Ranpak makes paper-based protective packaging systems and sells the paper consumables that run in them. The business runs on a razor/razor-blade model: Ranpak places its proprietary converting machines at customer facilities for a nominal fee, then sells paper consumables that work exclusively with those machines, creating a locked-in recurring revenue stream. Ranpak has over 145,000 installed systems across more than 30,000 end-users. Products fall into three types — void-fill (FillPak), cushioning (PadPak), and wrapping (WrapPak/Geami) — with all products fully recyclable and biodegradable, with no plastic inputs. Automation is a growing second business (~10% of revenue), selling equipment that automates end-of-line packaging using robotics and machine vision. Unlike the PPS business, automation equipment is sold outright rather than on a recurring model, though automation placements also drive paper consumable pull-through. Ranpak sells roughly 80% of revenue through a network of over 250 exclusive distributors, with the remaining 20% going direct to large enterprise customers. The company operates in two segments: North America (~47% of revenue) and Europe/Asia (~53%). Growth strategy centers on expanding large enterprise e-commerce accounts like Amazon and Walmart, scaling the automation business toward a $100M+ revenue target, and expanding in Asia Pacific following the opening of a Malaysia production facility in late 2024.