Positive Outlook

• Segment income in the Dispensing and Specialty Closures segment in 2023 is expected to increase significantly over the prior year primarily due to higher volumes and continued improvement in operating performance.
• Volumes in 2023 are expected to be higher than in 2022 as a result of continued growth in the beauty and fragrance markets, improved volume levels for hygiene and cleaning products as compared to the negative impact in 2022 from inventory management throughout the supply chain for these products and less customer pre-buy activity than in the prior year period.
• Segment income in the Metal Containers segment is expected to improve in 2023 as compared to 2022 as a result of higher unit volumes, due to continued growth in pet food products and less customer pre-buy activity than in the prior year period, and continued strong operating performance and cost improvements
• Segment income in the Custom Containers segment is expected to benefit from continued manufacturing efficiencies and anticipated higher volumes as a result of improved volume levels for home, personal care and lawn and garden products, and continued growth in pet food products
• Free cash flow in 2023 is expected to benefit from strong operating performance and improvements in working capital, partially offset by higher interest payments as a result of higher interest rates.