CONCORD TOWNSHIP, Ohio--(BUSINESS WIRE)--Apr 9, 2024--
Ranpak Holdings Corp. (“Ranpak”) (NYSE: PACK), a global leader of environmentally sustainable, paper-based packaging solutions for e-commerce and industrial supply chains, today announced the launch of the Geami MV™ wrapping system, a compact powered converter that delivers an optimal mix of productivity and simplicity.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240409116353/en/
“The continued rise in e-commerce means shippers are looking to optimize, setting up their warehouses with many pack stations that are configured for spatial efficiency and productivity. Our customers are seeking solutions that help them conserve space but maximize throughput across the warehouse,” said Omar Asali, Chairman & Chief Executive Officer of Ranpak. “The Geami MV solution provides our customers with new technology that marries the efficiency of a powered converter solution with the smaller size profile that is becoming more important in environments where space is at a premium.”
The Geami MV™ solution represents the latest addition to the Geami® portfolio of converters, expanding the range of Ranpak’s wrapping application solutions. By combining key features from prior solutions launched in 2023, including the Geami MS Mini ™ and the Geami Wrap 'n Go ™ systems, the Geami MV™ solution improves productivity, saves space, and maintains a consistent wrapping experience.
The Geami MV™ converter comes equipped with a user-friendly interface designed with easy-to-use function keys for paper loading, speed control, and a toggle between preset mode or foot pedal mode. Preset mode was specifically designed to save material by only dispensing a set amount of paper when similar products are being shipped. The Geami MV™ system accommodates light paper rolls and can incorporate both Geami® paper and interleaf paper for additional surface protection when needed. The paper-based wrapping solution aims to serve a wide variety of industries ranging from mechanical parts and electronic components to cosmetics, medical supplies, and home goods.
Ranpak’s Geami® paper provides a smart and sustainable alternative to plastic wrapping for companies considering the impact of regulations that ban or limit plastic packaging, proving that making smart choices for the environment can also result in optimal outcomes for businesses.
For additional information about the Geami MV™ solution, please visit https://www.ranpak.com/
About Ranpak
Founded in 1972, Ranpak's goal was to create the first environmentally responsible system to protect products during shipment. Ranpak’s mission is to deliver sustainable packaging solutions that help improve supply chain performance and costs, reduce environmental impact, and support a variety of growing business needs globally. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak is headquartered in Concord Township, Ohio and has approximately 800 employees. Additional information about Ranpak can be found on its website: https://www.ranpak.com.
The compact paper-based Geami MV wrapping system efficiently protects a wide range of shipments from scratches and surface damage. (Photo: Business Wire)
The new Geami MV powered converter provides effective wrapping solutions in a compact size profile. (Photo: Business Wire)
NEW YORK (AP) — U.S. stocks are mostly falling as traders scale back expectations for how much relief the Federal Reserve will deliver next week when it begins cutting interest rates.
Gains for big technology companies more than offset the broader decline for the market. The sector includes Nvidia, Apple and Microsoft, which all have outsized values that tend to strongly lean on the market.
The S&P 500 rose 0.3% in afternoon trading, despite nearly three out of every four stocks in the benchmark index slipping. The Dow Jones Industrial Average was down 91 points, or 0.2%, as of 1:54 p.m. Eastern time.
The Nasdaq composite was 1.1% higher. Semiconductor giant Nvidia rose 5.4% and did most of the heavy lifting for the index. Microsoft rose 1.1% and Broadcom gained 4.5%.
Most stocks fell following the government's latest update on inflation at the consumer level, which came in close to expectations. Overall inflation slowed to 2.5% in August from 2.9% in July, a touch better than expected. But prices rose more from July into August than expected when ignoring food and energy, and economists say that can be a better predictor of where inflation is heading.
All together, the data seemed to confirm that the Fed will indeed cut its main interest rate at its meeting next week, which would be the first such cut in more than four years. But it bolstered expectations that the Fed will begin with only a traditional-sized move of a quarter of a percentage point instead of the more severe half-point that some had been expecting.
“This isn’t the CPI report the market wanted to see,” said Seema Shah, chief global strategist at Principal Asset Management.
Investors have a long history of being overly optimistic about how much and when the Fed will cut interest rates, only to send stock prices lower after being confronted with reality. Wall Street loves lower rates because they can goose the economy by making it cheaper for U.S. companies and households to borrow. Cuts also give boosts to investment prices.
The downside of lower rates is that they can give inflation more fuel.
“We believe the market is pricing in more rate cuts than what will occur this year,” said Gargi Chaudhuri, chief investment and portfolio strategist, Americas at BlackRock.
This time, the Fed at least has already indicated it’s about to begin lowering interest rates as it shifts from fighting high inflation toward protecting the job market and keeping the economy out of a recession. With inflation down from its peak of 9.1% two summers ago, the Fed is hoping to ease the brakes off the already slowing economy.
A worry on Wall Street is that the cuts may prove to be too late, with many U.S. shoppers already struggling under the weight of high prices and stretched ability to spend more.
Vera Bradley’s stock dropped 5.9% after the designer of handbags and the parent company of the Pura Vida brand reported weaker profit and revenue for the latest quarter than analysts expected. It pointed to “stubbornly persistent macro consumer headwinds.”
Elsewhere on Wall Street, Trump Media & Technology Group dropped 12.6% to worsen its rough run since March. The company behind former President Donald Trump’s Truth Social platform has often risen and fallen with expectations for Trump’s re-election chances, and he’s coming off a debate with Vice President Kamala Harris.
Since closing above $66 in early March, the stock has tumbled to $16.27. That affects Trump particularly because he is the company’s largest shareholder.
Bitcoin and other cryptocurrencies — which Trump has been championing in recent weeks, along with his own crypto company — fell earlier in trading, but either recovered or pared their losses. Bitcoin rose 0.2%, recovering from an earlier drop. Stocks of crypto-related companies also sank, including drops of 0.8% for Coinbase Global and 0.2% for MicroStrategy.
Gainers in the U.S. stock market included solar-energy companies, which are seen as doing better under a Democratic White House than a Republican one. First Solar gained 11.9%.
In the bond market, the yield on the 10-year Treasury rose to 3.68% from 3.64% late Tuesday. The two-year yield, which more closely follows expectations for Fed action, rose to 3.67% from 3.59%.
In stock markets abroad, indexes fell across much of Europe and Asia.
Japan’s Nikkei 225 dropped 1.5% after a Japanese central bank official was quoted by Japanese media as indicating the Bank of Japan was getting ready to raise interest rates. The comments also pushed the value of the Japanese yen higher against the U.S. dollar, a move that earlier in the summer helped send financial markets around the world reeling.
AP Business Writers Yuri Kageyama and Matt Ott contributed.
The American flag hangs from the front of the New York Stock Exchange on Wednesday, Sept. 11, 2024, in New York. (AP Photo/Peter Morgan)
Currency traders talk near the screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ), at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 11, 2024. (AP Photo/Lee Jin-man)
Currency traders talk near the screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ), at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 11, 2024. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 11, 2024. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 11, 2024. (AP Photo/Lee Jin-man)
