WP_Post Object ( [ID] => 9469 [post_author] => 288 [post_date] => 2018-04-13 08:32:35 [post_date_gmt] => 2018-04-13 07:32:35 [post_content] => Greif has unveiled its new EcoBalance™ product range that consists of drums and other packagings made with around 75 per cent recycled HDPE "obtained from post-consumer shipping containers". One of the initial offerings, the company says, is the GP55 55-gallon (208-litre) tight head drum, which, made in Bradley, Illinois, "meets the competitive performance of standard drums with an Y1.6 liquid UN rating". "Containers made from PCR significantly reduce the need to use virgin resin. They also require less energy to manufacture than it takes to make virgin plastics from fossil fuels and divert materials headed to landfills by repurposing them into new products," Greif states. As a result, the EcoBalance range can help shippers reduce their impact on the environment while also achieving their Corporate Social Responsibility (CSR) goals. "Increasing pressures for more sustainable packaging has caused our customers to look for a more environmentally friendly product," explains product management and development director Kevin Kling. "From a scientific standpoint, using PCR makes all the sense in the world. It creates a greater positive impact than other choices and, with the UN rating, customers don't have to sacrifice performance to have green packaging." Indeed, the launch comes shortly after Greif was awarded a Gold Recognition Level for its environmental performance by EcoVadis, an independent rating agency specialising in CSR evaluation. The rating, Greif says, places it among the top 5 per cent of all companies evaluated by EcoVadis. "We are honoured to receive a Gold rating by EcoVadis," says Ole Rosgaard, senior vice-president of rigid industrial packaging and services, Americas, and global sustainability. "While there is more work to do, we are proud of how far we have come and our progress is a true testament to our commitment to creating shared value through The Greif Way."   INCREASED INCOME Meanwhile on the financial front, Greif has announced a first-quarter net income of $56.5m from net sales worth $905.7m. This compares to the respective figures of $5.4m and $820.9m announced 12 months previously. "Greif delivered improved year-over-year results during the fiscal first quarter but our performance fell below our expectations," says president and CEO Pete Watson. "Sales, operating profit before special items and earnings each increased versus the prior-year quarter but were negatively impacted by weaker-than-anticipated Rigid Industrial Packaging & Services volumes in December caused by a temporary winter slowdown. In addition, raw material costs continued to accelerate, outpacing price adjustment mechanisms in that segment, and we experienced increased transportation costs across our global network." Nevertheless, the Rigid Industrial Packaging & Services division still saw its net sales increase from $561.5m over the period to a new figure of $615.4m, due primarily, the company reveals, "to a 7.5 per cent increase in selling prices on [its] primary products as a result of strategic pricing decisions and increases in index prices". At the same, though, both gross profit and operating profit contracted, falling, respectively, from $112.4m to $110.4m and from $42.8m to $31.2m. However, a somewhat rosier picture emerged in the company's Flexible Products & Services business, which saw net sales increase from $69.7m to $80m. This was concurrent with a $2.1m increase in gross profit, which went from $13.1m to $15.2, and a $2.6m increase in operating profit, which rose from $0.6m to $3.2m thanks "to strategic pricing decisions, product mix and higher volumes". www.greif.com [post_title] => Greif: Drums reborn [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => greif-drums-reborn [to_ping] => [pinged] => [post_modified] => 2018-04-13 08:35:56 [post_modified_gmt] => 2018-04-13 07:35:56 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.hcblive.com/?p=9469 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )