Packaging manufacturers’ sales results in 2023
See how major packaging companies closed out their financials during an eventful year.
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Pactiv Evergreen restructuring to affect 10% of company’s footprint
By Katie Pyzyk • March 1, 2024
The changes will be spread across its manufacturing and warehousing footprint over the next few years. The company also reported lower revenues and sales volumes for Q4. Read the full article ➔
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SEE advances restructuring as it searches for new CEO
By Maria Rachal • Feb. 28, 2024
The interim co-CEOs discussed expected cost savings as SEE closes multiple locations. The company formerly known as Sealed Air is also revamping commercial teams, integrating Liquibox and looking beyond destocking. Read the full article ➔
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Cascades optimistic about contributions from new Virginia plant amid other closures
By Katie Pyzyk • Feb. 23, 2024
While Cascades’ sales ticked up in 2023 as a whole, Q4 dragged down results. The company continues to prioritize production at Bear Island, Virginia, and other more modern facilities. Read the full article ➔
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Ardagh Metal Packaging shipment volumes grew 5% in 2023
By Maria Rachal • Feb. 23, 2024
The business was hit by end-of-year customer destocking, particularly in Europe, while sales in the Americas showed continued strength. Read the full article ➔
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Sonoco says paper Pringles can sales are one signal of volume recovery
By Katie Pyzyk • Feb. 15, 2024
Consumer products customers are returning to normal pricing following destocking, said executives on Sonoco’s Q4 and full-year 2023 earnings call. But consumer spending shifts continue amid inflation pressure. Read the full article ➔
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O-I Glass says demand in beer and food is recovering, destocking lingers for wine and spirits
By Maria Rachal • Feb. 9, 2024
The year ended with shipments down 16% in Q4. Sales were hurt by customer destocking, which CEO Andres Lopez said began later than in other categories, giving O-I hope to mirror recovery trends in other parts of the industry. Read the full article ➔
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Destocking accelerated in recent quarter, Amcor says
By Katie Pyzyk • Feb. 8, 2024
Amcor executives reported the destocking trend worsened despite other companies declaring it over. Executives also detailed 2,000 employee reductions in 2023. Read the full article ➔
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Smurfit Kappa predicts Summer Olympics will provide financial boost
By Katie Pyzyk • Feb. 7, 2024
2024 demand and volumes have shown improvement following challenges to both in 2023, executives said on Wednesday’s earnings call. The WestRock acquisition also is progressing smoothly, they said. Read the full article ➔
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Crown touts beverage can growth in Americas as equipment sales stall
By Maria Rachal • Feb. 6, 2024
CEO Tim Donahue described a positive outlook for the Americas Beverage and Transit Packaging divisions while also describing weak demand for aerosols and canmaking equipment. Crown closed five production facilities in Q4. Read the full article ➔
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Ball looks to put Bud Light disruption behind it in 2024
By Maria Rachal • Feb. 2, 2024
The company is also focused on optimizing its production capacity, as well as opportunities following the pending sale of its aerospace business, which will make it a pure-play aluminum packaging company. Read the full article ➔
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International Paper prioritizes ‘value over volume’ in profitability strategy
By Katie Pyzyk • Feb. 1, 2024
Executives on an earnings call discussed new price increases and expectations for improved demand over 2023's challenging environment. Read the full article ➔
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Stora Enso to lay off up to 1,000 employees under profit improvement program
By Katie Pyzyk • Feb. 1, 2024
The company is launching the plan following “a historical low fourth quarter in 2023” and dim hopes for significant recovery in Q1. It recently completed a previous restructuring effort that resulted in 1,150 layoffs. Read the full article ➔
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Smurfit Kappa-WestRock deal timing slightly delayed
By Katie Pyzyk • Feb. 1, 2024
WestRock shared the update on the pending transaction in its fiscal Q1 financial release. During the quarter, paperboard market demand decreased, but external containerboard shipments grew, the company said. Read the full article ➔
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Lingering destocking trends affect Silgan sales, but CEO projects 2024 recovery
By Maria Rachal • Feb. 1, 2024
CEO Adam Greenlee also said during a Wednesday earnings call that consolidation of five manufacturing facilities will support a $50 million cost savings plan, 40% of which will be realized by the end of this year. Read the full article ➔
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Increasing demand buoys PCA’s earnings, but pricing questions distract from progress
By Katie Pyzyk • Jan. 25, 2024
Packaging Corp. of America experienced demand that was “stronger than our expectations” in the fourth quarter of 2023, according to CEO Mark Kowlzan, which could signal longer-term recovery. Read the full article ➔
Recommended Reading
- Packaging manufacturers’ Q3 results By Packaging Dive Staff • Updated Nov. 17, 2023
- Packaging industry trends that shaped Q2 earnings By Packaging Dive Staff • Updated Aug. 17, 2023
- How packaging manufacturers fared in Q1 By Packaging Dive Staff • Updated May 10, 2023
