MWV's sales also rose, by 8% top $1.6bn but pre-tax profit fell by 54% to $76m.

MWV chief executive John Luke highlighted the profits recorded by the individual business segments and said the results 12 months ago had benefited from alternative fuel credits.

"Key elements of our success continue to be a balanced focus on executing profitable growth initiatives in global packaging markets and improving our cost structure and operating productivity," said Duke.

The packaging resources division increase profit 47% to $72m while the consumer solutions segment rose 8% to $27m.

Sealed Air Euro volumes up

Sealed Air said that European volumes had risen by 5% and that while the food sector growth was modest it exceeded customer production volumes.

Chief executive William Hickey warned that foreign exchange rates were likely to be unfavourable in the second part of the year.

He added that the improvement in sales reflected the "modest sense of economic recovery" in 2010.

"We are seeing the benefits of our steadfast commitment to innovation and technology even in the face of economic uncertainty," said Hickey.