Marietta, Georgia, USA, 11 April 2011 -- /PRNewswire/ -- Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (NYSE: GPK), today announced that it has entered into a definitive agreement to acquire substantially all of the assets and business of Sierra Pacific Packaging, Inc., a producer of folding cartons, beverage carriers, and corrugated boxes for the consumer packaged goods industry. This acquisition will provide Graphic Packaging with a strategic location to service customers on the West Coast.
Completion of the transaction is expected to occur during the second quarter of 2011.
"Graphic Packaging has a strong record of achieving performance improvement objectives and of successfully integrating businesses," said David Scheible, Graphic Packaging International president and CEO. "This acquisition not only provides our customers with important enhanced operating synergies, but Sierra's values, vision, and culture of sustainability dovetail nicely with our own growth strategy for the future."
"Sierra Pacific Packaging is one of the largest local employers in Oroville, California, and is a leader in sustainability practices -- producing beverage carriers made from 100% recycled materials," said Allen Ennis, Sierra Pacific Packaging CEO.
Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company, 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. The company is one of the largest producers of folding cartons and holds a leading market position in coated-recycled boxboard and specialty bag packaging. Additional information about Graphic Packaging, its business, and its products is available at www.graphicpkg.com.