySolutions(TM) product line of high barrier bottles
Canada NewsWire...May 7, 2008 Wednesday 3:22 PM Eastern Time
Alcan Global Pharmaceutical Packaging, part of Rio Tinto Alcan's packaging unit, has launched a new StabilitySolutions(TM) product line of high barrier plastic bottles. The product development and production come from the Alcan Packaging plastics business headquartered in Pennsauken, New Jersey.
Richards Packaging Income Fund Announces 2008 First Quarter Results
Canada NewsWire...May 6, 2008 Tuesday 7:00 AM Eastern Time
Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today results for the quarter ended March 31, 2008. The Fund owns 85% of Richards Packaging Inc. ("Richards Packaging"), the leading packaging distributor in Canada, and third largest in North America. "We are delighted to report the first full quarter that highlights the McKernan acquisition impact on the performance of Richards Packaging. Revenue increased 10% to $44.5 million, EBITDA(1) increased 25% to 5.5 million and distributable cash(2) increased 22% to $3.8 million from the same period in 2007. This quarterly performance represents a good benchmark to evaluate our quarterly performance for the remainder of 2008. Gross profit increased 1.3% from the same period in 2007 reflecting our continuing shift to higher margin products and various cost reduction initiatives. EBITDA as a percent of sales was 12% for the first quarter and represents our new long-term target. Net income was $0.3 million, or 3.4 cents, down $1.7 million from the same period in 2007 which mainly reflects a non-cash expense of $1.9 million for the foreign currency translation of our U.S. dollar denominated debt," commented Gerry Glynn, Chief Executive Officer.
GERMAN PACKAGING AGENCY OPENS OFFICE IN BANGALORE
Asia Pulse...May 5, 2008 Monday 10:04 AM EST
Packaging Agency Opens up a Pvt. Ltd. in Bangalore HAMBURG, May 5 PRNewswire-AsiaNet - REDPACK Brand Design Offers Packaging Design Combined With International Expertise and Knowledge of the Local Market in India
Fraser Papers sees growth opportunities despite wider first-quarter loss
The Canadian Press(CP)...May 1, 2008 Thursday
Meat firm blames rising costs for loss of 98 jobs
Western Morning News (Plymouth)...May 1, 2008 Thursday
Almost 100 workers are to lose their jobs at a Cornish meat processing and packaging company. Danish company Tulip Foods has confirmed that 98 workers at its factory in Redruth are being laid off.
Coca-Cola Bottling Co. Consolidated Reports First Quarter 2008 Results
Business Wire...April 29, 2008 Tuesday 8:30 PM GMT
Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) today announced a loss of $4.3 million, or basic net loss per share of $.47, in the first quarter of 2008 compared to net income of $4.7 million, or basic net income per share of $.51, in the first quarter of 2007. The first quarter of 2007 results included the after-tax impact of restructuring costs of $1.3 million, or basic net income per share of $.14, related to the simplification of the Company's operating management structure and reduction in workforce. "We face many of the same macro economic cost and consumer spending pressures that much of the American business community is facing currently. At Coca-Cola Consolidated, we continue to experience unprecedented levels of cost increases in our raw materials and energy costs, particularly fuel prices," J. Frank Harrison, III, Chairman and CEO, said. He added, "In addition, we are also experiencing an impact from the economic pressures affecting consumer spending patterns, which affected our volumes and pricing for the quarter. The combination of the consumer spending pressure on revenues and the commodity cost pressure on expenses caused a significant decline in our year over year gross margin performance."
Middletown to lose 133 jobs with plant's closing
Middletown Journal (Ohio)...April 23, 2008 Wednesday
Apr. 23--MIDDLETOWN -- A Middletown manufacturer announced it would be closing one of its facilities, leaving 133 people out of work. Graphic Packaging International, Inc., located on Charles Street, said it plans to discontinue its folding carton manufacturing operations in Middletown by the end of the third quarter of 2008. The site included 133 salaried and hourly workers, the company confirmed.
Ball to Close Kent, Wash., Beverage Can Plant
PR Newswire...April 23, 2008 Wednesday 8:30 PM GMT
BROOMFIELD, Colo., April 23 /PRNewswire-FirstCall/ -- Ball Corporation(NYSE:BLL)announced today that it will close its aluminum beverage can manufacturing plant in Kent, Wash., in the third quarter of 2008. A pretax charge of approximately $12 million ($7 million after-tax) will be recorded in the company's second quarter results. On final disposition of the facilities, the closure is expected to be approximately $4 million cash positive inclusive of income tax benefits. The 28-year-old Kent plant is one of Ball's smaller metal beverage can manufacturing facilities. It operates two production lines capable of producing about 1.1 billion, 12-ounce beverage cans per year and employs 111 people.
Graphic Packaging to Release First Quarter 2008 Earnings
PR Newswire...April 24, 2008 Thursday 8:40 PM GMT
MARIETTA, Ga., April 24 /PRNewswire-FirstCall/ -- Graphic Packaging Holding Company(NYSE:GPK)will release results for the first quarter 2008 on Thursday, May 8th after the close of the market. The following day, the company will host a conference call for analysts, investors and other parties to discuss the results.
Smurfit-Stone reports narrower loss
MarketWatch...April 22, 2008 Tuesday 5:08 PM EST
SAN FRANCISCO (MarketWatch) -- Smurfit-Stone Container Corp. (sscc) late Tuesday reported a narrower first-quarter loss from a year ago but the loss was more than Wall Street had targeted. The maker of cardboard boxes and other packaging reported a loss of $13 million, or 6 cents a share. Analysts polled by FactSet had expected a loss of 3 cents, on average. A year ago, Smurfit-Stone posted a loss of $52 million, or 21 cents a share. Sales were flat at $1.8 billion as a slowing U.S. economy and rising commodity costs offset box-price increases, the company said. Looking ahead, Smurfit-Stone said second-quarter earnings should be better than the first quarter.
MOD-PAC CORP. Announces First Quarter 2008 Conference Call and Webcast
PrimeNewswire...April 22, 2008 Tuesday 6:53 AM EST
BUFFALO, N.Y., April 22, 2008 (PRIME NEWSWIRE) -- MOD-PAC CORP. (Nasdaq:MPAC) a commercial on-demand printer and manufacturer of custom paper board packaging, today announced that it will release its first quarter 2008 financial results before the opening of financial markets on Tuesday, May 6, 2008. The release of the financial results will be followed by a company-hosted teleconference at 1:30 p.m. Eastern Time. During the teleconference, Daniel G. Keane, President and Chief Executive Officer, and David B. Lupp, Chief Financial Officer, will review the financial and operating results for the period and discuss MOD-PAC CORP.'s corporate strategy and outlook. A question-and-answer session will follow. The MOD-PAC CORP. conference call can be accessed the following ways:
Australia's Amcor sells two packaging plants for undisclosed sum
Asia Pulse...April 15, 2008 Tuesday 1:09 PM EST
Australia's AMCOR LTD (ASX:AMC) will sell two packaging plants in Sweden and the United Kingdom as part of a restructure of its Western European flexible packaging operations. Amcor has entered an agreement to sell the plants, in Lund in Sweden and Somerset in the UK, to Swedish private equity firm ACCENT EQUITY 2008. * It did not disclose the sale price. * Amcor said the sale was part of its previously announced rationalisation, which continued to make solid progress. ASIA IN FOCUS
Beverage industry confirms PET plastic bottles and aluminum cans are safe
Canada NewsWire...April 18, 2008 Friday 12:32 PM Eastern Time
Richards Packaging Income Fund announces April distribution
Canada NewsWire...April 17, 2008 Thursday 9:48 AM Eastern Time
Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today its cash distribution for the month ended April 30, 2008 of Cdn$0.0935 per unit. This distribution will be to unitholders of record at the close of business on April 30, 2008, and will be payable on May 15, 2008. Unitholders who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund, whether such distributions are in the form of cash or additional units.
Owens-Illinois probes cause of Samuel Adams beer recall
MarketWatch...April 8, 2008 Tuesday 8:19 AM EST
NEW YORK (MarketWatch) -- Owens-Illinois Inc. (OI) said Tuesday that it made the 12-ounce bottles involved in the voluntary recall of some Samuel Adams beer. That recall was announced Monday by Boston Beer Co. (SAM) after its inspections found that certain bottles may contain defects that may cause small bits of glass to break off and fall into the bottle. To date, however, Owens-Illinois said its own investigation has shown that the bottles supplied to the brewer were made according to normal manufacturing specifications. Owens-Illinois, which supports the recall, said it is investigating the yet-to-be-determined source of the problem. Shares of Boston Beer closed 2.3% lower on Monday at $45.41, while shares of Owens-Illinois fell 2.6% to end Monday at $56.46.
PPI opens its new facility
The Bradenton Herald (Florida)...April 8, 2008 Tuesday
Apr. 8--SARASOTA -- A Sarasota company today is celebrating the grand opening of an expansion of its manufacturing operation. The new facility will house up to 20 new employees, according Kathy Baylis, president of the Economic Development Corp. of Sarasota County.
Sonoco to Shutdown Small Holyoke, Mass., Specialty Paper Machine
Business Wire...April 11, 2008 Friday 12:00 PM GMT
Sonoco (NYSE: SON) today announced that it will permanently shutdown its small No. 3 specialty paper machine at its Holyoke, Mass., paper mill. The target shutdown date is June 27, 2008.
Japanese chemical company breaks ground for new plant
Charleston Daily Mail (West Virginia)...April 8, 2008, Tuesday
Takao Iwasaki, Kureha Corp.'s president and chief executive officer, shakes hands with Gov. Joe Manchin during Monday's chemical plant groundbreaking ceremony in Belle.
Owens-Illinois Schedules May 1 Earnings Call
FinancialWire...April 13, 2008 Sunday
Alcoa Q1 profit halved by energy costs, weak dollar
Business News Americas - English...April 8, 2008 Tuesday 12:13 PM GMT
Pittsburgh-based aluminum company Alcoa (NYSE: AA) posted net income for the first quarter of 2008 of $303USmn, slashed in half from $662USmn year-on-year due to increasing energy costs and worse exchange rates.
MeadWestvaco to sell paper mill to KapStone for $485 mln
MarketWatch...April 7, 2008 Monday 10:29 AM EST
SAN FRANCISCO (MarketWatch) -- MeadWestvaco Corp. (MWV) said Monday it signed a definitive agreement to sell its kraft paper mill in North Charleston, S.C., and related assets to KapStone Paper & Packaging Corp. (KPPC) for $485 million in cash. The Virginia specialty papers company expects the deal to close by the third quarter and projects a "modest" gain upon completion of the sale after using a substantial portion of the proceeds to pay down debt. MeadWestvaco said the 1,100 employees at the mills sold to KapStone will move to KapStone immediately following the sale's closing. Separately, KapStone, an Illinois paper company, said it expects the acquisition to provide substantial free cash flow and also provide synergies of at least $2.5 million a year with half the gains realized within the first year of the deal closing. KapStone said the 2007 aggregate revenue for KapStone and Charleson were about $780 million.
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