Nampak said yesterday that it was in a stronger position to navigate through challenging economic conditions in key markets.
The company announced that over the past two years, it had been engaged in a restructuring and reorganisation process that resulted in the sale of low margin businesses, a capital expansion programme, investments in energy efficiency, improved focus on operational excellence, cost reductions and improvements in procurement processes.
The company said a R2 billion note programme was established on March 1 that would enable Nampak to issue unlisted notes to raise financing.
Volume growth in beverage cans, gains from improved performance at glass and improved efficiencies from business improvement initiatives at DivFood would contribute positively to earnings.
Glass has turned around and is expected to deliver profits in line with the previously communicated guidance.
By Sandile Mchunu
Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.
BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.
TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.