The year we started repackaging tomorrow!

2024 has been another successful year for Elopak as we continue to grow our global presence and manifest our role as a sustainability frontrunner. We launched our revised strategy, expanded our US ambitions, shared our views at global climate events, and achieved strong financial results, all while continuing to realize our science-based target goals towards 2030. 

The year was kicked off in the strongest way ever, creating momentum for the rest of 2024. We grew our market share in EMEA, and we officially commenced construction of our new production plant in Little Rock, Arkansas (US). This really shows that we have an important role to play and that our portfolio is deemed attractive.  

In March, I was thrilled to attend one of the key events in the climate calendar, The Economist Sustainability Week in London, along with Elopak colleagues from Norway, the UK and Germany. With our strong track record, we made a call for our industry to ditch plastics and further lower carbon emissions to the benefit of society. Our history shows that we can lead the way, innovate new and attractive solutions so that our customers can meet regulations and package their products in a sustainable way. 

Despite regulatory challenges, there are numerous opportunities to advance sustainable packaging. By fostering close collaboration with customers and suppliers, we are well-positioned to introduce new solutions across multiple segments. To emphasize this, we have established a dedicated unit focused on home and personal care packaging. This reflects well the consumer research that we presented in London and the continued demand that we have experiences throughout the year.   

As a sustainability frontrunner, Elopak has long been committed to reducing the impact of our operations. This April, we reported a 33% drop in our direct emissions from 2020, putting us well underway to reach net zero emissions by 2050. Then, in May, we successfully issued our first ever green bonds, raising more than €212 million for projects that will deliver environmental benefits at Elopak. These bonds were rated ‘dark green’ by S&P – the highest possible sustainability rating. In addition, our share price has strengthened by close to 60%. This shows our dedication to sustainability, as well as a strong recognition by the market.  

Sustainability was also high on the agenda at this year’s United Nations Private Sector Forum and New York Climate Week, both on the sidelines of the UN General Assembly. The Private Sector Forum, hosted by UN Secretary General António Guterres, provided an exciting platform to discuss how businesses such as Elopak can contribute towards global efforts to mitigate climate change and achieve the UN’s Sustainable Development Goals.  

September turned out to be an exceptional busy month, as we hosted our first ever Capital markets day in Oslo, where we unveiled our revised strategy, ‘Repackaging tomorrow’. This strategy sets out a path for Elopak to achieve €2 billion in revenue by 2030 by focusing on three strategic priorities: realising global growth, strengthening our leadership in core markets, and continuing to champion the plastic to fibre transition to new market segments. 

In the same month, as part of our commitment to global growth, this year we announced a further €25 million investment into a second production line at our new plant in Little Rock, Arkansas. The plant is expected to be operational in the first half of 2025. The second line will be in production from 2026 and allow us to better serve both new and existing customers across North America.   

As we look forward to the exciting opportunities of the new year, I want to take this moment to reflect on how far we have come and thank all our employees, customers, partners, and investors for being the driving force behind this eventful year. Here’s to continuing the success and making 2025 even better!