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Help me study for my Supply Chain class. I’m stuck and don’t understand.

Select a company from a MarketLine ‘industry profile’ report in the paper and packaging industry.

Then identify how one developing technology is helping the business to ……. (one of the following forecast, manage capacity, schedule manufacturing, or implement lean techniques) and discuss how this technology is, or could, improve the logistics and operations function if effectively applied to your ‘leading company’. Critically assess the application, identify the business benefits, discuss any challenges in implementing this technology to your company. You may provide potential guidelines/policies that may encourage the uptake of the technology by the business, if it is not already implemented.

Ranpak Holdings Corp
Table of Contents
Ranpak Holdings Corp- Financial and Strategic Analysis Review…………………………..3
Company Overview……………………………………………………………………………………….3
Ranpak Holdings Corp- Key Facts…………………………………………………………………..3
Ranpak Holdings Corp- Business Description…………………………………………………..3
Cushioning……………………………………………………………………………………………………4
Overview ………………………………………………………………………………………………….4
Cushioning……………………………………………………………………………………………………4
Performance………………………………………………………………………………………………4
Cushioning……………………………………………………………………………………………………4
Key Stats…………………………………………………………………………………………………..4
Europe/Asia ………………………………………………………………………………………………….4
Performance………………………………………………………………………………………………4
North America………………………………………………………………………………………………4
Performance………………………………………………………………………………………………4
Other……………………………………………………………………………………………………………4
Overview ………………………………………………………………………………………………….4
Other……………………………………………………………………………………………………………5
Performance………………………………………………………………………………………………5
Void-Fill ………………………………………………………………………………………………………5
Overview ………………………………………………………………………………………………….5
Void-Fill ………………………………………………………………………………………………………5
Performance………………………………………………………………………………………………5
Void-Fill ………………………………………………………………………………………………………5
Key Stats…………………………………………………………………………………………………..5
Wrapping ……………………………………………………………………………………………………..5
Overview ………………………………………………………………………………………………….5
Wrapping ……………………………………………………………………………………………………..5
Performance………………………………………………………………………………………………5
Wrapping ……………………………………………………………………………………………………..6
Key Stats…………………………………………………………………………………………………..6
Ranpak Holdings Corp- Major Products and Services………………………………………..6
Ranpak Holdings Corp- SWOT Analysis …………………………………………………………6
Ranpak Holdings Corp- Strengths……………………………………………………………………6
Strengths-Focus on Quality …………………………………………………………………………6
Strengths-End Markets ……………………………………………………………………………….6
Strengths-Operating Performance ………………………………………………………………..7
Ranpak Holdings Corp- Weaknesses ……………………………………………………………….7
Weaknesses-Financial Leverage ………………………………………………………………….7
Ranpak Holdings Corp- Opportunities……………………………………………………………..7
Opportunities-Growth Initiatives …………………………………………………………………7
Opportunities-Acquisitions …………………………………………………………………………7
Opportunities-Global E-retail Market …………………………………………………………..8
Opportunities-Growth Trend of Sustainable Packaging ………………………………….8
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Ranpak Holdings Corp
Ranpak Holdings Corp- Threats………………………………………………………………………8
Threats-Increasing Manpower Costs in US……………………………………………………8
Threats-Currency Fluctuations …………………………………………………………………….9
Threats-Coronavirus Outbreak …………………………………………………………………….9
Ranpak Holdings Corp- Key Competitors ………………………………………………………..9
Ranpak Holdings Corp- Key Employees ………………………………………………………….9
Ranpak Holdings Corp- Company Statement ………………………………………………….11
Ranpak Holdings Corp- Locations & Subsidiaries …………………………………………..13
Head office ……………………………………………………………………………………………..13
Other Locations & Subsidiaries …………………………………………………………………….14
Ranpak Holdings Corp, Other locations………………………………………………………14
Ranpak Holdings Corp, Subsidiaries………………………………………………………………14
Ranpak Brasil Productos e Servicos de Embalogem Ltda ……………………………..14
Ranpak Packaging Technology Co Ltd……………………………………………………….14
Ranpak sro………………………………………………………………………………………………14
NeoPack Solutions S.A.S ………………………………………………………………………….14
Ranpak KK ……………………………………………………………………………………………..14
Kapnar Holdings BV ………………………………………………………………………………..14
Ranpak Bv ………………………………………………………………………………………………14
Ranpak CZ BV ………………………………………………………………………………………..14
Ranpak Pte Ltd ………………………………………………………………………………………..14
Rack Holdings Inc ……………………………………………………………………………………15
Ranger Packaging LLC …………………………………………………………………………….15
Ranger Pledgor LLC ………………………………………………………………………………..15
Ranpak Corporation …………………………………………………………………………………15
Summarized Statement…………………………………………………………………………………15
Ranpak Holdings Corp, Annual Statements…………………………………………………….15
Income Statements …………………………………………………………………………………..15
Balance Sheet ………………………………………………………………………………………….15
Cash Flow……………………………………………………………………………………………….15
Detailed Statement ………………………………………………………………………………………16
Ranpak Holdings Corp, Full Annual Statements ……………………………………………..16
Income Statements …………………………………………………………………………………..16
Balance Sheet ………………………………………………………………………………………….16
Cash Flow……………………………………………………………………………………………….17
Summarized Interim Statement ……………………………………………………………………..18
Ranpak Holdings Corp, Summarized Interim Statements………………………………….18
Balance Sheet ………………………………………………………………………………………….18
Cash Flow……………………………………………………………………………………………….18
Detailed Interim Statement……………………………………………………………………………18
Ranpak Holdings Corp, Detailed Interim Statement…………………………………………18
Balance Sheet ………………………………………………………………………………………….19
Cash Flow……………………………………………………………………………………………….20
Interim Ratios ……………………………………………………………………………………………..21
Ranpak Holdings Corp, Interim Ratios …………………………………………………………..21
Annual Ratios ……………………………………………………………………………………………..22
Ranpak Holdings Corp, Annual Ratios …………………………………………………………..22
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Ranpak Holdings Corp
Ranpak Holdings Corp- Financial and Strategic
Analysis Review
Company Overview
Ranpak Holdings Corp (Ranpak) is a provider of protective paper packaging materials
and systems. It offers a range of packaging materials for blocking and bracing,
cushioning, void fill, and wrapping applications. The company provides converters
that utilizes multi-ply roll and single-ply fanfold kraft paper to produce packaging
materials. Ranpak provides engineering services including package engineering; and
system engineering and integration. Ranpak offers its products to various industries
such as automotive, electronics, industrial manufacturing, warehousing and transport,
medical supplies and equipment, omni-channel retailers, home furnishings, and food
and beverages. The company operates through its manufacturing facilities in Concord
Township, Kansas City, Raleigh, and Reno, Nevada in United States; in Heerlen and
Kerkrade, the Netherlands; and Nyrany, the Czech Republic. Ranpak is headquartered
in Concord Township, Ohio, the US.
Ranpak Holdings Corp- Key Facts
Ranpak Holdings Corp- Key Facts
Corporate
Ticker Symbol,
PACK[NYSE]
Address
Exchange
Telephone
1 440 3544445 No. of Employees
875
Fax
1 302 6555049 Fiscal Year End
December
Revenue (in US$
URL
www.ranpak.com
383.9
Million)
Source : GlobalData Research analysis / © GlobalData Research
Ranpak Holdings Corp- Business Description
Ranpak Holdings Corp (Ranpak) is a provider of protective packaging systems and
kraft paper consumables for e-commerce and industrial supply chains. It offers
packaging materials for blocking and bracing, cushioning, void fill, and wrapping
applications. The company serves e-Commerce companies; and suppliers and sellers
of automotive after-market parts, machinery, home goods, IT/electronics, industrial,
warehousing/transport services, healthcare, and other products.
The company classifies its product portfolio into four categories: Void-Fill,
Cushioning, Wrapping and Other.
As of December 2020, the company had an installed base of more than 117,400
protective packaging systems.
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Ranpak Holdings Corp
Cushioning
Overview
Offers cushioning machines under the brand name PadPak. PadPak machines provide
protection for fragile objects from shocks and vibrations experienced during the
shipping process.
Cushioning
Performance
Reported revenue of US$125.7 million for FY2020, which grew 5.9% YoY, and
reported a CAGR of 2.4% during 2018-20. Accounted for 42.2% of the company’s
revenue in FY2020.
Cushioning
Key Stats
As of December 2020: Had an installed base of approximately 34,000 PadPak units.
Europe/Asia
Performance
Reported revenue of US$170.8 million for FY2020, which grew 24.1% YoY, and
reported a CAGR of 11.9% during 2018-20. Accounted for 57.3% of the company’s
revenue in FY2020. An increase in revenue was due to increase in sales of wrapping,
void-fill, and cushioning products.
North America
Performance
Reported revenue of US$127.4 million for FY2020, which decreased 3.4% YoY, and
reported a negative CAGR of 1.5% during 2018-20. Accounted for 42.7% of the
company’s revenue in FY2020. A decline in revenue was due to decline in cushioning
and void-fill volumes.
Other
Overview
Includes automation solution under the brand name Ranpak Automation.
Manufactures and sells automated and turn-key integrated box-sizing systems to highvolume end-users through Ranpak Automation.
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Ranpak Holdings Corp
Other
Performance
Reported revenue of US$8.7 million for FY2020, which decreased 31% YoY, and
reported a negative CAGR of 8.5% during 2018-20. Accounted for 2.9% of the
company’s revenue in FY2020.
Void-Fill
Overview
Offers void-fill protective packaging machines under the brand, namely, FillPak.
These machines convert paper to fill empty spaces in secondary packages and protect
objects.
Void-Fill
Performance
Reported revenue of US$125.0 million for FY2020, which grew 11.8% YoY, and
reported a CAGR of 2.8% during 2018-20. Accounted for 41.9% of the company’s
revenue in FY2020.
Void-Fill
Key Stats
As of December 2020: Had an installed base of approximately 68,000 FillPak units.
Wrapping
Overview
Manufactures and sells wrapping machines under the brand names WrapPak, Geami,
and ReadyRoll. WrapPak packaging systems compress kraft paper into flat pads,
which find applications in wrapping, interleaving, box-lining and cold chain.
Wrapping
Performance
Reported revenue of US$38.8 million for FY2020, which grew 47.0% YoY, and
reported a CAGR of 41.4% during 2018-20. Accounted for 13.0% of the company’s
revenue in FY2020.
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Ranpak Holdings Corp
Wrapping
Key Stats
As of December 2020: Had an installed base of 16,000 WrapPak units.
Ranpak Holdings Corp- Major Products and Services
Ranpak Holdings Corp- Major Products and Services
Products:
Services:
Protective Paper Packaging Materials and
Packaging
Systems:
Engineering
Fillpak Void Fill System
Services
Padpak Cushioning System
System
Pullpak Manual Void Fill System
Engineering and
Wrappak Wrapping System
Integration
Automated and Turn-Key Integrated Box-Sizing Services
Systems
Source : GlobalData Research analysis / © GlobalData Research
Brands:
FillPak
PadPak
WrapPak
Geami
ReadyRoll
Ranpak
Automation
Ranpak Holdings Corp- SWOT Analysis
Ranpak Holdings Corp (Ranpak) is a manufacturer of protective paper packaging
materials and systems. Focus on quality, diversified end markets and operating
performance are the company’s major strengths, even as financial leverage remains a
cause for concern. Growth trend of sustainable packaging, global e-retail market and
growth initiatives are likely to present new growth opportunities to the company.
However, increasing manpower costs in US, foreign currency fluctuations and
coronavirus outbreak could affect the company’s performances.
Ranpak Holdings Corp- Strengths
Strengths-Focus on Quality
Ranpak focuses on maintaining quality standards across its operations, as quality
plays a pivotal role in retaining its customers. It implements stringent quality
management principles to ensure delivery of quality services to its clientele.
Compliance with quality standards enhance the company’s brand image and raises
customer confidence in the company’s offerings. The company’s U.S. sites and both
European sites operations were certified according to ISO 9001:2015.
Strengths-End Markets
Ranpak serves diversified end markets, which mitigates risks associated with
overdependence on a single or select sectors for a significant portion of its revenue.
As of December 2020, it had an installed base of more than 117,400 protective
packaging systems serving 33,000 end-users across diversified end markets. The
company serves e-Commerce companies; and suppliers and sellers of automotive
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Ranpak Holdings Corp
after-market parts, machinery, home goods, IT/electronics, industrial,
warehousing/transport services, healthcare, and other products. In FY2020, the
company generated 34.9% of its revenue from e-Commerce market, followed by auto
aftermarket (9.9%), IT/electronics (7%), machinery (7.6%), industrial manufacturing
(12.6%), industrial machinery (6.1%), warehousing (5.2%), home furnishings (4.2%),
printing and business services (3.1%) . It also generated 16.4% of its revenue from
other markets.
Strengths-Operating Performance
Operating performance helps in enhancing investor confidence and the company’s
ability to pursue growth plans. Ranpak recorded a strong operating performance in
FY2020 during which it recorded revenues of US$298.2 million, with an annual
growth of 10.6%, at a CAGR of 5.5% during FY2018-20. The company recorded an
operating income of US$11.7 million in FY2020, compared to operating income of
US$2.2 million in FY2019. The increase was primarily a result of increase in the
performance of its operating segments Void-Fill, Cushioning, and Wrapping whose
revenues increased by 11.8%, 5.9%, and 47% respectively. The company’s operating
margin was 3.9% in FY2020, which was higher than the previous year which stood at
0.8%.
Ranpak Holdings Corp- Weaknesses
Weaknesses-Financial Leverage
The company’s financial leverage, indicated by debt-to-equity ratio, was high in
FY2020, which restricts its earnings with high cost of interest payments, and increases
the risk of defaulting. During the year, it recorded a debt-to-equity ratio of 0.8, which
was higher than the previous year which stood at 0.7. At the end of FY2020, the
company recorded a 3% increase in debt, which increased to US$433.2 million from
US$420.4 million during the previous year. The company also recorded a 1.6%
decrease in equity, which decreased to US$522.9 million from US$531.8 million
during the previous year.
Ranpak Holdings Corp- Opportunities
Opportunities-Growth Initiatives
Ranpak is taking various strategic initiatives to drive growth. The initiatives are
expected to strengthen the company’s operations and increase its returns. In August
2021, the company launched AutoFill, an automated packaging solution, in North
America. In July 2021, the company announced to invest in Pickle Robot Company.
In March 2021, the company launched a paper-based cushioning solution, PadPak
Auto-Coiler, in North America.
Opportunities-Acquisitions
Ranpak expands its business operations through strategic acquisitions to maintain its
competitive position in the industry. In December 2021, the company announced the
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Ranpak Holdings Corp
acquisition of Recycold Cool Solutions BV, a manufacturer of sustainable cool packs.
Through this acquisition, the company focuses on expanding cold chain packaging
solutions.
Opportunities-Global E-retail Market
The company stands to benefit from the growing online retailing, since the company
primarily provides protective packaging solutions for e-Commerce market. With the
increase in interactive methods and limitless content, the retail e-commerce is
growing at a faster rate. Increasing adoption of internet, user-friendly interface of web
portals, enhanced discounts and offers, changing consumer patterns and purchasing
power are aiding the growth of e-retail market. According to an in-house report, the
global online retail market is expected to reach US$1,740.8 billion by 2022. The
growing consumers’ engagement in internet and increasing acceptance of mobile
internet are leading to growth in online retail market across the world. Category wise,
electrical and electronics accounted for 32% of the total online sales globally,
followed by apparel retailing with 23.7%, and food and grocery retailing with 15.2%.
Region wise, Asia-Pacific accounted for 37.6% of the global online sales, followed by
the US with 32% and Europe with 25.3%.
Opportunities-Growth Trend of Sustainable Packaging
The company could benefit from growth trend of sustainable packaging, since the
company provides protective packaging system for sustainable packaging. Sustainable
packaging industry is growing across the world due to the increased focus of
international community on conservation of forest and sustainable management. At
present, consumers, manufacturers, retailers, advocacy groups and world governments
are encouraging environmentally friendly packaging. The eco-friendly plastic
packaging is expected to make a huge impact as it represents more than a third of the
total global packaging industry, second only to paper packaging. Towards capitalizing
on this trend, in November 2019, the company partnered with Plastic Pollution
Coalition to reduce plastic packaging waste.
Ranpak Holdings Corp- Threats
Threats-Increasing Manpower Costs in US
Increasing manpower costs could increase the company’s operating costs and hamper
its profits. The tight labor markets, government-mandated increases in minimum
wages and a higher proportion of full-time employees are increasing labor costs.
Effective January 2021, 21 states in the US increased their minimum wages. Alaska,
Florida, Minnesota, Montana, Ohio, South Dakota, and Vermont increased their
hourly minimum wage based on the cost of living to US$10.34, US$8.65, US$10,
US$8.8, US$9.45 and US$11.7, respectively. Arizona, Arkansas, California,
Colorado, Illinois, Maine, Maryland and Massachusetts increased their hourly
minimum wages to US$12.15, US$11, US$13, US$12.32, US$11, US$12.15,
US$11.75 and US$13.5, respectively. Whereas states such as Michigan, Missouri,
New Jersey, New Mexico, New York, and Washington increased their hourly
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Ranpak Holdings Corp
minimum wages due to previously approved legislation to US$9.65, US$10.3, US$12,
US$10.5, US$12.5 and $13.69, respectively.
Threats-Currency Fluctuations
Unfavorable changes in foreign currency exchange rates are likely to increase the
company’s expenses. Ranpak distributes its products in more than 50 countries and
recorded 57.3% of its sales from outside US customers during FY2020. The
appreciation of non-reporting currencies such as Euro, Chinese Yuan, Japanese Yen
and Singapore Dollar over US Dollar or vice versa could incur increase costs to the
company, and increase capital expenditure in US Dollar terms.
Threats-Coronavirus Outbreak
The coronavirus (COVID-19) pandemic affected global economy severely. It resulted
in huge human loss, and protection measures such as isolation, lockdown, quarantine,
and social distancing to contain the spread of the virus brought economic activity to a
standstill. It affected international economic and trade functions, ranging from tourism
and hospitality, medical supplies and other global value chains, consumer electronics,
and financial markets to energy, transportation, food, and various social activities. If
the pandemic continues to ravage the world, it might have a negative impact on the
global economy.
NOTE:The above strategic analysis is based on in-house research and reflects the
publishers opinion only
Ranpak Holdings Corp- Key Competitors
Pregis LLC
Sealed Air Corp
Temperpack Technologies Inc
Intertape Polymer Group Inc
Storopack Hans Reichenecker GmbH
Ranpak Holdings Corp- Key Employees
Ranpak Holdings Corp- Key Employees
Name
Job Title
Board Level Since Age Biography
Michael Director
Executive
57 Mr. Michael S. Gliedman is
S.
Board
currently the Chief Technology
Gliedman
Officer, and Director of the
company. Prior to this, he served as
the Chief Information Officer of
National Basketball Association.
Prior to this, he served as the Senior
Vice President of Application
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Ranpak Holdings Corp
Omar M. Chief
Asali
Executive
Officer
Executive
Board
Michael Vice
A. Jones Chairman
Executive
Board
Pamela El Director
Development, and Viacom.
2019 50 Mr. Omar M. Asali has been the
Chairman and Chief Executive
Officer of the company since 2019.
Prior to this, he served as the
Chairman and Chief Executive
Officer of One Madison from 2017
to 2019. Earlier, he worked as the
President and Chief Executive
Officer of HRG from 2015 to 2017.
2019
Mr. Michael A. Jones has been the
Vice Chairman of the company
since 2019. Prior to this, he served
as the Chief Customer Officer of
Lowes. Prior to this, Executive
Vice President of Husqvarna. Prior
to this, he served as the General
Manager of GE Appliances.
2020
Non
Executive
Board
Kurt
Director
Non
2020 52
Zumwalt
Executive
Board
Salil
Director
Non
2019 44
Seshadri
Executive
Board
Alicia M. Director
Non
48
Tranen
Executive
Board
Thomas Director
Non
2017 58
F. Corley
Executive
Board
Steve A. Director
Non
63
Kovach
Executive
Board
Robert C. Director
Non
2017 62
King
Executive
Board
David
Chief
Senior
Mr. David Murgio is currently the
Murgio Sustainability Management
Chief Sustainability Officer of the
Officer
company. Prior to this, he worked
in companies such as One Madison
Group, Harbinger Capital, and
Weil, Gotshal & Manges.
Sara
Vice
Senior
Mr. Sara Horvath is currently the
Horvath President
Management
Vice President, General Counsel,
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Ranpak Holdings Corp
William
Drew
Chief
Financial
Officer
Antonio Managing
Grassotti Director APAC
and Secretary of the company. Prior
to this, she worked in companies
such as Whirlpool Corp, and Sidley
Austin LLP.
Senior
2020
Mr. William Drew has been the
Management
Chief Financial Officer and Senior
Vice President of the company
since August 2020. Prior to this, he
served as the company’s Chief of
Staff and Head of Business
Development. Previously, Mr.
Drew served as the Managing
Director at One Madison Group
(One Madison). Mr. Drew served
as the Vice President of
Investments at HRG Group.
Senior
2019 60 Mr. Antonio Grassotti has been the
Management
Managing Director of APAC
division of the company since
2019. Prior to this, he served as the
Managing Director of Ranpak BV
from 2009 to 2019. He served as
the the Global Marketing Director
of Momentive Performance
Materials from 2008 to 2009 and
Human Resource Director of
Momentive Performance Materials.
Senior
Management
Jason Cho Managing
Director Business
Development
Bert Cals Director Senior
Business
Management
Development
Bharani Head Senior
Bobba
Growth
Management
Strategies
Eric
Managing
Senior
2019 56
Laurensse Director Management
Europe
Joshua
Head – ESenior
Gunn
Commerce Management
Source : GlobalData Research analysis / © GlobalData Research
Ranpak Holdings Corp- Company Statement
An excerpt from Management’s Discussion and Analysis of Financial Condition and
Results of Operations is given below. The following section is taken from the
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Ranpak Holdings Corp
company’s 2020 10-K Report.
Results of Operations
The Ranpak Business Combination is accounted for under the scope of business
combination guidance in ASC 805. Accordingly, the Ranpak Business Combination is
accounted for using the acquisition method which requires the Company to record the
fair value of assets acquired and liabilities assumed from Rack Holdings.
In addition, in our discussion below, we include certain unaudited, non-GAAP pro
forma data for 2020, the Successor Period, and the 1H 2019 Predecessor Period. This
data is based on our historical financial statements included elsewhere in this Report,
adjusted (where applicable) to remove the effect of costs incurred to consummate the
Ranpak Business Combination, other one-time costs incurred due to the Company
entering into the Ranpak Business Combination and for purchase accounting
adjustments related to the Ranpak Business Combination as well as to reflect a
constant currency presentation between periods for the convenience of readers. We
refer to these data as pro forma data in our discussion. However, such pro forma data
have not been prepared in accordance with Article 11 of Regulation S-X. We
reconcile this data to our GAAP data for the same period under “Presentation and
Reconciliation of GAAP to Non-GAAP Measures” for 2020 and 2019.
Net revenue for 2020 was US$298.2 million. Net revenue for the Successor Period
was US$163.1 million, and US$106.4 million in the 1H 2019 Predecessor Period, for
a combined US$269.5 million in 2019. Net revenue increased US$28.7 million or
10.6% as a result of an increase in the volume of Ranpak’s paper consumable
products of approximately 13.1 percentage points (pp), partially offset by a 5.2 pp
decrease in the price of Ranpak’s paper consumable products and a decrease of
approximately 0.6 pp in sales of automated box sizing equipment. Net revenue on a
combined basis was positively impacted by increases in cushioning, void-fill, and
wrapping, partially offset by decreases in other sales. On a combined basis,
cushioning increased US$7.0 million, or 5.9%, to US$125.7 million from US$118.7
million, void-fill increased US$13.2 million, or 11.8%, to US$125.0 million from
US$111.8 million, wrapping increased US$12.4 million, or 47.0%, to US$38.8
million from US$26.4 million, while other sales decreased US$3.9 million, or 31.0%
to US$8.7 million from US$12.6 million, in each case for 2020 compared to 2019.
Other net revenue includes automated box sizing equipment and non-paper revenue
from packaging systems installed in the field. Pro forma net revenue was US$298.9
million for 2020, a US$21.5 million, or 7.8%, increase on a constant currency basis
from pro forma net revenue of US$277.4 million for 2019 after adjusting to a constant
currency in both periods and purchase accounting adjustments related to revenue
recognition in 2019.
Net revenue in North America for 2020 totaled US$127.4 million. Net revenue in
North America was US$81.8 million in the Successor Period and US$50.1 million in
the 1H 2019 Predecessor Period for a combined US$131.9 million in 2019. Net
revenue in North America decreased US$4.5 million, or 3.4% attributable to a decline
in cushioning and void-fill volumes, partially offset by an increase in wrapping sales.
Pro forma net revenue in North America was US$127.4 million for 2020, a US$5.0
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Ranpak Holdings Corp
million, or 3.8%, decrease from pro forma net revenue in North America of US$132.4
million for 2019 after purchase accounting adjustments.
Net revenue in Europe/Asia for 2020 totaled US$170.8 million. Net revenue in
Europe/Asia was US$81.3 million in the Successor Period and US$56.3 million in the
1H 2019 Predecessor Period, for a combined US$137.6 million in 2019. Net revenue
in Europe/Asia increased US$33.2 million or 24.1% driven primarily by growth in
wrapping, void-fill, and cushioning sales. Pro forma net revenue in Europe/Asia was
US$171.5 million for 2020, a US$26.5 million, or 18.3%, increase from pro forma net
revenue of US$145.0 million for 2019 after purchase accounting adjustments and
adjusting for constant currency.
Cost of Goods Sold
Cost of goods sold for 2020 totaled US$175.6 million. Cost of goods sold was
US$97.4 million in the Successor Period and US$61.2 million in the 1H 2019
Predecessor Period, for a combined US$158.6 million in 2019. Cost of goods sold
increased US$17.0 million or 10.7% due to increases in sales year over year and
higher depreciation expense of US$7.6 million due to the Ranpak Business
Combination fair value adjustments, an increase in non-recurring operating costs in
automation, offset by a decrease in the price of paper. Pro forma cost of goods sold
increased by US$17.3 million, or 10.9%, to US$175.9 million in 2020 from US$158.6
million for 2019 after adjusting to a constant currency in both periods and purchase
accounting adjustments of US$2.1 million for 2019. As a result, on a pro forma basis,
net revenue minus cost of goods sold as a percentage of net revenue decreased by 1.6
pp to 41.2% in 2020 from 42.8% for 2019.
Selling, General, and Administrative Expenses
SG&A expenses for 2020 was US$72.5 million. SG&A was US$37.7 million in the
Successor Period and US$23.8 million in the 1H 2019 Predecessor Period, for a
combined US$61.5 million in 2019. SG&A expenses increased US$11.0 million or
17.9% due to severance costs, non-cash equity compensation costs, increased support
of growth initiatives, and increased costs associated with being a public company. Pro
forma SG&A expenses increased by US$17.3 million, or 31.1%, to US$72.9 million
in 2020 from US$55.6 million for 2019 after adjusting to a constant currency in both
periods. As a percentage of pro forma net revenue, pro forma SG&A increased to
24.4% in 2020 from 20.0% in 2019 on a constant currency basis.
Ranpak Holdings Corp- Locations & Subsidiaries
Head office
7990 Auburn Road
Concord Township
United States of America
44077
1 440 3544445
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 13
Ranpak Holdings Corp
Other Locations & Subsidiaries
Ranpak Holdings Corp, Other locations
7990 Auburn Road
Concord Township
United States of America
44077
1 440 3544445
Source : GlobalData Research analysis / © GlobalData Research
Ranpak Holdings Corp, Subsidiaries
Ranpak Brasil Productos e Servicos de Embalogem Ltda
Brazil
Ranpak Packaging Technology Co Ltd
China
Ranpak sro
Czech Republic
NeoPack Solutions S.A.S
France
Ranpak KK
Japan
Kapnar Holdings BV
Netherlands
Ranpak Bv
Heerlen
Netherlands
Ranpak CZ BV
Netherlands
Ranpak Pte Ltd
Singapore
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 14
Ranpak Holdings Corp
Rack Holdings Inc
United States of America
Ranger Packaging LLC
United States of America
Ranger Pledgor LLC
United States of America
Ranpak Corporation
United States of America
Summarized Statement
Ranpak Holdings Corp, Annual Statements
Parameter Name
Currency 2017 2018
2019
2020
2021
269.50
110.90
02.20
-36.20
-00.65
298.20
122.60
11.70
-23.40
-00.32
383.90
148.90
12.20
-02.80
-00.04
Income Statements
Total Revenue
Gross Profit
Operating Income
Net Income
Diluted Normalized EPS
USD
USD
USD
USD
USD
00.00 00.00
00.00 00.00
-00.01 -03.73
-00.01 01.39
00.00 00.04
USD
USD
USD
USD
USD
00.00 03.12 71.40 107.20 191.50
00.87 309.23 1104.40 1133.50 1213.40
00.72 06.74 31.90 57.50 71.50
00.82 18.04 572.60 610.60 577.20
00.05 291.20 531.80 522.90 636.20
USD
11.25 41.25
USD
USD
USD
USD
-00.02 -01.22 26.30 63.80 54.30
00.00 -301.00 -667.90 -34.50 -69.80
00.02 305.11 651.00 -01.60 72.00
00.00 02.89 10.70 28.80 55.40
Balance Sheet
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Equity
Total Common Shares
Outstanding
64.29
69.01
78.48
Cash Flow
Cash from Operating Activities
Cash from Investing Activities
Cash from Financing Activities
Net Change in Cash
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 15
Ranpak Holdings Corp
Detailed Statement
Ranpak Holdings Corp, Full Annual Statements
Parameter Name
Currency 2017 2018
2019
2020
2021
Income Statements
Revenue
Cost of Revenue, Total
Selling/ General/ Admin.
Expenses, Total
Depreciation/ Amortization
Other Operating Expenses, Total
Total Operating Expense
USD
USD
00.00 00.00 269.50 298.20 383.90
00.00 00.00 158.60 175.60 235.00
USD
00.00 03.73
USD
USD
USD
Net Income Before Taxes
USD
Provision for Income Taxes
USD
Net Income After Taxes
USD
Net Income Before Extra. Items
USD
Total Extraordinary Items
Income Available to Com Excl
ExtraOrd
Income Available to Com Incl
ExtraOrd
USD
Diluted Net Income
USD
Diluted Weighted Average Shares
Diluted EPS Excluding ExtraOrd
Items
DPS – Common Stock Primary
Issue
USD
00.00
00.01
00.01
00.01
00.00
00.01
00.01
00.00
00.01
00.01
00.01
11.25
USD
00.00 00.04 -00.65 -00.32 -00.04
USD
00.00 00.00
00.00
00.00
USD
USD
USD
USD
USD
USD
USD
00.00
00.00
00.00
00.00
00.00
00.00
00.00
00.00
19.70
19.70
36.10
37.60
11.60
02.50
00.00 00.00
48.50 103.90
48.50 103.90
39.10 43.70
39.20 46.40
16.10 32.90
03.40 08.30
USD
00.00 00.00 137.80 173.60 219.00
USD
USD
60.00
72.50
98.30
00.00 36.40 31.50 35.00
00.00 12.30 06.90 03.40
03.73 267.30 286.50 371.70
01.39 -43.80 -24.60 -04.90
00.00 -07.60 -01.20 -02.10
01.39 -36.20 -23.40 -02.80
01.39 -36.20 -23.40 -02.80
00.00
00.00
00.00
00.00
01.39 -36.20 -23.40 -02.80
01.39 -36.20 -23.40 -02.80
01.39 -36.20 -23.40 -02.80
39.00
55.39
72.43
74.76
00.00
Balance Sheet
Cash
Cash & Equivalents
Cash and Short Term Investments
Accounts Receivable – Trade, Net
Total Receivables, Net
Total Inventory
Prepaid Expenses
Property/ Plant/ Equipment, Total
– Gross
Published: 25 Jul 2022
Extracted: 27 Aug 2022
02.89
00.00
02.89
00.00
00.00
00.00
00.22
Page 16
Ranpak Holdings Corp
Accumulated Depreciation, Total
Property/ Plant/ Equipment, Total
– Net
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Accounts Payable
Accrued Expenses
Notes Payable/ Short Term Debt
Current Port. of LT Debt/ Capital
Leases
Other Current liabilities, Total
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Other Liabilities, Total
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
Treasury Stock – Common
Unrealized Gain (Loss)
Other Equity, Total
Total Liabilities & Shareholders’
Equity
USD
00.00 00.00 -15.30 -49.20 -86.10
USD
00.00 00.00 122.50 124.40 132.90
USD
USD
USD
USD
USD
USD
USD
00.00 00.00 448.80 458.40 453.00
00.00 00.00 458.60 440.60 406.50
00.00 306.12 00.00 00.00 00.00
00.87 00.00 03.10 02.90 29.50
00.72 02.74 12.30 24.90 33.50
00.00 00.00 15.10 26.10 27.00
00.00 04.00 00.00 00.00 00.00
USD
00.00 00.00
01.60
00.50
01.00
USD
USD
USD
USD
USD
USD
USD
USD
USD
02.90
418.80
00.00
418.80
420.40
115.00
06.90
00.01
557.50
06.00
432.70
00.00
432.70
433.20
109.60
10.80
00.01
564.70
10.00
399.50
00.90
400.40
401.40
97.70
07.60
00.01
688.90
USD
USD
USD
00.00 00.00
00.09 00.00
00.00 00.00
00.09 00.00
00.09 04.00
00.00 00.80
00.00 10.50
00.00 00.00
00.06 03.62
01.38
00.01
00.00 00.00
00.00 00.00
00.00 286.20
USD
00.87 309.23 1104.40 1133.50 1213.40
USD
-29.10 -52.50 -55.30
00.00
00.00
03.39
00.00 00.00
00.00 -02.20
10.69 04.79
Cash Flow
Net Income/ Starting Line
USD
Depreciation/ Depletion
Deferred Taxes
Non-Cash Items
USD
USD
USD
Changes in Working Capital
USD
Capital Expenditures
Other Investing Cash Flow Items,
Total
USD
Financing Cash Flow Items
USD
Issuance (Retirement) of Stock,
Net
USD
Published: 25 Jul 2022
Extracted: 27 Aug 2022
USD
01.39 -36.20
00.01
00.00 00.00 58.30
00.00 00.00 -15.20
00.00 -05.12 18.80
02.51 00.60
00.01
00.00 00.00 -30.40
00.00
-637.50
301.00
01.20 -23.90
00.13
00.06 300.00 266.40
-23.40 -02.80
62.70 73.60
-05.40 -12.80
15.80 19.90
14.10 -23.60
-33.20 -55.70
-01.30 -14.10
00.00 -08.80
00.00 104.00
Page 17
Ranpak Holdings Corp
Issuance (Retirement) of Debt,
Net
Foreign Exchange Effects
USD
00.09 03.91 408.50 -01.60 -23.20
USD
00.00 00.00
01.30
01.10 -01.10
Summarized Interim Statement
Ranpak Holdings Corp, Summarized Interim Statements
Income Statements Currency
Total Revenue
Gross Profit
Operating Income
Net Income
Diluted Normalized
EPS
USD
USD
USD
USD
Sep-2021 (3 Dec-2021 (3 Mar-2022 Jun-2022 (3
Months)
Months)
(3 Months) Months)
97.10
109.10
82.50
86.80
38.00
38.90
24.60
28.30
02.30
01.10
-13.80
-11.40
-01.40
-02.50
-14.10
-11.30
USD
-00.02
-00.03
-00.17
-00.14
USD
USD
198.70
1222.60
191.50
1213.40
187.00
1200.30
171.40
1163.90
USD
71.50
71.50
67.70
53.60
USD
USD
591.00
631.60
577.20
636.20
568.90
631.40
545.00
618.90
USD
78.48
78.48
79.01
79.04
USD
40.80
54.30
-09.40
-16.30
USD
-50.70
-69.80
-10.70
-23.80
USD
72.60
72.00
-03.10
-03.70
USD
61.90
55.40
-23.40
-44.70
Balance Sheet
Total Current Assets
Total Assets
Total Current
Liabilities
Total Liabilities
Total Equity
Total Common
Shares Outstanding
Cash Flow
Cash from Operating
Activities
Cash from Investing
Activities
Cash from Financing
Activities
Net Change in Cash
Detailed Interim Statement
Ranpak Holdings Corp, Detailed Interim Statement
Income Statements
Currency
Revenue
Cost of Revenue, Total
Selling/ General/
USD
USD
USD
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Sep-2021 Dec-2021 Mar-2022 Jun-2022
(3 Months) (3 Months) (3 Months) (3 Months)
97.10
109.10
82.50
86.80
59.10
70.20
57.90
58.50
27.10
27.50
29.70
30.30
Page 18
Ranpak Holdings Corp
Admin. Expenses, Total
Depreciation/
Amortization
Other Operating
Expenses, Total
Total Operating
Expense
Net Income Before
Taxes
Provision for Income
Taxes
Net Income After Taxes
Net Income Before
Extra. Items
Income Available to
Com Excl ExtraOrd
Income Available to
Com Incl ExtraOrd
Diluted Net Income
Diluted Weighted
Average Shares
Diluted EPS Excluding
ExtraOrd Items
DPS – Common Stock
Primary Issue
USD
08.70
08.90
08.20
08.00
USD
-00.10
01.40
00.50
01.40
USD
94.80
108.00
96.30
98.20
USD
-01.70
-02.80
-18.20
-14.00
USD
-00.30
-00.30
-04.10
-02.70
USD
-01.40
-02.50
-14.10
-11.30
USD
-01.40
-02.50
-14.10
-11.30
USD
-01.40
-02.50
-14.10
-11.30
USD
-01.40
-02.50
-14.10
-11.30
USD
-01.40
-02.50
-14.10
-11.30
USD
78.48
78.52
81.57
81.94
USD
-00.02
-00.03
-00.17
-00.14
USD
00.00
00.00
00.00
00.00
USD
110.40
103.90
80.50
59.20
USD
110.40
103.90
80.50
59.20
USD
44.80
43.70
47.60
42.80
USD
USD
USD
54.00
30.20
04.10
46.40
32.90
08.30
53.60
41.20
11.70
49.10
42.80
20.30
USD
210.30
219.00
226.00
230.10
USD
-77.00
-86.10
-97.00
-104.60
USD
133.30
132.90
129.00
125.50
USD
USD
USD
452.10
413.90
24.60
453.00
406.50
29.50
451.30
398.60
34.40
444.10
384.90
38.00
Balance Sheet
Cash & Equivalents
Cash and Short Term
Investments
Accounts Receivable Trade, Net
Total Receivables, Net
Total Inventory
Prepaid Expenses
Property/ Plant/
Equipment, Total Gross
Accumulated
Depreciation, Total
Property/ Plant/
Equipment, Total – Net
Goodwill, Net
Intangibles, Net
Other Long Term
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 19
Ranpak Holdings Corp
Assets, Total
Accounts Payable
Accrued Expenses
Notes Payable/ Short
Term Debt
Current Port. of LT
Debt/ Capital Leases
Other Current liabilities,
Total
Long Term Debt
Capital Lease
Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Other Liabilities, Total
Common Stock, Total
Additional Paid-In
Capital
Retained Earnings
(Accumulated Deficit)
Unrealized Gain (Loss)
Other Equity, Total
Total Liabilities &
Shareholders’ Equity
USD
USD
34.70
23.20
33.50
27.00
39.40
14.00
31.40
07.90
USD
00.00
00.00
00.00
00.00
USD
01.10
01.00
01.00
00.90
USD
12.50
10.00
13.30
13.40
USD
402.90
399.50
397.10
387.40
USD
01.00
00.90
01.00
00.80
USD
USD
USD
USD
USD
403.90
405.00
105.40
10.20
00.01
400.40
401.40
97.70
07.60
00.01
398.10
399.10
98.00
05.10
00.01
388.20
389.10
95.30
07.90
00.01
USD
680.70
688.90
694.80
700.10
USD
-52.80
-55.30
-69.40
-80.70
USD
USD
-04.10
07.79
-02.20
04.79
04.00
01.99
06.10
-06.61
USD
1222.60
1213.40
1200.30
1163.90
USD
-00.30
-02.80
-02.80
-25.40
USD
USD
USD
54.40
-04.00
12.10
73.60
-12.80
19.90
73.60
-12.80
19.90
36.60
-04.40
12.00
USD
-21.40
-23.60
-23.60
-35.10
USD
-41.50
-55.70
-55.70
-23.80
USD
-09.20
-14.10
-14.10
00.00
USD
-08.80
-08.80
-08.80
-02.50
USD
104.00
104.00
104.00
00.00
USD
-22.60
-23.20
-23.20
-01.20
USD
-00.80
-01.10
-01.10
-00.90
Cash Flow
Net Income/ Starting
Line
Depreciation/ Depletion
Deferred Taxes
Non-Cash Items
Changes in Working
Capital
Capital Expenditures
Other Investing Cash
Flow Items, Total
Financing Cash Flow
Items
Issuance (Retirement) of
Stock, Net
Issuance (Retirement) of
Debt, Net
Foreign Exchange
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 20
Ranpak Holdings Corp
Effects
Cash Interest Paid
Cash Taxes Paid
00.00
00.00
00.00
00.00
00.00
00.00
10.30
01.80
Interim Ratios
Ranpak Holdings Corp, Interim Ratios
Key Ratios
Unit/Currency
EPS (Earnings per
USD
Share)
Book Value per
USD
Share
Gross Margin
%
Operating Margin %
Net Profit Margin %
Profit Markup
%
PBT Margin
(Profit Before
%
Tax)
Operating Costs
%
(% of Sales)
Administration
%
Costs (% of Sales)
June
September December March
Ratio Type
– 2021
– 2021
– 2022
2022
– Equity
00.08
-00.07 -00.02
00.03 Ratios
Equity
07.55
08.02 08.05 08.11
Ratios
Profitability
41.39
39.67 39.14 35.66
Ratios
Profitability
08.78
01.22 02.37 01.01
Ratios
– Profitability
07.18
-05.78 -01.44
02.29 Ratios
Profitability
70.62
65.75 64.30 55.41
Ratios
– Profitability
02.57 Ratios
06.50
-06.78 -01.75
91.22
98.78 97.63 98.99 Cost Ratios
21.78
27.33 27.91 25.21 Cost Ratios
Liquidity
Ratios
Liquidity
Quick Ratio
Absolute
01.59
02.68 02.36 02.22
Ratios
Debt to Equity
Leverage
Absolute
00.82
00.65 00.64 00.63
Ratio
Ratios
Leverage
Net Debt to Equity Absolute
00.74
00.45 00.47 00.47
Ratios
Debt to Capital
Leverage
Absolute
00.40
00.35 00.35 00.35
Ratio
Ratios
Source : GlobalData Research analysis / © GlobalData Research
Current Ratio
Absolute
Published: 25 Jul 2022
Extracted: 27 Aug 2022
01.96
03.07 02.78 02.68
Page 21
Ranpak Holdings Corp
Annual Ratios
Ranpak Holdings Corp, Annual Ratios
Ratio Type Key Ratios
Unit/Currency 2021
2020 2019
2018
2017
Growth
Sales Growth %
28.74 10.65 00.00
00.00 00.00
Ratios
Operating
Growth
Income
%
04.27 431.82 158.95
00.00
Ratios
43699.30
Growth
Growth
EBITDA
%
15.32 22.98 00.00
00.00 00.00
Ratios
Growth
Growth
Net Income
%
88.03 35.36
16376.41 00.00
Ratios
Growth
2710.42
Growth
EPS Growth %
88.41 50.57
4778.95 00.00
Ratios
1937.80
Working
Growth
Capital
%
141.45 25.82
401.64 00.00
Ratios
1190.46
Growth
Equity
EPS (Earnings
USD
-00.04 -00.32 -00.65
00.04 00.00
Ratios
per Share)
Equity
Dividend per
USD
00.00 00.00 00.00
00.00 00.00
Ratios
Share
Equity
Book Value
USD
08.11 07.58 08.27
07.06 00.00
Ratios
per Share
Equity
Cash Value per
USD
01.32 00.70 00.31
00.07 00.00
Ratios
Share
Profitability
Gross Margin %
38.79 41.11 41.15
00.00 00.00
Ratios
Profitability Operating
%
03.18 03.92 00.82
00.00 00.00
Ratios
Margin
Profitability Net Profit
%
-00.73 -07.85 -13.43
00.00 00.00
Ratios
Margin
Profitability
Profit Markup %
63.36 69.82 69.92
00.00 00.00
Ratios
PBT Margin
Profitability
(Profit Before %
-01.28 -08.25 -16.25
00.00 00.00
Ratios
Tax)
Profitability Return on
%
-00.44 -04.48 -06.81
00.48
Ratios
Equity
15.78
Return on
Profitability
Capital
%
01.07 01.09 00.21 -01.23
Ratios
05.80
Employed
Profitability Return on
%
-00.24 -02.09 -05.12
00.89 00.00
Ratios
Assets
Profitability Return on
%
09.48 09.48 03.59
00.00 00.00
Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 22
Ranpak Holdings Corp
Ratios
Fixed Assets
Return on
Profitability
Working
%
10.17 23.54 05.57
Ratios
Capital
Operating
Cost Ratios Costs (% of
%
96.82 96.08 99.18
Sales)
Administration
Cost Ratios Costs (% of
%
25.61 24.31 22.26
Sales)
Liquidity
Current Ratio Absolute
02.68 01.86 02.24
Ratios
Liquidity
Quick Ratio Absolute
02.22 01.58 01.87
Ratios
Liquidity
Cash Ratio
Absolute
01.45 00.84 00.62
Ratios
Leverage Debt to Equity
Absolute
00.63 00.83 00.79
Ratios
Ratio
Leverage Net Debt to
Absolute
00.47 00.74 00.75
Ratios
Equity
Leverage Debt to Capital
Absolute
00.39 00.45 00.44
Ratios
Ratio
Efficiency Asset
Absolute
00.33 00.27 00.38
Ratios
Turnover
Efficiency Fixed Asset
Absolute
02.98 02.42 04.40
Ratios
Turnover
Efficiency Inventory
Absolute
09.59 12.68 27.34
Ratios
Turnover
Efficiency Current Asset
Absolute
02.57 03.34 07.23
Ratios
Turnover
Capital
Efficiency
Employed
Absolute
00.34 00.28 00.25
Ratios
Turnover
Working
Efficiency
Capital
Absolute
03.20 06.00 06.82
Ratios
Turnover
Efficiency Revenue per
USD
438742.86 00.00 00.00
Ratios
Employee
Efficiency Net Income
USD
-3200.00 00.00 00.00
Ratios
per Employee
Efficiency
Capex to Sales %
14.51 11.13 11.28
Ratios
Efficiency
R&D to Sales %
00.00 00.00 00.00
Ratios
Source : GlobalData Research analysis / © GlobalData Research
Published: 25 Jul 2022
Extracted: 27 Aug 2022
103.02 01.18
00.00 00.00
00.00 00.00
00.46 00.00
00.46 00.00
00.43 00.00
00.01 01.72
00.00 01.68
00.01 00.63
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
00.00 00.00
Page 23
Ranpak Holdings Corp
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Published: 25 Jul 2022
Extracted: 27 Aug 2022
Page 24

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