Dill helped diversify Ampac into high-growth markets

Jon Dill has been with Ampac Packaging LLC for 15 years. In that time, Ampac's sales have grown tenfold: from less than $40 million in 2000 to about $400 million today.

Dill has helped Cincinnati-based Ampac acquire 13 companies, which he said account for about 50 percent of the growth. Another 40 percent has come from organic gains.

Those accomplishments and more place Dill among three runners-up for Plastics News' 2015 CFO of the Year Award. The award recognizes the top financial leaders at North American plastics processors.

The Ampac CFO, executive vice president and partner has helped the company diversify, from having “one large customer and one major product — a drawstring bag” into high-growth markets such as pharmaceutical and retort packaging. Ampac now draws about 60 percent of its sales from flexible packaging and 40 percent from retail packaging.

“First we diversified in retail,” he said. “Then we said [to customers], ‘Here's a solution — paper, plastic, whatever — we can help you with that.'”

Making several acquisitions helped consolidate the market. Then it was time to branch out into other markets, he said. Next came standup pouches, laminated packaging, form/fill/seal.

“Then we said, ‘We're just in North America; we need to start looking at other markets.'” Next came Europe and Asia.

Dill helped establish an Ampac plant in China in 2003-04, but the company has since relocated those operations to Vietnam and Cambodia.

“China isn't like it was back then,” he said.

More acquisitions followed, including three in 2007 — just before the economy tanked and raw materials “dried up.”

Dill acknowledged “2008 was a bad year.”

“Then 2009 was a record year. It wasn't the top line that was moving, it was the raw material change.”

The 2008 period forced many firms to re-examine their cost structures.

“Things did not look good. There was a serious drop in the top line. We had to make some serious decisions — layoffs, freezing salaries.”

Yet the company continued to build and make incremental improvements.

“We recovered staff and also relied on technologies to minimize our head count. Invoicing, billing and accounting are all done automatically,” he said.

The company employs 1,500 now, including a Plastics News-estimated 625 in North American film operations. Ampac ranked No. 47 on PN's 2014 ranking of North American film and sheet makers, with related sales of $154 million.

Dill is optimistic about the economy in general and Ampac's course specifically.

“I think it's pretty good. It hasn't felt this good in a while,” he said in a recent phone interview. “Companies are carrying more inventory and taking more risks. It's different than five years ago when people were still hesitant, and certainly better than seven years ago.”

Staying close to clients, family

On a typical day, Dill said, he spends a lot of time on email and the phone, trying to keep in touch with customers while staying close to the business. He travels about once a month. When he's not working, he spends time with his wife, Nan, their children and their golden retriever. He coaches soccer, and plays when he can in an over-30 league.

“I'm as involved in it as my body will let me be,” he said.

The family, with three sons — ages 11, 14 and 17 — is bracing for “the eye-opening college adventure” right now.

Dill's own college adventure produced a bachelor's degree in political science from DePauw University in Greencastle, Ind., in 1987, and an MBA in finance and international business from the University of Chicago.

Before joining Ampac in 2000, Dill was president of a furniture manufacturer in turnaround, and spent eight years working in sales, finance and operations for Chiquita Brands International in Cincinnati, Los Angeles and Panama. He also worked in finance for three years with BMO Capital Markets in Chicago. 

He is president of the Mariemont School Foundation and was named CFO of the Year in 2007 by the Cincinnati Business Courier.

Read profiles of CFO Of The Year winner Morgan Endicott and nominees Paul Manley and Roger Vang .