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Pregis Announces First Quarter 2009 Financial Results
Date:5/12/2009

ell as continuing our disciplined pricing for value, which we maintained in spite of downward pressure on our key raw material costs. I would like to once again thank our 4000 employees for their passion, hard work, and continued focus on our customers during these extraordinarily difficult economic times".

Mr. McDonnell continued, "We expect weak demand to continue throughout 2009, particularly in our protective packaging businesses, so we continue to aggressively execute our cost reduction initiatives, which will help to mitigate the impacts of the weak economic environment as well as drive increased profitability when the economy recovers. We also will continue to focus on our disciplined pricing for value as well as driving our key growth objectives through our product innovation and geographic expansion efforts."

In the first quarter of 2009, the Company commenced the next phase of its global restructuring program, building on the work completed in 2008. This next phase of restructuring will focus on optimizing the Company's organizational structure and operating processes as well as additional overhead headcount reductions. These restructuring activities are expected to generate 2009 year-over-year savings of $15 to $20 million and should be fully implemented by Q3 2009. During the first quarter of 2009, the Company realized year-over-year cost savings of approximately $9.5 million relating to its various 2008 and 2009 cost reduction programs.

Segment Performance

Comments on segment net sales performance for the first quarter of 2009 are as follows:

  • Net sales of the protective packaging segment decreased by $54.1 million, or 31.9%. The 2009 first quarter sales decline was driven by significant decreases in volume in both the U.S. and European businesses resulting from continued economic weakness in both markets, as well as unfavorable foreign cu
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SOURCE Pregis Corporation
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