Graphic Packaging Holding Company Concludes Successful Partnership with International Paper; Exchanges Remaining Minority Partnership Interest

Graphic Packaging Holding Company (NYSE: GPK), (the “Company” or “Graphic Packaging”) announced today the conclusion of its successful partnership with International Paper Company. The final tranche of the membership interests held by International Paper in Graphic Packaging International Partners, LLC (the “Partnership”) were exchanged for an equivalent number of shares of Graphic Packaging common stock. As a result, Graphic Packaging now owns 100% of the Partnership.

Michael Doss, the Company’s President and CEO, said, “The partnership with International Paper played an important role as we established our leadership position in fiber-based consumer packaging across all three paperboard substrates. The highly integrated model we have built enables us to serve a broad set of global customers with new and innovative packaging solutions, positioning us to achieve the ambitious growth and return goals established in Vision 2025. Through the combination with International Paper’s consumer packaging business, along with our other organic and inorganic growth initiatives, we have built scale across all three paperboard substrates, and have unique flexibility to quickly meet changing demand patterns for sustainable packaging solutions and deliver value for all stakeholders.”

Doss added, “I want to thank Mark Sutton, Chairman and Chief Executive Officer, and the entire International Paper team for their contributions in building a platform to service and grow with new customers in attractive markets. The partnership was mutually beneficial and provided returns for both companies.”

Graphic Packaging completed the combination with International Paper’s North America Consumer Packaging Business in January 2018. Graphic Packaging owned 79.5% of the partnership and was sole manager, while International Paper owned 20.5%. As part of the final transaction, 22,773,072 membership units were exchanged for an equivalent number of shares of Graphic Packaging common stock. The total number of shares of the Company’s common stock outstanding following the transaction is roughly 306.9 million shares.
https://investors.graphicpkg.com/news/news-details/2021/Graphic-Packaging-Holding-Company-Concludes-Successful-Partnership-with-International-Paper-Exchanges-Remaining-Minority-Partnership-Interest/default.aspx

Related Posts

International Paper Announces Overwhelming Shareholder Approval in Connection with the Proposed Acquisition of DS Smith

International Paper is pleased to announce that it received the necessary shareholder approval for its pending acquisition of DS Smith. Earlier this week, DS Smith also received the necessary shareholder approval for the Combination. International Paper will report the final vote results of the special shareholder meeting in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC"). International Paper and DS Smith continue to expect the Combination to close late in the fourth quarter of 2024, subject to regulatory clearance and other customary closing conditions. "The overwhelming approval from both DS Smith and IP shareholders confirms the strong support of this combination," said Andy Silvernail, Chairman and CEO of International Paper. "Bringing the two companies together will create a true global leader of sustainable packaging solutions which will drive significant value for our employees, customers and shareholders."

Berry Global Announces Investment in Healthcare Asset

Berry Global Group, Inc. announced that it is investing in a state-of-the-art Reicofil R5 asset to provide incremental capacity to serve the fast growing Asia healthcare markets. The investment is targeted to meet forecasted market and customer growth and will be focused on high performance applications in the desired healthcare markets. The nonwovens investment supports Berry’s strategy to further its leadership position in healthcare. The new asset will be installed at Berry’s Nanhai, China, facility, which is strategically positioned to serve customers in the rapidly growing Southeast Asia region. Current projections are for startup in the September quarter of 2022. “We are committed to further partnering with our customers to pursue growth opportunities around the world. The added capacity achieved through this asset is a next step in advancing our market leading position in healthcare material solutions,” said Curt Begle, President of Berry’s Health, Hygiene, and Specialties Division.

Berry Reports First Quarter Results

Highlights - First Quarter 2023 *Operating income of $210 million; Operating EBITDA of $443 million, up 3% on a comparable basis *Earnings per share of $0.85; Adjusted earnings per share of $1.30, up 11% on a comparable basis *Fiscal 2023 outlook: Reaffirmed adjusted EPS and free cash flow ranges *Returned $211 million to shareholders in the quarter ($178 million via share repurchases and $33 million in dividends) *Reduced long-term leverage target to 2.5x – 3.5x (net debt to adjusted EBITDA)
Back To Top
×Close search
Search