Graphic Packaging Holding Co., Atlanta, completed the combination of Graphic Packaging's existing businesses with International Paper's North America consumer packaging business. Graphic Packaging owns 79.5% of the combined company and will be the sole manager. International Paper, Memphis, Tenn., will own 20.5% of the combined company.
There is no change to Graphic Packaging's current board of directors or leadership team.
On a combined basis, Graphic Packaging is now an integrated paper-based packaging company, producing folding cartons and paper-based foodservice products in the United States.
"We are excited to close this transformative transaction at the start of the New Year, and the timing reflects the significant effort of both Graphic Packaging and International Paper employees," says Michael Doss, president and CEO of Graphic Packaging. "We are very enthusiastic about the platform for future growth created by this combination, and expect the transaction will significantly increase our mill production and converting scale. The combination meaningfully increases our exposure to the growing foodservice market, provides significant runway to realize synergies and will drive strong financial results."