Pratt Industries Executive Chairman Says Company Will Build Two Recycled Containerboard Mills in the U.S.
Fueling the growth for the future are two ambitious projects — Pratt Industries will construct two large paper mills in the United States.
Feb. 5, 2020 (Press Release) - In a featured article in a January 2020 edition of The Australian, Anthony Pratt - the Executive Chairman of Pratt Industries - outlined a bold new growth plan for the Pratt Industries' future, charting the box-making and recycling's ambitious course.
What's the overall goal? Pratt plans to take advantage of the modern online landscape and reach $10 billion in revenue in Australia and the United States by 2026. To get there, Pratt remains focused on the importance of being outcomes-driven over process-driven.
The growth plan of Pratt Industries comes in the wake of one of the most successful years ever for the company. In 2019, the company experienced a record 12 months of growth - with a total of $1.49bn in pre-tax profits from $7bn in revenue. That success also comes in the wake of Australia's tragic fires, which affected the operation of Visy Industries, a Pratt family business in Australia. In support, the Pratt Foundation donated $1m to help recovery efforts from the fires.
Fueling the growth for the future are two ambitious projects in the United States. Pratt Industries will construct two large paper mills in the United States, helping to foster the $1bn revenue target. This growth plan for Pratt Industries will continue a successful run of creation in the United States, where Pratt has constructed five of the last six containerboard mills in the country. The most recent is a $270m facility in Wapakoneta, Ohio, opened to wide-spanning press coverage in September 2019.
Pratt Industries has become a global leader in sustainable packaging with a long history of, and commitment to, sustainable business practices. It's all part of Pratt's goal to be the best vertically integrated paper, packaging and resource recovery company in the western hemisphere.
About Pratt Industries
Pratt Industries' operates 5 containerboard mills, which, combined, currently produce approximately 1.6 million tons per year of recycled linerboard and corrugated medium.
The mills' production is geared to lightweight, high performance grades of containerboard. About 95% of that production is consumed internally by Pratt's vertically integrated sheet and box plants. The mills utilize recovered paper as raw material, much of which comes from Pratt's Recycling Division. To learn more, visit: www.prattindustries.com.
SOURCE: Pratt Industries