...November 21, 2024 ProAmpac PG Intermediate LLC reported ongoing volume growth in the third quarter, offset by lower pricing and an unfavorable change in mix that led to lower revenue. Volumes grew 7% in the quarter as the company continued to see sequential monthly improvement following a volume trough in June. Volume improvement continues to be offset by pricing and a shift in customer trends, with overall revenue down 1% in the third quarter. Pricing fell 1.5% overall, and performance was hindered by a 2% foil impact as customers continue to shift away from foil- based products and the pricing impact of the foil tariffs roll off from the year prior, as well as the delayed impact from health care destocking well into 2024. The pet food and healthcare markets also remain soft through the first three quarters of 2024. The company also noted downgauging from shoppers in its fiber-based products to more sack-based paper products, resulting in the production of more bags; however, smaller in...
