Kongsberg Sale (Cont’d from Page 1)
in Paris and investments on five continents. The new business, Kongsberg Precision Cutting Systems, now employs 400 former Esko employees operating from the business’ original research and development fa- cility in Kongsberg, Norway, the production facility in Brno, Czech Republic, a new headquarters in Gent, Belgium, as well as other global locations. Founded in Norway in 1965, Kongsberg was pur- chased by Esko (then Barco) in 1998. In December 2020, Esko agreed to the sale of Kongsberg to private equity firm OpenGate Capital. The acquisition in- cludes the original research and development facility in Kongsberg, Norway, and the production facility in Brno, Czech Republic. Green Bay Packaging Starts Up $500 Million Plant Green Bay Packaging produced the first reel of paper at its newly completed recycled paper mill,which uses OCC and mixed paper feedstock. TheWisconsin-based company announced the start of production, describing it as a “significant milestone” in the mill’s process of ramping up production capacity.
PCA Reports Solid Returns For 2020
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Packaging Corp. of America (PCA), a packaging pro- ducer based in Lake Forest, Illinois, reports that its 2020 full-year earnings were almost on par with full- year earnings in 2019. According to the company’s fourth-quarter 2020 earnings report, it achieved net income of $124 mil- lion and net income of $127 million, excluding special items, for the quarter. Fourth-quarter net sales were $1.7 billion in both 2020 and 2019. Full-year 2020 net income was $461 million. When special items are excluded, the company’s net income totaled $550 million. Full-year net sales were $6.7 bil- lion in 2020 compared with $7 billion in 2019. In the Packaging segment, total corrugated products shipments with one less workday were up 9.9 percent, and shipments per day were up 11.7 percent over 2019’s fourth quarter. For the quarter, containerboard production was at 1.174 million tons, and contain- erboard inventory was down 13,000 tons compared with the fourth quarter of 2019 and up 40,000 tons compared with the third quarter of 2020. In the Paper segment, PCA reports that sales volume was down 80,000 tons compared with the fourth quar- ter of 2019 and down 17,000 tons compared with the third quarter of 2020.
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8 April 12, 2021 Flexo Market News
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