SIG Combibloc bucked the revenue trend. Revenue for SIG increased by 10%, to $514m for the three month period ended 31 March 2013 compared to $467m for the three months to 31 March 2012.
However, revenue decreased at Evergreen driven by decreased sales in paper products and liquid packaging board, Closures driven by changes in product mix and pricing and decreased equipment sales and Pactiv Foodservice driven primarily by lower volume and pricing. Revenue also decreased at Graham Packaging driven primarily by decreased volume.
The firm also said it expected to incur $700m in capital expenditures during 2013 (excluding acquisitions) for plant expansions in South America and the US and support replacement, growth and cost reduction initiatives.
Capital expenditures decreased by 15%, to $116m for the three month period ended 31 March 2013 compared to $136m for the period ended 31 March 2012. The decrease was due to lower spending at Graham Packaging partially offset by higher spending at SIG.
In relation to SIG, revenue in Europe increased by or 4%, to $251m for the three month period compared to $242m for the time up to 31 March 2012, driven by higher sales volume of $7m and favourable foreign currency impact of $2m due to the weakening of the dollar against the Euro.
