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Tue, Mar 21, 2023 10:17
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Management Side
Graphic Packaging eyes $1 billion investment; announces new mill in Waco, Texas

ATLANTA (From news reports) -- Graphic Packaging Holding said it will spend $1 billion to build a new mill to turn old cardboard into new boxboard, doubling down on its bet that concerns about plastic waste have created opportunities for paper packaging.

The paperboard mill in Waco, Texas will follow the opening early last year of a similar plant in Kalamazoo, Mich., which was the first new coated-recycled paperboard line to be built in the U.S. in decades. Construction is expected to begin later this quarter and start-up is slated for late 2025.

Prices for containerboard, used to make corrugated shipping boxes, have dropped from their highs during the pandemic e-commerce boom. But prices for paperboard, which is used for beer and cereal boxes, have held up.

Graphic's plans for the new mill were announced with fourth-quarter earnings that were inline with analysts' expectations. Shares dropped, though, as they did in 2019 when Graphic announced it would spend $600 million on the Kalamazoo mill.

For Q4, the Atlanta-based packaging solutions company's $0.59 in earnings per share beat the Street expectation by one cent

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