al n rte n I- d e tc i tr s e R CORE U.S. Chemicals Initiating Coverage of Five Packaging Names We initiate coverage of five Packaging names with a positive industry view. In a INITIATING COVERAGE U.S. Chemicals POSITIVE Unchanged Equity Research 16 January 2020 slow-growth, late-cycle macroeconomic backdrop, we like: a) the spaces leverage to less-cyclical end-markets (food 9x P/E premium) makes putting fresh money to work today challenging. On the other side of the coin, we think further re