PACKAGING Year-End 2024 INDUSTRY REPORT
ABOUT TKO MILLER
TKO Miller is one of the nation’s leading, independent M&A advisory firms. Based in Milwaukee, Wisconsin, we advise companies, entrepreneurs, and private equity groups on middle market mergers, acquisitions, business sales, recapitalizations, and management buyouts. Our clients include owners of privately-held firms considering selling their businesses as well as large multinational corporations seeking assistance in implementing an ambitious acquisition program or divesting divisions. TKO Miller provides advisory services locally, nationally, and worldwide. TKO Miller specializes in helping family-owned companies with their investment banking needs. These owners’ have unique, diverse, and complex needs, especially given their varying levels of experience in the M&A world.
TKO MILLER & THE FAMILY- & FOUNDER-HELD BUSINESS
Family-owned businesses often lack access to the high-level advisors available to their larger corporate counterparts. Wall Street bankers will hop on a jet to visit a large client, but smaller companies often must settle for less-experienced advisors. Moreover, selling a family-owned business requires more time, patience, and hands-on care. These businesses often don’t have broad management teams with experience and extra capacity to take on the myriad of tasks involved in a business sale. Larger M&A advisors don’t like to roll up their sleeves and help their clients generate and prepare information because it takes time and isn’t profitable. When it comes to dealing with family or management conflict that typically arises in a smaller company sale, the larger firm advisors rarely have the patience.
A DIFFERENT INVESTMENT BANKING FIRM
Advising clients with financial transactions is all that we do. We don’t sell products, we don’t provide accounting services, we don’t underwrite, and we don’t lend – meaning we don’t have conflicts that other advisory firms may present.
BIG BANK EXPERIENCE FOR THE MIDDLE MARKET
We provide advisory services across a wide range of industries, with specialized experience in several major sectors. Each sector is supported by substantial senior teams and dedicated staff.
1
MEET OUR PACKAGING EXPERTS
ERIK EIDEM – Director Erik has more than 25 years of M&A and corporate finance experience. Over the years, Erik has worked with both North American and European packaging clients involved in pulp and paper manufacturing, paper and corrugated packaging, flexible packaging, rigid packaging, film manufacturing, and contract filling. JOE FROEHLICH – Managing Director Joe has spent over three decades in the M&A industry. Beginning in the 90’s, Joe worked on transactions in the printing industry. Since then, he has been involved with clients in printing, flexible, corrugated, and rigid packaging, as well as working with contract packagers and other users of packaging products. AARON CRANFILL – Vice President Aaron has over a decade of combined M&A experience that spans multiple verticals including flexible, rigid, and paper packaging, as well as film manufacturing. His clients include manufacturers, distributors, converters, printers, and many other niche facets within the diverse packaging industry. JACK CAHALANE – Associate Jack has over three years of M&A, private equity, and manufacturing experience. Since joining TKO Miller, Jack has worked across several plastics and packaging verticals, including extrusion, rotational molding, injection molding, converting, printing, and die cutting, among others.
CONTACT INFORMATION
TKO Miller, LLC 788 N. Jefferson Street, STE 550
Milwaukee, WI 53202 Phone: (414) 375-2660 www.tkomiller.com
2
NOTABLE 2024 HIGHLIGHTS
2024 is in the bag; the packaging industry has remained steady despite the volatility experienced by many sectors. We identified several noteworthy trends in 2024: Economic Factors: Although the Fed cut interest rates in September and November, rates remained elevated for most of 2024, suppressing capital investments needed for growth. Despite continued labor cost inflation and an aging blue-collar workforce, 2024 ended strong with 256,000 jobs added in December and a lowered unemployment rate to 4.1%, feeding competition for qualified workers, which remained one of the top concerns for industry CEOs. Pressure from proposed tariffs drove increased demand for domestically-sourced raw materials and finished packaging products, keeping raw material and input costs high, particularly for corrugated cardboard and aluminum foil.
Market & Consumer Trends:
The ongoing growth of e-commerce continues to drive demand for shipping boxes and protective packaging. This has also led to a trend towards right-sized or Fit-to-Product (FTP) packaging designs, which reduce waste and shipping costs to make them an ideal fit for e-commerce.
Squared-off packaging designs, such as corrugated boxes, still rule e-commerce due to their efficiency across supply chain movement and automation. Per Packaging Dive, this trend toward squared-off packaging aligns brand/manufacturer priorities for performance/compatibility with consumer demand for sustainable solutions. As a result, many brands still prefer rigid over flexible packaging, as robots typically handle box-like shapes more effectively. Increased packaging customization needs propelled the demand for digital printing capabilities to differentiate and to drive brand-audience engagement.
3
NOTABLE 2024 HIGHLIGHTS CONT.
Operational Trends:
We saw manufacturers and converters invest in new technology, equipment, and robotics to reduce costs, increase throughput, and address the continued labor challenges – with a focus on scaling through automation rather than human labor. Advances in technology shifted the trend for labels from narrow web to wider web films (and later slit into multiple widths) to yield versatility while lowering production costs. As supply chains normalized, destocking was widely seen as having run its course. In the second half of 2024, we saw another wave of increased inventory purchases by public packaging companies. This is likely a defensive strategy to manage potential disruptions from tariffs.
“ Flexo printing is not going away, but the market has shrunk as we saw continued movement to incorporate digital printing technologies to reduce lead times/enable shorter runs as the market swung towards personalized packaging and labels.”
– Sales Leader, Packaging OEM Equipment Provider
M&A Trends:
Consolidation within the packaging industry via M&A continued through 2024, highlighted by a handful of mega-deals in the space (i.e., Smurfit/Westrock, International Paper/DS Smith). Per Pitchbook, North American packaging M&A volume in 2024 slightly lagged the prior year until Q4 2024 when deal volume surged 25% over Q4 2023, reflecting improved market sentiment amid greater macro clarity (election uncertainty and tightened liquidity markets) entering 2025. Amidst uncertainty in the broader macroeconomic environment, packaging companies, large and small alike, took the extra time to focus on their core business functions, with some public companies divesting non-core assets and smaller, private businesses choosing to focus on key customers and core services/products. “ The pace of M&A has slowed slightly in 2024, with more focus on smaller bolt-on deals under $10 million to capture synergies. While we anticipate broader activity picking up in 2025, it will be tough to match the strong performance of 2023 and 2024, especially as perceived asset quality has declined as of late, amid ongoing consolidation opportunities.”
– Corporate Development Leader, Leading Label Printer and Converter
4
2024 PACKAGING INDUSTRY UPDATE
Public Packaging vs. S&P 500
30%
20%
10%
0%
-10%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
S&P 493*
S&P 500
TKO Miller Packaging Index
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Overall, TKO Miller’s Packaging Index grew 5% in 2024, although year-end performance was hindered by election uncertainty. Overall, packaging companies weathered the storm during a year of strong market performance.
Packaging Inventory Levels Index
15%
100% 110% 120% 130% 140% 150%
14%
13%
12%
11%
80% 90%
10%
Inventory Levels Index
Inventory as a % of Revenue
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Inventory data from TKO Miller’s Packaging Index indicates that pandemic-related destocking has ended, yet inventory levels increased again in the second half of 2024. This ramp up is likely due to fear of supply chain disruptions, driven by expected changes in trade policy and uncertainty around the availability and cost of materials under new administration.
*Note – The “S&P 493” excludes the "Magnificent Seven" mega-cap tech stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Tesla, and Nvidia), which are responsible for 54% of the S&P 500's 2024 gain of 25%. TKO Miller believes excluding the high-growth tech giants provides a more appropriate benchmark.
5
PUBLICLY TRADED PACKAGING COMPANY VALUATIONS
TKO Miller Packaging Index – Annual Trading Multiples
12.0x
10.0x
10.0x
9.2x
8.9x
8.7x
8.6x
8.2x
8.2x
8.1x
7.9x
7.8x
7.8x
8.0x
6.0x
4.0x
2.0x
0.0x
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Packaging valuations saw a dramatic upward trend in 2024, driven by recovering market demand, industry consolidation, and a clearer picture around interest rate expectations. We expect this to continue into 2025 as public valuations and overall sentiment have boosted in 2024.
TKO Miller Packaging Index – Quarterly Trading Multiples
12.0x
10.1x 10.0x
9.6x 9.9x
9.4x 9.0x 9.1x
9.2x
10.0x
8.9x
8.6x 8.9x
8.2x 8.3x 8.5x
8.2x 8.2x 8.2x 8.2x 7.9x 8.3x
8.0x
6.0x
4.0x
2.0x
0.0x
1Q 2020
2Q 2020
3Q 2020
4Q 2020
1Q 2021
2Q 2021
3Q 2021
4Q 2021
1Q 2022
2Q 2022
3Q 2022
4Q 2022
1Q 2023
2Q 2023
3Q 2023
4Q 2023
1Q 2024
2Q 2024
3Q 2024
4Q 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Trading multiples in the packaging sector grew throughout 2024, showing renewed investor confidence in long-term industry growth rates and a return to pre-pandemic valuation levels with a more stable economic, political, and financial lending climate.
6
PUBLICLY TRADED PACKAGING COMPANY VALUATIONS BY SECTOR
Annual EBITDA Multiples by Sector
10.0x 12.0x
10.9x
10.6x
10.2x
10.0x
9.8x
9.6x
9.3x
9.2x
9.0x
8.8x
8.7x
8.7x
8.6x
8.2x
8.2x
7.9x
7.8x
7.6x
7.3x
0.0x 2.0x 4.0x 6.0x 8.0x
6.8x
Flexible Plastics
Rigid Plastics
Corrugated & Paper
Metal & Glass
TKO Miller Packaging Index
2021 2022 2023 2024
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Trailing twelve-month (TTM) EBITDA multiples across all four packaging sectors rebounded positively in 2024, as expected. The Corrugated & Paper sector drastically outperformed other packaging sectors, driven by the continued growth of DTC e-commerce paired with on-demand shipping and mega-deals in the space (e.g., Smurfit/Westrock and International Paper/DS Smith transactions).
TTM Market Performance by Sector
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Flexible Plastics
Corrugated & Paper
Rigid Plastics
Metal & Glass
Source(s): S&P Capital IQ, TKO Miller Packaging Index
The packaging sector as a whole continues to attract investors that value stability/reduced volatility. TKO Miller links the year-end declines to broader macroeconomic conditions (e.g., U.S. presidential election and international tariffs), as opposed to investor sentiment in the packaging industry.
7
2024 RAW MATERIAL INSIGHTS
PET, LDPE, and PPH
Resin and similar raw material/commodity prices have stabilized over the past 12-18 months and have returned or are close to pre-COVID levels. This stabilization is driven by the conclusion of the inventory destocking phenomena and a more secure inflationary environment, which have improved confidence in forecasting/performance execution and driven demand from both consumers and manufacturers.
$0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00
Polyethylene Terephthalate (PET) Low Density Polyethylene (LDPE) Polypropylene Homopolymer (PPH)
Paper Products
Metal & Glass Products
$175 $200 $225 $250 $275 $300 $325 $350 $375
$125 $140 $155 $170 $185 $200 $215
Paper Packaging and Industrial Converting Paper Corrugated Paperboard
Glass Containers (including value of packaging) Aluminum Cans Flexible Packaging Aluminum Foil
Investors continue to buy into North America, the world’s second-largest paper market (after China), as demand for paper and corrugated products is only expected to increase in the near- and medium-term. While the percentage of recycled paper/corrugated products grew slightly in 2024, the Smurfit Kappa/Westrock merger has consolidated the virgin and recycled containerboard space, keeping prices relatively stable, yet elevated. Metal & Glass product costs remained relatively consistent throughout 2024. These prices are still elevated compared to historical periods, driven by aluminum can growth (stealing market share from plastic bottles in the food & beverage sectors), and tariffs on aluminum artificially keeping input costs high.
8
Source(s): The Plastics Exchange, Plastics News, St. Louis FRED
VALUATION METRICS – PRIVATE COMPANIES Privately Held, Middle Market Company Landscape (All Industries)
TEV / EBITDA – All Transactions, Annual
4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x
7.6x 7.5x
7.2x 7.2x 7.1x
7.2x 7.1x
7.0x
6.7x 6.7x
6.4x 6.4x
6.0x 6.1x 6.1x
5.8x 5.7x
Source(s): GF Data (through Q3 2024)
Private transaction multiples have decreased from the temporary all-time highs experienced during 2021 and 2022, returning to more normalized levels in line with pre-COVID valuations and supported by similar patterns in public company trading multiples.
Middle Market Deal Volume
0 100 200 300 400 500 600
501
340 Projected
335 342
334
305
294
273
245
245 243
213
202 211
155
124
65
Source(s): GF Data (through Q3 2024)
We saw a rebound in M&A volume, driven by a strong Q4 2024, and anticipate middle market M&A activity to continue to pick up in 2025. Decreased borrowing costs, near-record amounts of private equity dry powder, and increased political certainty in a post-election year are poised to drive this recovery.
9
2025 PACKAGING M&A OUTLOOK Nobody knows exactly what 2025 holds. However, we dusted off our crystal ball to give it our best shot: Economic Factors: As in many other industries, the new administration’s policies could significantly impact the packaging industry in 2025. Look for a less-regulated business environment to boost small and large businesses. Conflicting state and federal environmental regulations and policies regarding packaging and sustainability will come to a head. Labor will continue to be in short supply. There will be a heightened focus on retaining top-tier talent, addressing the talent gap and brain drain as baby boomers inch towards retirement, taking their 30+ years of industry knowledge out the door with them. The Fed will continue to cut interest rates, but not as aggressively as initially expected. This decline will help accelerate the deployment of capital for investments and acquisitions. Tariffs may raise costs and limit the availability of imported materials, driving price volatility and higher packaging costs that will be passed onto the consumer. Operational Trends: Automation: Investment in robotics systems on the manufacturing floor and in the warehouse will increase. To stay ahead, small- and medium-sized packaging companies will have to invest in new technologies to scale and manage labor, be it through digital printing or laser perforating and cutting to stay competitive. AI and Machine Learning: Like all other sectors, as the packaging industry moves to Industry 4.0, AI will find ways into the operations and the production flow. Data is Power: Small and middle market companies will continue to adopt more robust ERP solutions to manage their business on and off the production floor. We expect legacy systems to be retired or significantly upgraded to adapt to Industry 4.0. ”In 2024 we invested in equipment with the latest digital printing technology to stay ahead of competitors and scale faster. In 2025, we plan to invest in systems to better analyze our workflow from the warehouse to the plant floor to optimize output. While AI and machine learning are goals for the not-too-distant future, we want to explore asset tracking, output tracking, predictive maintenance, and other avenues to streamline production and cut costs.”
– Founder/President, Food & Beverage Packaging Converter
10
2025 PACKAGING M&A OUTLOOK CONT.
Market & Consumer Trends:
While we expect consumers to continue to push for sustainable packaging solutions, we anticipate that regulatory pressure will weaken under the new administration and may shift corporate priorities toward profitability over recyclability. For example, critics slammed Coca-Cola’s latest sustainability report for omitting its 25% reusable packaging target by 2030, arguing the decision weakens global circular economy efforts and highlights the need for stricter corporate environmental initiatives. Packaging design will further adapt to e-commerce, driven by the need for differentiation, efficiency, and cost reduction. Fit-to-Product (FTP) and Box-on- Demand systems will redefine how corrugated packaging companies create custom- sized boxes that better fit their products and reduce waste. M&A Trends: We expect an uptick in packaging deal activity driven by a much more favorable M&A landscape for 2025, including: Expected interest rate moderation, which will improve deal financing Stabilized rates that will help bridge the gap between buyer/seller valuations Continued strategic consolidation/divestiture of non-core assets Strategic buyers focused on capability/technology gaps PE firms seeking add-ons for existing platforms PE firms exiting pre-COVID platform investments With reported private equity average holding periods nearly exceeding six years, an increase in private equity exits is expected in 2025. A bounce back in exits in late 2024 put an end to 36 months of suppressed PE-owned portfolio company exits.
North American Private Equity Exits
1,000 1,500 2,000
0 500
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
11
Source(s): Pitchbook
TKO MILLER CASE STUDY
TKO Miller Advises ATL Corp. on its Sale to ADDEV Materials
Overview
Ad Tape & Label (dba ATL Corp.) specializes in producing disposable medical devices, extended content booklets, labels, and other printed or converted industrial and consumer products. Headquartered in Menomonee Falls, Wisconsin, ATL’s production capabilities include flexographic and digital printing, laminating, die cutting, material converting, and clean room manufacturing.
After owning the Company for nearly 40 years, the majority owner engaged TKO Miller because of its extensive expertise in plastics and packaging. TKO Miller was engaged to assist the Company in finding its next partner to continue its strong growth trajectory. At the advice of TKO Miller, ownership waited almost a full year to let a new product segment with a rapidly growing healthcare customer gain traction before launching a broad sale process. The sale process utilized TKO Miller’s strong relationships with both key strategic buyers in the packaging/medical device industries and private equity groups. The broad process allowed the Company to have multiple options and maintain transaction leverage. Outcome After a competitive process resulting in numerous final offers, ATL was acquired by ADDEV Materials, a France-based global provider of converting, manufacturing, and distributing high-performance products for the aerospace, automotive, energy storage, healthcare, and industrial markets. In ADDEV, ATL found a buyer that saw additional value beyond the Company’s financials. ADDEV sought to expand both its presence in the U.S. and its footprint in the broader healthcare space, and valued ATL’s customer base in key end markets and strong clean room production capabilities. In addition, ADDEV found value in ATL’s leadership team that could assist ADDEV’s entire U.S. operations.
12
WHERE ARE WE GOING THIS YEAR? We are constantly connecting with past clients and active buyers in the industry and attend several industry events each year. If you want to meet during any of the following events, please contact any TKO Miller Packaging Team member below.
Joe Froehlich
Erik Eidem
Email: jfroehlich@tkomiller.com
Email: eeidem@tkomiller.com
Phone: 414.431.4862
Phone: 414.431.4866
Aaron Cranfill
Jack Cahalane
Email: acranfill@tkomiller.com
Email: jcahalane@tkomiller.com
Phone: 414.305.3004
Phone: 414.431.4896
TKO Miller’s 2025-2026 Event Lineup
June 18-20, 2025 Sheraton Sand Key Resort Clearwater, FL
May 20-21, 2025 Lambeau Field Green Bay, WI
September 29-October 1, 2025 Las Vegas Convention Center Las Vegas, NV
October 18-21, 2026 Chicago, IL
13
2024 MEGA DEALS SPOTLIGHT
Date: July 2024 Transaction Description: Smurfit Kappa Group (LSE:SKG) has merged with WestRock (NYSE:WRK) to form Smurfit WestRock EV: $12.7bn | EV / EBITDA: 6.6x | EV / Revenue: 1.0x
Date: November 2024 Transaction Description: International Paper (NYSE:IP) to acquire DS Smith (LSE:SMDS) EV: $9.9bn | EV / EBITDA: 7.1x | EV / Revenue: 1.1x
Date: November 2024 Transaction Description: Amcor plc (NYSE:AMCR) to acquire Berry Global Group, Inc (NYSE:BERY) EV: $8.7bn | EV / EBITDA: 7.9x | EV / Revenue: 1.4x Date: December 2024 Transaction Description: TOPPAN Holdings Inc to acquire the Thermoformed and Flexibles Packaging Business of Sonoco Products Company (NYSE:SON) EV: $1.8bn Date: December 2024 (Announced) Transaction Description: Novolex Holdings, LLC , a subsidiary of Apollo Global Management Inc. (NYSE:APO) , to acquire Pactiv Evergreen Inc. (NASDAQ:PTVE) EV: $3.3bn | EV / EBITDA: 8.0x | EV / Revenue: 1.3x
14
2024 TRANSACTIONS
Date Target
Acquirer
Sector
Max Solutions (Jefferson Capital Partners)
Jan-24 Bellwyck Packaging
Multiple
SupplyOne (Wellspring Capital Management)
Jan-24 Crownhill Packaging
Multiple
Sonoco Protective Solutions Sonoco Products Co. (NYSE:SON)
Jan-24
Black Diamond Capital
Rigid Plastics
SupplyOne (Wellspring Capital Management)
Feb-24 Bacon & Graham, Inc.
Rigid Plastics
Feb-24 Innovative Packaging Solutions
Welch Packaging Group
Multiple
Brook + Whittle (Genstar Capital)
Feb-24 PouchIt
Flexible Plastics
ProAmpac Holdings (Pritzker Private Capital) Resource Label Group (Ares Management) Fortis Solutions Group (Harvest Partners)
Mar-24 UP Paper
Corrugated & Paper
Mar-24 Labelcraft
Multiple
Apr-24 Print Division of Masa Corporation
Machinery/Equipment
Apr-24 F&S Tool
Berry Global Group (NYSE:BERY)
Machinery/Equipment
Max Solutions (Jefferson Capital Partners)
Apr-24 LTI Printing
Corrugated & Paper
Apr-24 AmeriPac
Veritiv Corporation
Multiple
ProMach (Leonard Green & Partners; BDT Capital)
Apr-24 Etiflex
Multiple
FCA Packaging (Wynnchurch Capital)
Apr-24 Greentree Packaging and Lumber
Corrugated & Paper
May-24 NPX One
Breck Partners
Flexible Plastics
May-24 Transcendia Holdings
Industrial Opportunity Partners
Flexible Plastics
Specialized Packaging Group (Altamont Capital Partners)
May-24 Clark Foam Corp.
Rigid Plastics
Resource Label Group (Ares Management)
May-24 Beyer Graphics
Multiple
May-24 Bormioli Pharma
Gerresheimer AG (XTRA:GXI)
Multiple
BradyPLUS (Warburg Pincus)
Jun-24 Idaho Package (iPak)
Corrugated & Paper
Jun-24 SMC Packaging Group
Green Bay Packaging
Multiple
Jun-24 Edge Industrial Technologies
Falfurrias Management Partners
Machinery/Equipment
Jun-24 Northeast Box
Welch Packaging Group
Corrugated & Paper
CCL Industries (TSX:CCL.B)
Multiple
Jun-24 Pacman-CCL
SupplyOne (Wellspring Capital Management)
15
Jun-24 Columbia Corrugated Box
Corrugated & Paper
2024 TRANSACTIONS CONT.
Date Target
Acquirer
Sector
Jun-24 Eviosys
Sonoco Products Co. (NYSE:SON)
Multiple
Revolution Sustainable Solutions (Arsenal Capital Partners) AWT Labels & Packaging (Morgan Stanley Capital Partners)
Jul-24 Norflex
Flexible Plastics
Jul-24 American Label Technologies
Multiple
Jul-24 Clearwater Paper
Sofidel America
Corrugated & Paper
Jul-24 Weener Packaging
Silgan Holdings (NYSE:SLGN)
Rigid Plastics
Inovar Packaging Group (Kelso & Company)
Aug-24 Kennedy Group
Multiple
Aug-24 Viking Plastics
The Hoffman Family of Companies
Rigid Plastics
Aug-24 AQF Ltd.
UFP Technologies (NASDAQ:UFPT)
Multiple
MS2 Group (Wynnchurch Capital)
Aug-24 Iconex Labels
Multiple
Altor Solutions Compass Diversified (NYSE:CODI) Novolex Apollo Global Management (NYSE:APO)
Aug-24 Lifoam Industries
Rigid Plastics
Sep-24 American Twisting
Multiple
Sep-24 Adhesive Tape & Label (ATL)
ADDEV Materials
Multiple
Sep-24 Capital City Container Corp.
Welch Packaging Group
Corrugated & Paper
Veritiv Corporation (Clayton, Dubilier & Rice) Multi-Color Corporation (Clayton, Dubilier, & Rice)
Sep-24 Orora Packaging Solutions
Multiple
Oct-24 Starpoint Technologies
Machinery/Equipment
SupplyOne (Wellspring Capital Management) Hood Packaging Corporation Hood Companies, Inc.
Oct-24 Gulf Packaging
Corrugated & Paper
Industrial Packaging Operations of TC Transcontinental (TSX:TCL.B)
Oct-24
Multiple
Fortis Solutions Group (Harvest Partners) Veritiv Corporation (Clayton, Dubilier & Rice)
Nov-24 Group Lelys
Multiple
Nov-24 PAX Global
Multiple
Nov-24 Iconex Paper
Domtar
Corrugated & Paper
Nov-24 Oliver Packaging and Equipment
Monomoy Capital Management
Machinery/Equipment
Nov-24 Outlook Group
Aterian Investment Partners
Multiple
Nov-24 International Label & Printing
Labelink
Multiple
Multiple
Nov-24 ID Label
River Associates Investments
16
Dec-24 CoolSeal USA
Inteplast Group
Corrugated & Paper
TKO MILLER PACKAGING INDEX
Ticker
Logo
Company Name
Sector(s)
Flexible Plastics, Rigid Plastics
NYSE:AMCR
Amcor
Flexible Plastics, Rigid Plastics
NYSE:ATR
AptarGroup
Metal & Glass
NYSE:AVY
Ardagh Metal Packaging S.A.
Flexible Plastics
NYSE:AVY
Avery Dennison Corporation
Metal & Glass
NYSE:BALL
Ball Corporation
Flexible Plastics, Rigid Plastics
NYSE:BERY
Berry Global Group
Corrugated & Paper
TSX:CAS
Cascades
Flexible Plastics
TSX:CCL.B
CCL Industries
Corrugated & Paper
NYSE:CLW
Clearwater Paper Corporation
Metal & Glass
NYSE:CCK
Crown Holdings
Corrugated & Paper
NYSE:GPK
Graphic Packaging Holding Company
Corrugated & Paper
NYSE:GEF
Greif
Corrugated & Paper
NYSE:IP
International Paper Company
Corrugated & Paper
NASDAQ:KRT
Karat Packaging Inc.
Corrugated & Paper
NYSE:MATV
Mativ Holdings
Metal & Glass
NYSE:OI
O-I Glass
Corrugated & Paper
NYSE:PKG
Packaging Corporation of America
Flexible Plastics
NASDAQ:PTVE
Pactiv Evergreen
Flexible Plastics
NYSE:SEE
Sealed Air Corporation
Rigid Plastics
NYSE:SLGN
Silgan Holdings
Corrugated & Plastic
NYSE:SW
Smurfit Westrock Plc
Flexible Plastics, Rigid Plastics, Corrugated & Paper
NYSE:SON
Sonoco Products Company
Flexible Plastics
TSX:TCL.A
TC Transcontinental
17
Flexible Plastics, Rigid Plastics
TSX:WPK
Winpak Ltd.
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18Made with FlippingBook - professional solution for displaying marketing and sales documents online