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Graphic Packaging and Altivity Packaging Combination Approved by U.S. Department of Justice
Marietta, Georgia, USA, 05 March 2008 -- /PRNewswire/ -- Graphic Packaging Corporation (NYSE: GPK) and Altivity Packaging, LLC today announced that they have reached an agreement with the U.S. Department of Justice that will allow completion of their combination.

Graphic and Altivity have signed a consent decree with the Department of Justice that was today filed with and is subject to approval by the U.S. District Court for the District of Columbia. As a condition of the proposed consent decree, the combined company will be required to divest two of Altivity's coated-recycled paperboard mills. The company expects to divest Altivity's Wabash, Indiana, and Philadelphia, Pennsylvania, mills pursuant to the Consent Decree. The closing of the combination is expected to take place as soon as practicable after the court's approval of an asset preservation order related to the divestiture and the completion of administrative formalities.

David W. Scheible, Graphic Packaging president and chief executive officer, commented, "We look forward to closing the proposed transaction with Altivity quickly and to beginning the integration of these two innovative packaging companies to create value for our stockholders, our customers, our employees and our other stakeholders."

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 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 at http://www.altivity.com.

Additional information

In connection with the proposed transaction, New Giant Corporation, a newly-formed holding company referred to as New Graphic, has filed with the Securities and Exchange Commission (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 Graphic. A free copy of the proxy statement/prospectus and other related documents filed with the SEC by Graphic Packaging Corporation and New Graphic is available 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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