Berry Global Group Inc. saw sales substantially increase in the company's recently completed fiscal year due mainly to inflation as profits also increased.
The Evansville, Ind.-based company also unveiled plans to dramatically increase use of recycled and renewable plastics.
Berry earned $733 million, or $5.30 per diluted share, on sales of $13.85 billion for the fiscal fourth quarter ended Sept. 26. That compares with a profit of $559 million, or $4.14 per diluted share, on sales of $11.71 billion for the previous fiscal year.
The increase included 4 percent organic growth from existing operations during the year.
"All of these strong financial metrics were delivered despite a challenging backdrop of significant cost inflation along with labor and supply chain challenges," CEO Tom Salmon said in a statement.
"We continue to invest in each of our businesses to build and maintain our world-class, low-cost, manufacturing base, with an emphasis on key growth markets and regions and continue to see incremental opportunity to invest organically in support of our unwavering commitment to global growth," he said.
Berry also unveiled a sustainable packaging goal to have "30 percent circular plastics use across its fast-moving consumer goods packaging by 2030."
Circular plastics, for Berry, includes recycled and renewable resins including bioplastics, the company said.
Berry said the new "30 by 30" goal surpasses a previous goal to use 10 percent post-consumer resin by 2025.
"Many of our customers around the world are moving from setting ambitious sustainability goals to taking meaningful action," Salmon said. "Giving our natural resources multiple lives is critical to transitioning to a net-zero economy."