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Packaging Corporation of America (PCA) is a leading producer of containerboard products and uncoated freesheet (UFS) paper in North America, primarily operating in the United States with eight mills and 86 corrugated products manufacturing plants . The company focuses on three main segments: Packaging, Paper, and Corporate and Other . PCA's largest segment, Packaging, produces a wide range of containerboard and corrugated packaging products, while the Paper segment offers communication-based papers, including both commodity and specialty papers . The Corporate and Other segment encompasses support services and transportation assets .
- Packaging - Produces a diverse array of containerboard and corrugated packaging products, including conventional shipping containers, multi-color boxes, and displays, as well as packaging for various consumer and industrial products .
- Paper - Manufactures and sells communication-based papers, including both commodity and specialty papers with features such as colors and coatings .
- Corporate and Other - Includes support services, transportation assets, and activities related to ancillary operations, with revenue primarily from related party transactions and transportation services .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark W. Kowlzan ExecutiveBoard | Chairman and Chief Executive Officer | Board member of the American Forest & Paper Association. | Joined PKG in 1996; became CEO in July 2010 and Chairman in January 2016. Previously led PKG's containerboard mill system and held roles at International Paper. | View Report → |
Charles J. Carter Executive | Executive Vice President - Mill Ops | None reported. | Joined PKG in 2010; oversees mill operations. Previously held leadership roles at Abitibi Bowater and SP Newsprint. | |
Jeff S. Kaser Executive | Senior Vice President - Corrugated | None reported. | Joined PKG in 1987; promoted to Senior VP in May 2020. Previously led Midwest and Mid-Atlantic areas in corrugated products. | |
Pamela A. Barnes Executive | Senior Vice President – Finance | None reported. | Joined PKG in 1992; held roles including Treasurer and Vice President in finance. Plans to retire on April 1, 2024. | |
Robert P. Mundy Executive | Executive Vice President and CFO | None reported. | Joined PKG as CFO; oversees financial operations. Will assume additional role as Principal Accounting Officer on April 1, 2024. | |
Thomas A. Hassfurther Executive | Executive Vice President - Corrugated | None reported. | Joined PKG in 1977; has led the corrugated products business since 2009. Previously held senior sales and management roles. | |
Cheryl K. Beebe Board | Director | Board member of The Mosaic Company, Hanesbrands, and trustee of Goldman Sachs Asset Management funds. | Director since 2008; former CFO with extensive financial expertise. Also serves on multiple boards. | |
Donna A. Harman Board | Director | None reported. | Director since 2019; former CEO of the American Forest & Paper Association. Recognized for her expertise in sustainability and public policy. | |
Duane C. Farrington Board | Director | None reported. | Director since 2024; no additional details provided in the documents. | |
Robert C. Lyons Board | Director | President and CEO of GATX Corporation; board member of GATX. | Director since 2011; extensive financial and leadership experience. Currently leads GATX Corporation. | |
Roger B. Porter Board | Director | IBM Professor at Harvard University; director of Extra Space Storage. | Director since 2005; extensive experience in business, government, and public policy. Former senior economic policy advisor in multiple U.S. administrations. | |
Samuel M. Mencoff Board | Director | Senior Advisor at Madison Dearborn Partners. | Director since 1999; former Co-CEO of Madison Dearborn Partners. Extensive operational and financial experience. | |
Thomas P. Maurer Board | Director | Director of Lamb Weston Holdings, Inc.. | Director since 2014; retired Ernst & Young partner with expertise in auditing and financial matters. | |
Thomas S. Souleles Board | Director | Co-CEO of Madison Dearborn Partners. | Director since 2010; financial expert with experience in managing portfolio companies, including in the paper and forest products industry. |
- Given the anticipated increase in operating and converting costs due to higher seasonal energy and chemical expenses in the fourth quarter, how do you plan to manage these costs to maintain your profit margins?
- With the recent hurricane damage to strawberry crops in Florida impacting your corrugated shipments, can you quantify the expected volume and revenue loss for the fourth quarter, and what strategies are you implementing to mitigate this disruption?
- You mentioned plans to build new plants over the next 2.5 to 3 years; can you provide more details on the expected capital expenditures and how you plan to fund these projects without adversely affecting your cash flow and dividend commitments?
- Considering your volumes are up over 8% versus 2023 and continue to outpace the industry, when do you expect this growth rate to normalize, especially given the tougher comparisons next year and the restructuring efforts by your larger competitors?
- As e-commerce demand continues to grow and you've invested in running lightweight products, are you considering a strategic shift in your virgin versus recycled fiber mix to better capture the lightweight recycled market segment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This competitor is identified as one of the primary national-level competitors in the containerboard and corrugated products market. The company competes on factors such as quality, service, price, product design, and innovation. It is also included in a customized peer group for performance comparison. | |
This competitor is noted as a primary national-level competitor in the containerboard and corrugated products market. It is also part of a customized peer group for performance comparison. | |
Georgia-Pacific LLC | This competitor is listed as a primary national-level competitor in the containerboard and corrugated products market. |
Domtar Corporation | This competitor, a division of Paper Excellence, is identified as one of the largest competitors in the uncoated freesheet (UFS) paper market. The company competes primarily on price, but quality and service are also important factors. |
This competitor is highlighted as one of the largest competitors in the uncoated freesheet (UFS) paper market. The company competes primarily on price, with quality and service also being significant factors. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
ODP Corporation (formerly Office Depot, Inc.) | Largest customer for office papers | Paper | 58% of Paper segment sales in 2024 (4% of consolidated) , $37.5 million in accounts receivable (3% of total receivables) |
Boise Cascade | Receives wood/fiber materials through Louisiana Timber (LTP) | Corporate and Other | $80.9 million in sales recorded by PKG in 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Advance Packaging Corporation | 2021 | PCA acquired Advance Packaging Corporation in a cash-free, debt-free transaction for a cash purchase price of $189 million to enhance its containerboard integration and operational capacity; the deal, which includes acquiring a 500,000 sq ft facility and is subject to regulatory approval and customary conditions with closing expected in Q4 2021, fits PCA’s strategy for organic growth and increased synergies. |
Recent press releases and 8-K filings for PKG.
- Financial Performance: Q1 2025 net income reached $204 million with diluted EPS of $2.26 (or $2.31 excluding special items) on $2.1 billion in net sales
- Segment Highlights: The Packaging segment improved margins to 21% and delivered operating income of $278.1 million driven by higher prices, volume, and mix, while the Paper segment posted a 26% EBITDA despite lower volume amid economic uncertainty
- Cash Generation: The company recorded record cash from operations of $339 million and free cash flow of $191 million, reflecting effective cost management
- Operational Achievements: Record containerboard production and maintained targeted inventory levels supported the quarter’s performance
- New Capacity: A state-of-the-art box plant in Glendale, Arizona, launched ahead of schedule and below budget, adding nearly 2 billion square feet of capacity
- Guidance Update: Management provided Q2 EPS guidance of $2.41 (excluding special items) amid ongoing global trade uncertainty and rising operating costs