RE:a friend of mine had a schemeEnvelop EBITDA margins are down because of mix.
The margins are better in Canada as they run a quasi-monopoly, but it's more competitive in the USA.
Canadian volume isn't increasing as they already capture almost all the volume and this isn't a growing industry.
Incremental volumes comes from the USA.
That being said, they are restructuring their operation in Ontario with expected $2M in annual saving from closing facilities and consolidating volume into one plant. That will help margins.
Small US acquisitions like Forest Envelop could also help margin over time as they add volumes into existing plants. These aren't immediately showing as they need to transfer sales, machines, employees... which cost money up front.