The US-based packaging group, which owns Field in the UK, also cited a drop in performance in "certain areas" within its pharmaceutical and healthcare business.
The group said the introduction of a new process improvement project in the pharmaceutical and healthcare business had incurred expenses, as had a new product line in its alcoholic drinks packaging business.
Chesapeake president Andrew Kohut said near-term profit improvement was "slower than expected".
"We expect to begin seeing tangible benefits in 2008 from recent gains in positions with customers, our process improvement project and other enhancing initiatives," he added.
Chesapeake has 47 operations across Europe, North America, Africa and Asia, and employs approximately 5,500 people worldwide.
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