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Graphic Packaging Shareholders Approve Combination with Altivity Packaging
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Marietta, Georgia, USA, 17 January 2008 -- /PRNewswire/ -- Graphic Packaging Corporation (NYSE: GPK) reported at the conclusion of its special meeting of stockholders today that its stockholders have approved the previously announced proposed combination with Altivity Packaging, LLC.

The preliminary vote tabulation announced at the meeting indicates that more than 88% of the outstanding shares were cast in favor of the transaction. All related matters were also approved.

"Today's vote is the latest demonstration of the strong support for the combination of our two companies," said David Scheible, president and chief executive officer of Graphic Packaging.

The company also received approval from the New York Stock Exchange to list shares of the new public company, Graphic Packaging Holding Company, under the ticker symbol GPK upon completion of the transaction.

About the Transactions

On 10 July 2007, Graphic Packaging and the owners of Altivity Packaging announced they had signed a definitive agreement to combine the two companies. Consummation of the combination is subject to customary closing conditions, including approval by the Federal Trade Commission and the U.S. Department of Justice (DOJ) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act). At the request of the DOJ, Graphic Packaging and the owners of Altivity Packaging voluntarily agreed to extend the waiting period imposed by the HSR Act until 22 January 2008.

The transactions remain subject to completion of other customary closing conditions.

About Graphic Packaging Corporation

Graphic Packaging Corporation, headquartered in Marietta, Georgia, is a leading provider of paperboard packaging solutions for a wide variety of products to food, beverage and other consumer products companies. Graphic Packaging's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products is available on Graphic Packaging's web site at http://www.graphicpkg.com.

About Altivity Packaging

Altivity Packaging, LLC, headquartered in Chicago, Illinois, is the largest privately-held producer of folding cartons and holds a leading market position in coated-recycled boxboard and bag packaging. Altivity Packaging operates six recycled boxboard mills and 50 consumer-packaging facilities in North America. Additional information about Altivity Packaging, its business and its products is available on Altivity Packaging's web site at http://www.altivity.com.

Additional Information and Where to Find It

In connection with the proposed transaction, New Giant Corporation, a newly-formed holding company (that will be renamed Graphic Packaging Holding Company), has filed with the SEC a Registration Statement on Form S-4, as amended (File No. 333-145849) that includes a proxy statement of Graphic Packaging Corporation that also constitutes a prospectus of New Giant Corporation. Graphic Packaging Corporation mailed the final proxy statement/prospectus to its stockholders on or about 13 December 2007.

You may obtain a free copy of the proxy statement/prospectus and other related documents filed with the SEC by Graphic Packaging Corporation and New Giant Corporation at the SEC's web site at www.sec.gov. The proxy statement/prospectus and the other documents may also be obtained for free by accessing Graphic Packaging Corporation's web site at http://www.graphicpkg.com.

Source: Graphic Packaging Corporation


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