Longtime Winpak CEO wraps up career
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Hey there, time traveller!
This article was published 29/04/2017 (3247 days ago), so information in it may no longer be current.
There will be a changing of the guard at plastic-packaging manufacturer Winpak Ltd.
The Winnipeg-based company, which held its 2017 annual meeting Thursday in Winnipeg, has announced that long-time president and CEO Bruce Berry will be retiring this summer.
Berry has been with Winpak for 41 years, the past 14 as president and CEO.
His replacement will be Olivier Muggli, who joined the company six years ago and is currently its vice-president and chief operating officer.
Muggli will take over the company’s reins officially Aug. 1. He has held a variety of senior management positions prior to joining Winpak, including vice-president and managing director of Alcan’s Food Packaging Division.
Winpak has enjoyed many record-breaking years during Berry’s tenure as chief executive, and that trend continued in the first quarter of 2017.
He told shareholders the first three months of this year were the best first quarter in Winpak’s history. Revenue was up 15.2 per cent from a year earlier — $228.4 million vs. $198.2 million — while net income grew by 7.5 per cent to $28.6 million, or 44 cents per share, from $26.6 million, or 41 cents a share.
That came on the heels of a 5.1 per cent increase in net profit for the entire 2016 fiscal year. Berry noted over the past 10 years, Winpak’s net income has grown at a compounded annual rate of 12.3 per cent.
He said stronger sales were the main driver of this year’s record first-quarter results. Reduced operating expenses and a favourable foreign exchange rate also helped, as did the existence of one additional week in this year’s quarter. Those positive factors were offset partially by reduced gross-profit margins, high income taxes, and rising raw-material costs.
Berry said the company expects 2017 to be another good year, with sustained sales volume momentum and strong earnings. Capital spending is projected to be down somewhat — to between $55 million and $65 million, from $72 million in 2016.
Winpak operates 10 production plants in Canada, the United States and Mexico, including two in Winnipeg.
murray.mcneill@freepress.mb.ca