Paper and Plastic Packaging Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › PAPER AND PLASTIC PACKAGING

Buyers Reach for Regional Integration as Converters Lead the Set

This update covers the movers, company announcements and M&A activity in paper and plastic packaging from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › PAPER AND PLASTIC PACKAGING

   Cover page introducing the bi-weekly paper and plastic packaging industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on paper and plastic packaging, covering the two weeks through September 28, 2026. Over the following pages we answer what changed, who moved and why, what transacted, and what it means for the market.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › PAPER AND PLASTIC PACKAGING Buyers Reach for Regional Integration as Converters Lead the Set This update covers the movers, company announcements and M&A activity in paper and plastic packaging from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Regional Integration Gets the Capital While Converters Lead the Market

   Bottom-line summary of the two-week period's market moves and the Smurfit Westrock deal across the 11 covered names.

   Seven of the eleven covered names rose over the two weeks, with a median move of +1.7% that edged the S&P 500's +1.6%. The period's clearest capital signal was Smurfit Westrock's agreement to acquire regional containerboard and corrugated capacity, while converters such as Ranpak Holdings and Karat Packaging led the gainers. That combination — integration capital plus converter strength — is the through-line we build on for the rest of this update. So what: regional integration and converter mix, not scale alone, are what the market rewarded this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Regional Integration Gets the Capital While Converters Lead the Market The two-week period in one page · 11 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 11 Covered Names Rose; The Median Move Was +1.7% That median edged the S&P 500 at +1.6% over the two-week period. Breadth was broad rather than narrow: four of the eleven covered names fell. 2 Smurfit Westrock Put Capital Behind Regional Integration Smurfit Westrock plc (SW) announced an agreement on September 23 to acquire a Chilean containerboard and corrugated business. Shares ended the two-week period +6.1%, and the move appears to reflect that announcement. 3 Converters, Not the Mill-Backed Majors, Led the Gainers Ranpak Holdings Corp. (PACK) rose +13.1% and Karat Packaging Inc. (KRT) rose +8.0%, the two strongest moves in the covered set. The Eastern Company (EML) was the weakest at -5.3%. 4 The Transaction Record Still Lands Near the Public Middle Forty trailing transactions carry a median of 8.6x EV/EBITDA, against the standing study's sector median of 8.8x on CY2027E. No completed transactions were recorded in the window; one agreement was announced. +13.1% Best mover — Ranpak Holdings Corp. (PACK) worst: EML -5.3% · 7 up / 4 down of 11 covered +1.7% Sector median two-week return vs S&P 500 +1.6% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Integration News Carried the Gainers; Two Moves Have No Record Behind Them

   Detail on each covered name's two-week share price move, with attribution to filings and news where recorded.

   Ranpak Holdings and Karat Packaging led the gainers at +13.1% and +8.0%, while The Eastern Company was the weakest mover at -5.3%. We tie each move to the filings and headlines recorded in the window, and where no driver is on record we say so rather than guess. The materiality bar for this period sits at ±5.4% on a sector-relative basis. So what: most of the gainers have a recorded catalyst behind them, which sharpens where the market's conviction actually sits.

   Everything on this page

   PUBLIC MARKET MOVERS Integration News Carried the Gainers; Two Moves Have No Record Behind Them Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +1.7% · S&P 500 +1.6% · materiality bar ±5.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +1.7% Karat Packaging Inc. (KRT) +8.0% Shares set a new 52-week high on September 24, trading as high as $53.45 and last at $53.05. A September 25 Zacks commentary named KRT among packaging names handling weak demand and tariffs well; the reaction was consistent with that. A Premium-tier name can hold its rating while demand commentary stays cautious. COMPANY-SPECIFIC Smurfit Westrock plc (SW) +6.1% Shares moved following the September 23 agreement to acquire a Chilean containerboard and corrugated business. A September 24 Zacks piece read that deal and asset rationalisation as support for the regional footprint and cost position. Freight radius makes regional entry a transaction decision rather than a greenfield one. COMPANY-SPECIFIC The Eastern Company (EML) -5.3% No notable in-window news was identified that clearly explains the move. At -5.3%, EML was the weakest covered name against a median move of +1.7%. Not every move in the set has an operating development behind it. UNEXPLAINED Ranpak Holdings Corp. (PACK) +13.1% No notable in-window news was identified that clearly explains the move. At +13.1%, PACK led the covered set against a median move of +1.7%. Leadership in this set can sit outside the mill-backed names in any given window. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   One Acquisition Agreement, Two Results Dates, and a Recognition

   Summary of the two-week period's highest-impact company news, including one acquisition agreement, two results dates and a recognition.

   The two-week period's calendar centred on one acquisition agreement, two upcoming results dates, and a recognition event. Each item links back to its underlying filing or article, and our 'why it matters' framing is our read of that record, not a guess. So what: these are the dated catalysts most likely to move estimates and positioning into the next update.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS One Acquisition Agreement, Two Results Dates, and a Recognition The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 25 · NEWS · Accesswire Eastern's safe brands ran a consumer showcase at one of New England's largest fairs This is a demand-side, channel-level action in the group's security products line. On NeuraCap's read, it speaks to selling mix rather than to the substrate cycle. Diversified industrial holders in this set are not pure packaging reads. Sep 23 · NEWS · Business Wire Smurfit Westrock agreed to buy a Chilean containerboard and corrugated business On NeuraCap's read, this is capacity bought inside a freight radius where organic entry is impractical, and it lifts the buyer's regional integration rather than its headline scale. Integration and network density remain the lever buyers in this sector pay for. Sep 18 · NEWS · GlobeNewsWire A third-party investor webinar reminder carried under Eastern's ticker, not an Eastern development The item does not describe anything The Eastern Company (EML) did, so on NeuraCap's read it carries no signal for the sector theme. Ticker-tagged feeds mix in unrelated issuers; check the source before reading it as sector news. Sep 17 · NEWS · Business Wire Packaging Corporation of America set October 22 for its third-quarter results call It puts a date on the next hard read of tons shipped, price/mix and mill operating rates for a Core-tier name. Scheduling early signals a company comfortable with its reporting cadence. The next board-demand data point for the mill-backed names lands in late October. Sep 16 · NEWS · GlobeNewsWire A revised fiscal-year guidance release from an unrelated issuer appeared under Eastern's ticker Nothing in the item relates to Eastern's own operations or to packaging demand, so it should not be read into the group's positioning. Guidance headlines only matter when the issuer sits inside the covered set. Sep 15 · NEWS · Business Wire A conference fireside-chat notice from an unrelated issuer surfaced under Eastern's ticker The notice concerns another company's management, not Eastern's, and adds nothing observable about the sector's operating picture. Feed noise is worth filtering before a small-cap move is attributed to news.

5. 05
   M&A & STRATEGIC ACTIVITY

   Smurfit Westrock Agrees to Buy Chilean Containerboard and Corrugated Capacity

   Details of Smurfit Westrock's agreement to acquire Chilean containerboard and corrugated capacity, set against the precedent transaction record.

   Smurfit Westrock plc agreed on September 23 to acquire a Chilean containerboard and corrugated business, the only agreed transaction recorded in the window. Against a reference set of 40 precedent transactions carrying a median of 8.6x EV/LTM EBITDA, the deal lands within the range the market has been paying for integration. So what: this is the clearest evidence this period of buyers paying up for regional integration rather than scale.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Smurfit Westrock Agrees to Buy Chilean Containerboard and Corrugated Capacity September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 8.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 23 · Smurfit Westrock plc (SW) Smurfit Westrock plc (SW) agreed to acquire a Chilean containerboard and corrugated business A Discount-tier name is putting capital behind regional integration, not headline scale. On NeuraCap's read, it signals appetite for containerboard and converting capacity where freight makes organic entry impractical. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisors

   Translation of the two-week period's evidence into implications for operators, acquirers and advisors.

   For operators, the market rewarded integration and mix over spot substrate exposure. For acquirers, the period adds one agreed regional transaction to a reference set still centred on the middle of the multiple range. For advisors, the clearest signal is a mill-backed buyer paying for regional containerboard and converting capacity — a case worth pairing with the converter tiering we've shown. So what: the two-week period sharpens where capital and multiples are actually landing, not just where headlines point.

   Everything on this page

   WHAT IT MEANS What This Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.8x 11 companies in the study 3 valuation tiers Standing thesis: Paper and plastic packaging trades as one multi-substrate converting market, priced in three clear tiers FOR OWNERS & OPERATORS Integration and Mix Are Doing the Work Companies in the space traded higher, with 7 of 11 covered names rising. The strength sat with names whose earnings run on integration rate, price/mix versus volume and conversion cost per unit rather than the spot substrate print. FOR ACQUIRERS One Agreement, and a Reference Set Still Centred on the Middle The period adds an agreed purchase of regional containerboard and corrugated capacity to the reference set, with no completed transactions recorded. FOR ADVISORS Lead with Freight Radius and Integration, Not Headline Scale The clearest evidence of the two-week period is a mill-backed buyer agreeing to take on regional containerboard and converting capacity. Pair it with the tiering: Karat Packaging Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explanation of the sources and methodology behind this update's figures and claims.

   Every figure in this update links back to the filing, price record or transaction it was drawn from, and we hold to a fixed source order of SEC filings, press releases and established outlets. This page sets out exactly how attribution and multiples are built so every number here can be traced back to its record. So what: the discipline behind the sourcing is what lets you act on this update with confidence.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Paper and Plastic Packaging Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T085322Z_329_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: accessnewswire.com · businesswire.com · globenewswire.com · prnewswire.com

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