Graphic Packaging completes divestiture of two coated-recycled board mills
Sep 17, 2008. /Lesprom.com/. U.S. Department of Justice approves sale two coated-recycled board mills of Graphic Packaging Holding Company to an affiliate of Sun Capital Partners, Inc. known as PaperWorks Industries, Inc.
Sep 17, 2008. /Lesprom.com/. Graphic Packaging Holding Company, announced that it has completed the divestiture of two coated-recycled board (CRB) mills with the approval of the U.S. Department of Justice pursuant to the Consent Decree governing the combination of Graphic Packaging International, Inc. and Altivity Packaging, LLC in March 2008. As announced previously, the Company is selling the CRB mills, located in Philadelphia, Pennsylvania and in Wabash, Indiana, to an affiliate of Sun Capital Partners, Inc. known as PaperWorks Industries, Inc.
"We are pleased that the divestiture has been approved by the Department of Justice and we will remain focused on producing paperboard as part of our core business. By completing these sales quickly, we may continue to move forward aggressively to achieve our announced synergy target of $90 million by 2010, two years ahead of plan," said David W. Scheible, President and CEO, Graphic Packaging.
Graphic Packaging Holding Company is a provider of paperboard packaging solutions for a wide variety of products to food, beverage and other consumer products companies.