US-based packaging groups have reported mixed fortunes in the third quarter of the year as sales dropped across the board. Bemis, International Paper, MeadWestvaco and O-I reported sales had fallen. Bemis's bottom line was hit by its acquisition of Alcan, while the other three reported increases in quarterly profit. Restructuring and cost-cutting at O-I and MeadWestvaco led to improved performances. The firms posted 39% & 43% profit increases, respectively. O-I Chairman & CE Al Stroucken, said it was the first time year-on-year earnings had improved in the 12-month period since the recession hit. "I am pleased with our 3Q results amid challenging economic conditions, underscoring our ability to adapt to a rapidly changing marketplace," he said.
