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Canadian sustainable packaging solutions provider IPL Plastics (IPLP) has announced that it has undertaken a number of contingency planning measures to keep all 14 of its manufacturing facilities operational amid coronavirus Covid-19 pandemic.
At its plants, the firm manufactures essential products for essential businesses.
The company stated that it has undertaken several early actions to ensure it maintains a strong liquidity position, including restricting capital expenditures and reducing staffing levels and other costs in areas of the business where demand for certain of its products has reduced.
Amid this outbreak, demands on some products including food packaging containers have increased, while it slowed down for other products.
The firm stated that it was in a strong liquidity position as of 31 March. It had total available liquidity balances of $240.4m, out of which $875m was in freely available cash balances and $152.9m was in undrawn committed senior debt facilities.
Additionally, the company has withdrawn all previous guidance considering the unpredictable nature of the pandemic.
IPLP also postponed its Annual General and Special Meeting of shareholders (AGM), which was scheduled for 14 May, to 23 June.
Headquartered in Canada, IPLP is a leading provider of sustainable packaging solutions to various sectors including food, consumer, agricultural, logistics and environmental end-markets.
The company has corporate offices in Montreal and Dublin and operates in Canada, the US, the UK, Ireland, Belgium, China and Mexico. It employs approximately 2,100 people.
Confirmed cases on coronavirus have touched 1,279,336 globally, while death toll stands at 69,844.