News

MWV, the global packaging manufacturer, has recorded a 55% fall in profit to $54m (£32.9m) for the third-quarter of the year.

The US-based company reported that net sales for the period were $1.8bn, a 6% increase on the third-quarter of 2007.

It said overall sales increased because of growth in bleached board, home and garden and beverage packaging and improved pricing across all its businesses.

However, it added that profitability was lower in the quarter due to high input cost inflation, downtime caused by the Gulf storms and the effects of unfavourable exchange rates.

John A. Luke, chairman and chief executive, said: "We are focused on the elements of our business plan that we can control – growth initiatives, commercial success, price recovery, productivity and cash generation.

"Even as we adjust to the emerging economic and market realities, we have confidence in the fundamental strength of our company, our global packaging markets and the long-term profitable growth strategies we are implementing to capture those opportunities."

MWV employs 23,000 people across 30 countries.