Composite cardboard packaging manufacturer expects demand to recover in H2 / Plant in China to be operational earlier than planned
By staff

At EUR 721.5 mn, sales at SIG (Neuhausen, Switzerland; in the first quarter of 2024 were down 1% on the same quarter of the previous year on a currency-adjusted basis. The cardboard packaging manufacturer’s adjusted EBITDA declined by 11.3% to EUR 155.2 mn

Despite the Q1 results, the group said it’s sticking to its February forecast for the year as a whole – currency-adjusted sales growth is expected to be at the lower end of the medium-term forecast of 4%-6%. The optimism is founded in the continued recovery of end-consumer demand, which would lead to volume growth in the second half of the year, according to SIG CEO Samuel Sigrist.

Related: SIG creates aseptic carton pack with sustainable materials

The packaging specialist is set to open a new production plant in China, earlier than planned, in the second quarter of 2024. The production plant for chilled carton packs in the Suzhou Industrial Park (SIP) in Jiangsu Province has an annual capacity of 8 bn.

SIG intends to relocate the existing production facility for chilled carton packs in Shanghai to Suzhou and to sell the Shanghai site. This resulted in impairment and restructuring expenses of EUR 15.6 mn after taxes in the reporting period, which in turn caused the Q1 consolidated result to fall from EUR 23 mn in the previous year to minus EUR 7.1 mn.

— Translated by Christopher Köbel
10.05.2024 [255235-0]
Published on 10.05.2024
SIG: Erholung der Nachfrage im zweiten Halbjahr erwartetGerman version of this article...

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