Page 43 - Plastics News - January 2024

FEATURE

compared to the previous year. Even 2. WestRock Co 7. Stora Enso OYJ
those players deemed as ‘winners’ in Westrock faced a net loss of $1.6bn Stora Enso Oyj focused on actions for
the industry couldn’t avoid the im- for the fiscal year, including non-cash a profitability turnaround and capital
pacts of a year full of adversities. goodwill impairment and restructur- release, with sales decreasing by 28%
Regional dynamics: Asia-Pacific lead- ing costs. Despite these challenges, to EUR 2,127m. The company’s com-
ing the way the company reported net sales of mitment to strategic actions dem-
$20.3bn, showcasing its ability to navi- onstrates its resilience in challenging
The Asia-Pacific region emerged as
the global leader in the packaging gate financial headwinds. times.
market, with China and India signifi- 3. International Paper Co 8. Oji Holdings Corp
cantly contributing through their ro- International Paper Co adapted to the Oji Holdings Corp showcased steady
bust food and beverage sectors.
changing landscape, reporting a rev- growth with earnings increasing at
In China, changing consumer opinions enue decline from $21.77bn in 2021 an average annual rate of 7.7%. The
led to the enforcement of bans on to $19.44bn in 2023. The company company’s ability to maintain growth
plastics, fostering a growing demand showcased its resilience in the face in the face of challenges is commend-
for recyclable flexible plastic packag- of economic uncertainties and chal- able.
ing. India, the fifth-largest packaging lenges. 9. UPM
industry globally, played a pivotal role 4. Smurfit Kappa Group PLC
in driving technology and innovation UPM faced a 24% decrease in sales in
in manufacturing sectors. Smurfit Kappa faced a 12% decline in Q3 2023, reflecting the broader chal-
revenue for the year-to-date period lenges in the packaging industry. How-
Japan, conscious of sustainability and in 2023. Despite this, the company’s ever, the company’s strategic focus on
deforestation concerns, witnessed a operating profit before exceptional all business areas indicates its commit-
rise in demand for paper-based pack- items decreased by 10%, standing at ment to overcoming obstacles.
aging.
€1.12bn, reflecting its ability to man- 10. Tetra Laval
As Asia continued to dominate the age challenges effectively.
world packaging consumption mar- 5. Ball Corp Tetra Laval experienced a challeng-
ket, North America and Western Eu- ing year in terms of profitability and
rope followed suit. Ball Corp experienced a 9.62% de- cash flow. Despite this, the group’s
cline in revenue for the quarter end- commitment to implementing price
Navigating the storm: packaging lead- ing September 30, 2023. However, increases and catching up in 2023
ers emerge victorious in 2023 the company’s annual revenue for underscores its resilience in adverse
1. Amcor plc 2022 showed an 11.14% increase, market conditions.
indicating its resilience and ability to
Amcor, a global packaging giant, navi- In the end, the winners of the pack-
gated the challenges of 2023 with adapt to market fluctuations. aging industry in 2023 showcased
resilience. Although the company 6. Berry Global resilience, adaptability, and strategic
experienced a 2.77% decline in rev- Berry Global faced a 12.63% decline acumen in navigating the complex
enue year-over-year, it demonstrated in annual revenue for 2023. Despite challenges posed by environmental
adaptability by posting a 1.03% in- this, the company demonstrated concerns, geopolitical conflicts, and
crease in annual revenue, reaching growth in the previous years, reflect- economic uncertainties.
$14.694bn. ing its adaptability in navigating the

complex packaging landscape.

PLASTICS NEWS 4343
January 2024 PLASTICS NEWS