The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: I just -- my first question, I just want to follow up quickly on China. You talked about the differing dynamics between domestic manufacturing and
export. Wondering if you could just break down your business in China. And how much of it is domestic and how much of it is export?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Yes. No, that's really helpful. And in terms of your plants, I mean, are your plants that are focused on domestic markets up and running right now?
Or are you sort of in a hold mode as well?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Right. Okay. And then just on the CCL segment, you talked about -- you did get price, obviously. Can you talk about how volume broke down versus
price in the CCL segment? Apologize, there's a fire alarm in the building right now.
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Sorry, Geoff, I didn't hear you.
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Yes. Okay. I understand. And then just for the full year, I mean, obviously, I know a lot of moving parts, but in the past, you've talked about overall
demand this year being up in sort of the 4% to 5% range. Is that still something that you think is a reasonable expectation?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Yes. Okay. Okay. Great. And then maybe just one last one, just switching gears a little bit. Just with Innovia, you've had 2 quarters of massive price
pass through. Wondering what you think sort of Q2 would look like in that business, just given some of the raw material movements and other
inflation.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Great job on the quarter. If I could follow up on some of these questions. Maybe to Walter's question on price. Kind of you're not waiting on anything
sort of to go -- sort of go after price? Like you're not waiting for contracts reset, anything like that, right? Like you're...
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right, right. Yes. No. Understood. And still on pricing, could you sort of maybe just help us categorize or help us understand sort of roughly where
you're at with pricing. I mean are lot of the actions almost done? Is there still quite a bit to do? Yes.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right. Yes, yes. And I guess in Innovia, I guess ignoring the margin percentage, like do you think you'd be able to get enough price to get sort of
EBIT dollars back? Again, I know there's a lot of inflation in that business, and I'm more curious for EBIT dollars, I guess, in the percentage.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. Yes. No, for sure. Understood. Just 2 more. In Checkpoint, does the RFID growth, does that sort of structurally change or improve the margin
for Checkpoint? [You sure it is?]
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. Last question, just on the buyback. I think this is the first time you've been buying stock in maybe 10, 15 years, maybe longer, I'm not sure.
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: I guess I'd just be curious for the motivation. Is it more balance sheet where the stock is trading or just the difficulty doing large M&A?
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