During the seven years of transformation since Graphic Packaging International acquired International Paper's consumer packaging business, the company has worked to become the king of cups -- an ongoing growth driver for GPI. The company didn't have a food service business segment prior to that 2018 deal, but has since become "the number one player in paper cups" and manufactures about 30% of North America's supply, said CEO Mike Doss during a presentation at the Jefferies Industrials Conference

As GPI has leaned into the paper cups sector, it was instrumental in getting the Recycled Materials Association to add paper cups to its materials specifications list this year to boost recycling acceptance. The company also has helped customers develop various paper cup solutions as alternatives to plastic, including at restaurant chains Chick-fil-A and McDonald's, and in the CPG space, for Nissin Cup Noodles.

Despite customers' economic challenges in key markets such as food service the last several quarters, "the last two years, our business has been up pretty substantially. And the reason for that is we've been replacing plastic and foam, in terms of cups," Doss said.