Board Converting News, July 7, 2025

BoardConverting Serving the North American Corrugated and Folding Carton Industries for 40 years July 7, 2025 VOL. 41, NO. 27

Sounding Boards For Company Crises: Family Business Councils BY PHILLIP M. PERRY A fifth-generation family business in Kentucky was facing a crisis. One of its four sibling owners had suddenly announced a pending divorce. The unexpected event posed a serious threat in the minds of the other brothers: Would a disgruntled ex-spouse be awarded her husband’s ownership shares in the privately held corporation, ushering in an un- welcome business partner to gum up the works?

PCA To Purchase Greif Containerboard Business Lake Forest, Illinois based Packaging Corpo- ration of America (PCA) announced that it has entered into a definitive agreement to pur- chase the containerboard business of Greif, Inc. for $1.8 billion in cash. The transaction is expected to close by the end of PCA’s third quarter, subject to certain customary condi- tions and regulatory approvals. The Greif containerboard business in- cludes two containerboard mills with approx- imately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The busi- ness generated approximately $1.2 billion in sales and $212 million of earnings before in- terest, taxes, depreciation and amortization (EBITDA) for the 12 months ended April 30. Synergies are estimated to generate pre- tax benefits of approximately $60 million and are expected to be fully realized within two years after closing. The synergies are pro- jected to come from improved operational and production capabilities and efficiencies at the mills, increased integration, mill grade optimization and lower transportation costs. Approximately one half of the benefits are

At first, a solution to the problem seemed straight forward: The com- pany stockholder agreement required the company to buy back shares from a partner in any divorce proceedings. Alas, formal agreements are one thing and human emotions another. The divorcing brother sensed resentment on the part of his siblings: Shelling out company funds to purchase his shares might well threaten the company’s growth by ham- pering its investments in new projects. It was apparent that failing to resolve this issue would poison the relationship among the brothers, with serious ramifications to the bot- tom line. What was the solution? Later in this article we’ll answer that question. For the moment, though, our story illustrates a larger prob- lem: Personal conflicts are common and costly occurrences in family businesses. “Any family business that gets past the first generation starts expe- riencing an exponential increase in the number of people affected by company operations,” said Sam Brownell, founder of Stratus Business CONTINUED ON PAGE 22

CONTINUED ON PAGE 3

WHAT’S INSIDE

6 x x 8 x x 12 x x 26 x x IP’s ‘Strategic Changes’ To Support Growth In NA ICPF’s Holiday Fundraiser Moves To Washington DC 10 Fastmarkets Analysis: Demand Slump & Tariff Concerns 18 PPC Next: Leadership Summit Comes To Dallas July 30

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will identify even more opportunities within the combined system for future high return investments to grow with our corrugated and sheet feeder customers. We will continue to generate significant cash flows and value for our share- holders.” “We have a great deal of respect for Greif and are very pleased to have reached agreement to acquire this business,” said PCA President Tom Hassfurther. “Greif’s people have developed deep and lasting relationships with their customers, who we look forward to serving with Greif’s well capitalized facilities. It is a very strong cultural fit with us in terms of safety, innovation, growth, and ded- ication to serving the needs of customers. We will apply the sales, customer service and operational expertise of the combined organization to even better serve our corru- gated and sheet feeder customers and achieve additional growth and profitability.” BofA Securities provided financial advice to PCA and provided committed financing for the transaction. PCA says it is the third largest producer of contain- erboard products and a leading producer of uncoated freesheet paper in North America. PCA operates eight mills and 86 corrugated products plants and related fa- cilities. They have approximately 15,400 employees, with operates within the United States. In 2024, PCA produced about 294 billion square feet (BSF) of containerboard and shipped 67 BSF of corrugated products. Visit packagingcorp.com .

AVERAGE CONTAINERBOARD PRICES The average prices reported are tabulated from prices PAID by various sources throughout the United States the week previous to issue. Prices in some areas of the country may be higher or lower than the tabulated average. The prices tabulated here are intended only for purposes of reference. They do not connote any commitment to sell any material at the indicated average. Transactions may be completed at any time at a price agreed upon by seller and purchaser. REGION 42# Kraft liner 26# Semi-Chem. Medium $ 900.00-925. 00 $ 825. 00 -$850.00 U.S. Average CANADIAN LINERBOARD & MEDIUM The average prices reported are tabulated from prices PAID by various sources throughout Canada. Prices may be higher or lower in various areas of the country. The prices tabulated here are intended only for purposes of reference. They do not connote any commitment to sell any material at the indicated average. Transactions may be completed at any time at a price agreed upon by seller and purchaser. Prices are Canadian $ and per metric ton. 42# Kraft Liner 26# Semi-Chem Medium East $970.00 $960.00 West $1,015.00 $995.00 REGION

PCA To Purchase (CONT’D FROM PAGE 1)

expected by the end of the first year with the remainder being received by the end of the second year. PCA is expected to finance the transaction with $1.5 bil- lion of new debt and cash on hand. PCA’s pro forma lever- age ratio (net debt to EBITDA) will be approximately 1.7X after completion of the transaction. PCA CEO Mark Kowlzan said, “This acquisition furthers PCA’s profitable growth strategy. The mills nicely com- plement PCA’s system and will provide containerboard to support PCA’s continued corrugated products growth. We expect to achieve significant synergies with minimal capital investment through our operational expertise and

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July 7, 2025

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July 7, 2025

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IP Announces Changes To Support Growth In NA

Tom Hamic, Executive Vice President and President of IP’s Packaging Solutions North America business. “While dif- ficult, these decisions will help enable IP to prioritize the right geographies, customers and products and make in- vestments in resources to support our growth in sustain- able packaging.” SUN Automation Group Touts Partnership With Versor Glen Arm, Maryland based SUN Automation Group says it is partnering with Versor Engineering to bring advanced Specialty Folder Gluer and tape applicators to the corru- gated packaging industry across the USA and Canada. Designed and manufactured in Bydgoszcz, Poland, Versor is a global leader in packaging machinery with over 30 years of innovation, specializing in high-efficiency Special- ty Folder Gluers. They aim to deliver customized, high-per- formance solutions tailored to meet the specific needs of the packaging industry. As an exclusive agent partner, SUN Automation Group offers sales, service support, and inventorying of parts in Maryland for Versor products in North America. “Together, we are committed to advancing the corrugated packag- ing sector with innovative technologies and unmatched expertise, ensuring enhanced productivity, durability, and reliability in all our solutions,” the company said.

Memphis, Tennessee based International Paper, a glob- al leader in sustainable packaging, announced a series of strategic changes that it says will strengthen its North American operations and better serve customers. As part of this initiative, the company will: • Exit the molded fiber business and convert the Reno, Nevada facility to support its packaging business • Close its packaging facility in Marion, Ohio and its recy- cling facility in Wichita, Kansas • Sell its containerboard mill in Xalapa, Mexico and its re- cycling plants in Xalapa and Apodaca, Mexico to Aca- bados de Papeles Santinados y Absorbentes (APSA). In the US, these changes will impact approximately 110 hourly and 24 salaried employees. In Mexico, APSA in- tends to retain current onsite team members at each loca- tion. International Paper says it is committed to minimizing the impact through job placement in existing vacancies, retirements, and other internal opportunities. Affected employees will also receive severance and outplacement support where possible. “These decisions are never easy because of the im- pact on our employees, their families and the communities in which we operate. We will assist employees and cus- tomers as much as possible through this transition,” said

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ICPF Takes Annual Holiday Fundraiser To Washington DC

The International Corrugated Packaging Foundation an- nounced that it will bring its annual holiday season fund- raising event to Washington D.C. on December 12-14. ICPF is also excited to announce a new hotel partner, the Riggs Washington DC in Penn Quarter. Located in the heart of downtown Washington DC, the Riggs is a stylish, fully restored boutique hotel just blocks away from national landmarks, popular dining options, and Ford’s Theatre. To step inside the soaring entrance is to be- come a part of the past, present, and future of Penn Quarter.

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Constructed in 1891, as a headquarters for Riggs National Bank, the landmark was an example of Richardson Roman- esque architecture and known as the Bank of Presidents, residing at the intersection not just of 9th and F Street, but of American history. This iconic building, the last of its kind, has been revived for a new generation of travellers and has opened its doors to a burgeoning neighborhood. ICPF has reserved Deluxe King rooms ($299) and Atelier Suite King rooms ($459) for the event. Hotel reservations are the responsibility of attendees. Reserve your room at be.synxis.com. The cut-off date to make reservations is No- vember 17. A portion of the registration fee ($1,750) is a donation to ICPF, a non-profit foundation. It is tax deductible to the full extent of the law. Additional costs may be deductible as a business expense. Check with your tax advisor. Register by July 31 to receive the early bird rate and save $200. If paying via credit card, type 25DC into the promo code section to receive the discount. Make checks payable to International Corrugated Packaging Foundation with “Holiday Weekend” in the memo line, and mail them to International Corrugated Packaging Foundation, 500 Park Boulevard, Suite 985 in Itasca, IL 60143. For ACH payment information, contact csalaverria@icpfbox.org. For more information, visit icpfbox.org.

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July 7, 2025

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Demand Slump, Tariffs Shape 2025 Containerboard Market Outlook BY DEREK MAHLBURG, BETH LIS, STEVEN HONEYMAN, AND LASSE SINIKALLAS Fastmarkets released its latest analysis focused on con- tainerboard prices showing a mix of cost relief, demand fluctuations, and capacity changes affecting the North America paper packaging industry in coming years. “Prices are expected to see a modest decline during the second half of 2025, influenced by weak demand. However, capacity rationalization and eventual demand recovery in 2026 could lead to a rebound, potentially tightening market conditions by 2027. Recent reductions in US-China tariffs improved the economic outlook slight- ly. However, ongoing tariff risks and weak manufacturing

activity pose persistent headwinds for box shipments and production. “We expect cost relief and weak demand to cause a modest decline in US containerboard prices in late 2025. Capacity rationalization and demand recovery may drive a price rebound in 2026 and potential market tightness by 2027. “Some cost relief appeared in April due to lower nat- ural gas prices, with further progress likely in May. OCC prices have also decreased, adding to the cost relief in early 2025. “This month’s forecast for containerboard demand in 2025 is slightly less pessimistic due to the ratcheting down of US-China tariffs in mid-May; however, tariff-related risks remain extremely high, and discouraging May manufactur- ing surveys have cemented our view that the increased tariffs and uncertainty of 2025 will ultimately prove head- winds for corrugated demand.

“We expect box shipments to sink 1.9 percent in 2025 before recovering 2.2 percent in 2026 and returning to a typical growth rate of 1.0 percent to 1.5 percent in 2027. “GP’s announcement of the Cedar Springs closure matches last month’s as- sumption that more than 1.0 million tons of additional closures would be announced for 2025, so the overall baseline capacity outlook is little changed, though the pro- jected rationalization has been de-risked and condensed into the third quarter. “Despite the more than 2.0 million tons of net closures in 2025, we do not expect operating rates to regain the 94 percent threshold until 2026 due to headwinds from exports and inventories that will com- pound the negative demand outlook for 2025. In 2027, operating rates could sur- pass 95 percent or even 96 percent if the next round of capacity investment does not materialize, with tightening market conditions being the main driver of that year’s projected upward price movement rather than the cost and margin dynamics of 2024-25. “How are tariffs impacting the market? This month’s outlook incorporates the re- duction in tariff levels between the US and China that occurred in mid-May, resulting in a slightly stronger US economic outlook. Although we still expect tariffs and uncer- tainty to be a drag on US economic growth, the baseline economic outlook no longer includes an outright recession in 2025. “Our baseline forecast effectively as- sumes that the incremental broad 2025 CONTINUED ON PAGE 12

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July 7, 2025

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Demand Slump (CONT’D FROM PAGE 10)

“Compared with the total nondurables industrial pro- duction index or even the index for consumer goods ex- cluding energy, inflation-adjusted nondurable manufac- turers’ sales (excluding energy goods and the chemicals sector) corresponds much more closely with the extended weakness of box shipments over the past three years. “In March, this alternative view of the nondurables sec- tor recovered after declining in February. “With consumer sentiment deteriorating even further in April, we expect box shipments to extend their very weak performance into the early weeks of the second quarter before beginning to recover. “US containerboard prices were unsurprisingly flat in May, with the market in a holding pattern amid the explo- sion of uncertainty. In February, most US containerboard prices rose $40 per ton, while 42-lb. white-top liner prices rose $30 per ton. “As with the 2022 price increase that was driven by rapid cost inflation and implemented just before the steep downward turn of demand became clear, the February 2025 price increase barely beat the eruption of tariff-driv- en uncertainty and sentiment plunge that would have made it much more difficult to achieve any upward price movement. “Due to the deterioration of the economic and demand outlooks, last month’s price forecast for the remainder of 2025 shifted to a modest price decline emerging in the

tariff increases of 30 percent on China and 10 percent on most other countries (excluding USMCA-compliant goods) will mostly remain in place at current levels, though the status of tariffs continues to develop rapidly. “For the containerboard outlook, the change in the economic forecast has narrowed the projected loss for US corrugated box shipments in 2025 to 1.9 percent and the loss for production to 3.7 percent compared with a 4.8 per- cent production decline in last month’s forecast. “Box shipments slumped in first quarter and are expect- ed to slide in 2025. US corrugated box shipments sank 2.1 percent in the first quarter on a non-seasonally adjusted basis according to the latest statistics from the Fibre Box Association (FBA), a discouraging performance that came despite stability in the US manufacturing sector and for consumer spending. “Due to the strong growth for spending in the second half of 2024, the downward revision to consumer spend- ing in the second of the BEA’s three first-quarter GDP esti- mates still left the year-over-year growth for real personal consumption of goods (excluding autos and energy) at 3.5 percent. “Last month, we highlighted the difference between long-term trends for various aggregates of nondurables industrial production, the traditional bellwether for under- lying corrugated demand from manufacturers.

CONTINUED ON PAGE 14

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July 7, 2025

Demand Slump (CONT’D FROM PAGE 12)

second half of the year, conditional on production cost relief. In this month’s forecast, the projected decline has narrowed marginally, by $5 per ton, due to the slightly healthier economic outlook and GP’s announcement of the Cedar Springs closure. While in line with our previous expectations, the timing of the Cedar Springs announce- ment nonetheless means that the full slate of expected capacity rationalization has been announced prior to any price erosion actually emerging, which we anticipate will limit the extent to which prices decline unless enabled by cost relief.” For more information, visit fastmarkets.com . NAM Manufacturers’ Outlook Shows Trade Uncertainty No. 1 Concern The National Association of Manufacturers Q2 2025 Man- ufacturers’ Outlook Survey reveals optimism among man- ufacturers across the country has dropped sharply. Only 55.4 percent of respondents report a positive outlook for their companies — a nearly 15-percentage-point drop from Q1 and the lowest level since the height of the COVID-19 pandemic in Q2 of 2020.

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Trade uncertainty remained the top business concern for the second consecutive quarter, cited by 77.0 percent of respondents, followed by increased raw material costs (66.1 percent) and rising health care/insurance costs (60.0 percent). The survey finds 85.4 percent of manufacturers be- lieve Congress should preserve pro-growth tax policies in response to trade uncertainty. The NAM conducted the Q2 2025 Manufacturers’ Outlook Survey May 8-27. Of the manufacturers surveyed, 89.0 percent said that the cost of doing business has increased due to tariffs im- posed this year. The average stated cost increase is 7.7 percent. Of companies for which tariffs are applicable, 61.8 per- cent of respondents said that their export opportunities have been impacted. When asked what manufacturers expect to happen NAM’s Manufacturing Business Outlook, Q1 2022-Q2 2025, includes the percentage of respondents who characterized the current business outlook as somewhat or very positive.

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July 7, 2025

NAM (CONT’D FROM PAGE 14)

with raw material prices and other input costs, respon- dents expect those costs to increase 5.8 percent on aver- age, the highest rate of increase since Q2 2022 when the inflation rate was between 8 percent and 9 percent. To view the full report, visit nam.org . Testimony Advocates For Flexibility At OSHA Hearing On Heat Rule Lily Miller, Manager of Safety and Environmental Policy, at the American Forest & Paper Association (AF&PA), tes- tified at the Occupational Safety and Health Administra- tion’s (OSHA) informal public hearing on the Heat Injury and Illness Prevention proposed rule.

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She testified on behalf of AF&PA and the American Wood Council (AWC) and made the following key points: • AF&PA and AWC members have long recognized the importance of protecting workers from heat injury and illness. • OSHA should withdraw the prescriptive proposed rule and re-propose an achievable, performance-based rule that allows effective industry programs to continue and advance. • Any final rule should allow for the adoption of emerging technologies to assist in managing heat in the most ef- fective way for specific worksites. AF&PA and AWC have been engaged with the OSHA Heat Injury and Illness Prevention Rulemaking since the advanced notice of proposed rule-making (ANPRM) in 2021. OSHA held the informal public hearing to gather more stakeholder input. If finalized, member company facilities will be subject to a federal OSHA standard to prevent heat injury and illness among employees. AF&PA is hoping to collaborate with OSHA to achieve a scientifically sound and achievable standard and would facilitate further progress. AF&PA and AWC will follow up with OSHA through post-hearing comment and continue to advocate for a per- formance-based rule.

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PPC Next: Leadership Summit Returns To Dallas, Texas

builds on the success of the inaugural summit, introducing a broader line-up of sessions and workshops, deeper peer engagement, and more actionable insights tailored to the challenges of leading in today’s packaging environment. This year’s agenda will feature a hands-on Radical Can- dor Workshop, facilitated by Executive Coach Mike Pugh, based on the bestselling book by Kim Scott. The workshop offers a practical framework for giving feedback, leading with empathy, and building trust-based teams. Attendees

The Paperboard Packaging Council (PPC) announces the return of PPC Next: Leadership Summit, taking place July 30-August 1 at the Omni Frisco at The Star in Frisco, Texas. Open to both members and non-members, this immersive event offers a unique opportunity for professionals across

Attendees at PPC’s inaugural Leadership Summit gather during an evening networking event.

the paperboard packaging industry to invest in their lead- ership development, regardless of title, company size, or prior participation in PPC programs. Designed specifically for managers, team leaders, and mid-career professionals, PPC Next equips attendees with the confidence, tools, and community to step into greater responsibility. Now in its second year, the 2025 program

will also explore what it means to lead with resilience in a session focused on sustaining performance under pres- sure and managing through long-term change. This year’s keynote, “3 Habits of Consciously Intention- al Leaders,” will be delivered by Dan Irvin, a nationally rec- ognized speaker, author, and former CEO. Known for his CONTINUED ON PAGE 20

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PPC Next (CONT’D FROM PAGE 18)

plant management. These small-group conversations, paired with curated networking moments, will culminate in a collaborative main-stage session that helps attendees gain a deeper understanding of their colleagues’ roles and a broader perspective on industry operations. “The future of our industry depends on strong, adaptive leaders who understand both people and performance,” said Emily Leonczyk, Executive Director and Vice Presi- dent of PPC. “PPC Next is about more than inspiration. It’s about offering real skills and perspectives that leaders can

high-energy approach and relatable style, Irvin will walk attendees through three powerful habits that help leaders cut through distraction, adapt to change, and lead with in- tention using his proven SMARTEST Goals framework. The Summit also features “The Endurance Leader: Leadership Longevity in a World of Quick Wins,” led by Ann Bowers-Evangelista, Psy.D., MBA. Drawing on lessons from elite endurance athletes and two decades of exec- utive coaching, Bowers-Evangelista will help attendees reframe their leadership strategies to focus on sustainabil- ity, resilience, and long-term performance. Attendees will learn how to prevent burnout, increase personal stamina, and lead with a mindset that withstands volatility and fos- ters long-term impact. Additional highlights include a powerful panel on the realities of leadership and talent development in the pack- aging industry, offering insights into how top leaders have navigated career shifts, developed their leadership style, and overcome setbacks. These sessions are comple- mented by dynamic networking events designed to foster honest dialogue and lasting connections, allowing attend- ees to reflect on session takeaways in a more informal, peer-driven setting. For those seeking to deepen their role-specific knowl- edge, breakout discussions will offer an insider's look at what leadership entails in operations, sales, design, and

apply immediately to elevate their work, their teams, and their companies. We’re proud to open this opportunity to the full industry, not just our members.” The inaugural PPC Next in 2024 brought together par- ticipants for two days of genuine conversation, skill-build- ing, and cross-functional collaboration. Feedback from attendees highlighted the event’s value in creating a safe and energizing space for professional growth and con- nection with others facing similar challenges. This year’s event will continue to build that sense of community while offering all-new content and speakers designed to meet today’s evolving workplace dynamics. Registration is open now at paperbox.org/ppcnext2025, with hotel bookings due by July 9. Space is limited. The 2024 PPC Next Leadership Summit created space for leaders to build meaningful industry connections.

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Family Business Councils (CONT’D FROM PAGE 1)

Board Converting NEWS INTERNET DIRECTORY

Advisors. “The organization eventually ends up dealing with a huge family with multiple branches, along with all kinds of potential claims to profits and decision making.” Talk It Out Many family business conflicts can be avoided—or overcome—through the efforts of a “family council”—a small group of related individuals who serve as a collec- tive sounding board when personal issues threaten com- pany operations. They differ from management teams and boards of directors, both of which deal with business mat- ters and are ill suited to handle the kind of family tensions that so often escalate into costly disruptions. “Family councils can be good venues for airing griev- ances in a structured way,” said Travis W. Harms, the lead- er of Mercer Capital’s Family Business Advisory Services

ADVANTZWARE www.advantzware.com

Advantzware provides a comprehensive system to address the business management needs of the independent box business, as well as the ERP requirements of full scale pack- aging plants and integrated companies. With modules for estimating, scheduling, production, inventory and account- ing, this scalable system supports companies that produce corrugated boxes, folding cartons, point of purchase dis- plays, assembled partitions, and paperboard products. AIR CONVEYING CORPORATION www.accfilter.com Air Conveying Corporation is a leader in the industry of Pneumatic Conveying Systems and has been in business since 1968. As an equipment manufacturer rather than sim- ply a sales organization, we have complete control over the quality of material and products which make up your pro- posed system. Our equipment is found in printing, folding carton and corrugated plants throughout the world. We've been designing, manufacturing and engineering pneumatic conveying systems since 1984. We partner with our customers to ensure they operate efficiently and guar- antee our systems meet or exceed their specifications. ASDI specializes in full pull-through systems trim separators, and NFPA compliant systems with full electronic controls. AMTECH SOFTWARE www.amtechsoftware.com AIR SYSTEMS DESIGN, INC. www.airsystemsdesign.com Amtech offers the industry’s most innovative and com- prehensive corrugated and packaging ERP, integrated scheduling software, and engineered automation technol- ogy. For over 30 years, Amtech has kept our customers competitive in an ever-changing economy with customer digital storefronts and workflows, business intelligence, automated scheduling for corrugators, converting and shipping, proactive roll stock and inventory management. APEX INTERNATIONAL www.apexinternational.com World’s largest Anilox and Glue & Metering roll manufac- turer, providing the widest selection of corrugated engrav- ings and complementary services. Anilox engraving options available from our North American manufacturing facility include elongated 75°, 60°, 45°, plus Apex’s patented GTT technology. Glue rolls are produced with Hardened Stain- less Steel and a max TIR of 10 µ for Single, Double Facers.

Group. “By avoiding toxic back-channel conversations be- tween family members, they can help sidestep issues that can threaten business profits.” One common source of conflict is the company em- ployment policy which commonly deals with some pretty sensitive issues. Here are some examples: Who among the relatives are entitled to company jobs? What are the criteria for full-time or part-time positions? Does the com- pany create jobs for family members or just wait for posi- tions to become available? Must successful job applicants possess certain characteristics, experiences or education? It’s not uncommon for managers to have one set of answers to the above questions, while the parents of a child—maybe residing several states away—will have an- other. “A family council can be instrumental in resolving potential conflicts as the second and third generation reaches employment age,” said Barbara Dartt, a principal consultant at the Family Business Consulting Group. Councils can also set up systems that help ensure fu- ture management continuity. “Embroiled as they are in business operations, the company’s current management will not be thinking about grooming future generations for board or management positions,” said Christopher J. Eck- rich, a senior advisor at The Family Business Consulting CONTINUED ON PAGE 24

ALBANY INTERNATIONAL www.albint.com

Albany International has a corrugator belt for every appli- cation. Our reputation for durable performance is the trade- mark of the most dependable belts in service today.

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July 7, 2025

Family Business Councils (CONT’D FROM PAGE 22)

Board Converting NEWS INTERNET DIRECTORY

Group. “But this topic can be a critical concern for a family council, which might well decide to set up educational sys- tems to prepare future leaders.” Management Conflict Sometimes the border between family and business is a bit fuzzy. The result can be a mismatch of goals. Take the area of risk tolerance. “Managers with incentives to grow the business rapidly may feel the best way to do so is to engage in acquisitions,” said Eckrich. “However, buy- ing other businesses often requires borrowing money, and that can be resisted by family members who want to dimin- ish risk by maintaining a low debt to equity ratio.” In such

ARC INTERNATIONAL www.ARCInternational.com

ARC International is a world leader in the manufacturing of roller products for flexography. The latest nano-technology laser engraving in our NC and NV manufacturing facilities ensures superior quality and consistency in anilox rollers.

AES (ADVANCED EQUIPMENT SALES) www.aesales.net

AES is a leading full-service provider of integrated convey- ance systems specializing in scrap, trim, and dust. AES en- gineers custom scrap systems and works as a partner in process improvement to help businesses achieve greater profitability, productivity, and sustainability. Products include balers, shredders/hoggers, core shredders, filters, fans, and specialized dust control and collection systems. AES is the ex- clusive distributor for the AirShark Rotary Material Separator. For a wide variety of new and used equipment on to- day’s market, visit our website at www.acm-corp.com. BAUMER HHS CORPORATION www.baumerhhs.com hhs is a global leader in advanced gluing, camera verifica- tion and quality assurance systems for the packaging indus- try. Zero-defect quality and elevated production speeds are key parameters in the manufacturing of corrugated boxes. With hhs Xcam Box Monitoring and non-contact flap gluing of corrugated board, hhs offers every option for quality as- surance in the production of boxes with flexo folder gluers. AMERICAN CORRUGATED MACHINE www.acm-corp.com BLOWER APPLICATION COMPANY (BLOAPCO) www.BloApCo.com BloApCo has served the corrugated industry since 1933 with a variety of scrap handling solutions, including Hori- zontal Floor Shredders, Trim Cutters, and Material Handling Fans and Conveying Systems. BloApCo Shredders allow for continuous shredding and pneumatic removal of sheet waste stacks of all sizes, roll slab, cores, and carton scrap.

cases, said Eckrich, it’s not unusual for a family council to accommodate business goals with a compromise. “Rather than green light a huge acquisition, they may opt to take on a series of smaller ones.” Company initiatives that make sense strategically can also butt up against family values. Eckrich gives a com- monly encountered example. “Maybe a board decides to close the company headquarters located in a small town where a business grew up and move operations to a larger city. But the act of closing the headquarters grandma and grandpa created 60 years ago can end up exploding the family.” Wise boards run such sensitive initiatives by the family council for discussion and feedback, said Eckrich. A proactive approach can reduce the chances for conflict. Resolving such issues can have a beneficial effect on company profits. “In economic terms, the family council can strengthen the emotional connection between the family members and the business operation,” said Dartt. “The result is that the organization benefits from patient capital owners who are willing to leave their money in the business for long-term return.” This kind of financial loyalty can be especially important for those enterprises with fam- ily members residing in distant locations. “A council can ensure that widely separated family members understand they have a voice in decision-making, and feel a sense of pride in the enterprise.” A council can also serve as a useful venue for family CONTINUED ON PAGE 26

CORRUGATED MACHINERY SPECIALISTS www.cmsretrofits.com

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Serving the corrugated box industry since 1991, Chicago- based Corrugator Belt Service LLC maintains corru- gator belts for peak board quality and performance.

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Family Business Councils (CONT’D FROM PAGE 24)

Board Converting NEWS INTERNET DIRECTORY

members to reach accommodations on conflicting per- sonal goals. “We often see situations in which some family members feel emotionally connected to the business and want it to see it continue, while others are more interested in having their money go elsewhere,” said Dartt. “Maybe they want to make an addition on their house, or put their kids through college with no debt, or buy a vacation home. These wildly different priorities can tear a family apart.” In such cases, family councils can obviate costly flare-ups by providing for the cash-out of some ownership shares while ensuring that the cash outlay does not harm the compa- ny’s future growth. Keep It Real Launching a successful family council requires a bit of thoughtful planning—to include a decision about its

CORRUGATED REPLACEMENTS, INC. www.corrugatedparts.com

Corrugated Replacements, Inc. is a production powerhouse that manufactures high quality machine parts and replace- ment parts for the corrugated and paperboard converting industries. CRI can redesign, engineer, and manufacture any part while providing a rapid turn-around rate, keeping machines running at their peak performance and limiting down time.

C.U.E., INC. www.AnvilCovers.com

Makers of single and dual-width Timesaver® Anvil Covers, the premier urethane anvil cover for corrugated die cutting. Timesaver® covers feature construction of solid steel back- ing and solid steel locking components to ensure a precise fit every time. C.U.E., Inc. also offers Dura-Latch and Cor- Lock anvil covers, and urethane Lead Edge Feed Wheels.

EMBA www.embausa.com

The EMBA group supports a complete line of corrugated converting machinery for the worldwide market. EMBA’s Quick Set technology enables the highest productivity across a broad range of converting equipment, from mini to super jumbo. EMBA also includes the McKinley jumbo line of flexo folder gluers and rotary die cutters as well as ser- vice, rebuilds and upgrades for both EMBA and McKinley.

composition. “Someone has to decide what categories of people will serve on the council,” said Harms. Very often, membership will be open to any family member, regard- less of share ownership. Other councils might be restrict- ed to categories such as first-generation owners, siblings, or spouses. “The emphasis should be on the first word: It’s a family council, not a business council or a board of directors.” Then, of course, there is the decision about which spe- cific individuals will join the council. “In the very beginning, and often for a long time after, the composition of the fam- ily council will be segregated by family branches,” said Harms. “Each of four branches, for example, might desig- nate two individuals.” Yet, as family trees get more complex, branch dynamics can fracture. “It’s not healthy if branches turn into factions,” said Harms. In such cases, the company might start as- signing representatives from a larger pool of prospective family groups, including those from multiple generations and stepchildren. How big should the council be? Large enough to be inclusive, but small enough to allow for timely decisions. The majority of councils range in size from six to 12. “In some families where everybody may want to be on the council, keeping it to a manageable size is a challenge,”

EAGLEWOOD TECHNOLOGIES, LLC www.eaglewoodtech.com

Eaglewood Technologies offers trusted cleaning technolo- gies for the world’s best printers and converters. Solutions include the award winning Sitexco+ Anilox Laser System, the Nanovis Parts Washing System, the Sitexco L10 Label System, the innovative Sanilox™ System or Alphasonics solutions. We also offer Xpress™ mobile cleaning service at your facility or ours. ESKO www.esko.com ArtiosCAD and Kongsberg are the most trusted names in CAD/CAM solutions. Esko’s ArtiosCAD is the most widely used CAD software in the world. Esko’s Kongsberg series of tables brings you reliable, outstanding quality for sample- making and short run production.

DOMINO www.dominodigitalprinting.com

Domino is a leading manufacturer and distributor of digital printing and product identification solutions. Celebrating its 44th year, Domino is headquartered in the UK and North America headquarters are Illinois. Domino has 25 subsid- iaries, representation in over 120 countries, and over 2,900 employees worldwide .

CONTINUED ON PAGE 28

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