Adjusted EBITDA for the year was $308 million, compared to $324 million for the prior year. Currency accounted for approximately $11 million of the decline. For the fourth quarter, adjusted EBITDA was $64 million compared to $84 million in the fourth quarter of the prior year. The decline in the fourth quarter is primarily related to softer volumes and product mix, particularly in the company’s European flexibles business.
David Mezzanotte, chairman and interim CEO, said that 2016, as a whole, did not meet the company’s objectives and was disappointing.
“However, we understand where our issues were and we are implementing countermeasures to address them,” he added. “I am optimistic about the back half of 2017 as we focus on top line growth and drive customer care initiatives to better differentiate our product offering.”