deliverables are lower raw material and packaging costs, packaging optimization, new lighter weight bottles, and more formulation optimization. The new glass factory (SGA2), whose furnace has heated up in August
earnings im- pact from the seasonal maintenances. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in core earnings follows on from IVL’s strategy of prudent invest- ments in the higher