Business
Graham Packaging cuts loss in 2008liz.wells@haymarket.com, 11 March 2009Be the first to comment on this article Graham Packaging, a manufacturer of custom blow-moulded plastic containers, more than halved its pre-tax loss to $57.3m in the year to 31 December, compared with a loss of $206.1m a year earlier. The company reported net sales of $2.6bn for the year, compared with $2.5bn in 2007. It said the increase was achieved by passing on increased material costs to customers, which offset lower volume. In Europe, the company reported an 8% rise in sales due to the year-on-year weakness of the dollar. Chief executive Mark Burgess said: “We had a great year in 2008 in a challenging economic climate. We increased gross profit, reduced selling, general and administrative expenses.” Graham Packaging currently operates 29 manufacturing facilities outside of the US in Argentina, Belgium, Brazil, Canada, Finland, France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey, the UK and Venezuela. It produces more than 20 billion containers annually at 83 plants across the world. Speak Your Mind |
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