CONCORD TOWNSHIP, Ohio--(BUSINESS WIRE)--Ranpak Holdings Corp. (NYSE: PACK) (“Ranpak”), a leading international provider of sustainable packaging solutions, has been named as one of twenty-four finalists in the Ocean Plastic Innovation Challenge, a global search initiated by National Geographic Society and Sky Ocean Ventures to identify innovative solutions that help tackle the world’s single-use plastic problem.
Ranpak’s “WrapPak® Protector” was selected from a pool of nearly 300 innovations that were submitted for selection in the Ocean Plastic Innovation Challenge. The Protector uses multilayered paper to provide insulation for cold chain products, such as groceries, meat, meals and other food ingredients, that require insulated temperature control for the shipping process. Like all of Ranpak’s protective packaging solutions, WrapPak® is entirely paper-based, 100% curbside recyclable, and a highly efficient replacement for traditional plastic insulation products in cold chain packaging and shipping.
“Ranpak was founded on its ability to innovate to address the packaging challenges our end users face. We have heard loud and clear the need for environmentally sustainable packaging solutions across a broad range of applications, from cold chain to automotive to electronics. The WrapPak® Protector - along with all of our other packaging products – has been designed to meet this market demand,” said Bret Haldin, VP of Marketing and Product Development. “We are proud to have been selected as a finalist in the prestigious Ocean Plastic Innovation Challenge, with its important focus on satisfying immediate market needs with environmentally sustainable solutions. We look forward to competing in the next stage.”
National Geographic and Sky Ocean Ventures launched the Ocean Plastic Innovation Challenge in February 2019. The challenge is focused on identifying strategies to address the growing issue of plastic pollution in three different areas: (1) Identifying opportunities for industries to address plastic waste throughout their supply chains; (2) Communicating the breadth of the plastic pollution problem through data visualization; and (3) Designing alternatives to single-use plastics. The 24 finalists represent 13 countries and were selected by a panel of expert judges to move forward into the second phase of the challenge, where they will work to improve their solutions and prepare more robust submission packets for the judges. Winners will be announced in December 2019 after the teams pitch their solution in person to the judges at National Geographic headquarters.
The Ocean Plastic Innovation Challenge is a key component of National Geographic’s “Planet or Plastic?” initiative, a global effort to significantly reduce the amount of single-use plastic that reaches the ocean by raising awareness, elevating science and education, advancing innovation, and inspiring action.
Founded in 1972, Ranpak's goal was to create the first environmentally responsible packaging material to effectively cushion and protect products during shipment. The constant development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative world-wide leader for recyclable, sustainable products in the packaging industry.
Forward Looking Statements
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The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) our inability to secure a sufficient supply of paper to meet our production requirements; (2) the impact of the price of kraft paper on our results of operations; (3) our reliance on third party suppliers; (4) the high degree of competition in the markets in which we operate; (5) consumer sensitivity to increases in the prices of our products; (6) changes in consumer preferences with respect to paper products generally; (7) continued consolidation in the markets in which we operate; (8) the loss of significant end-users of our products or a large group of such end-users; (9) our failure develop new products that meet our sales or margin expectations; (10) our future operating results fluctuating, failing to match performance or to meet expectations; (11) our ability to fulfill our public company obligations; and (12) other risks and uncertainties indicated from time to time in filings made with the SEC. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.