ATLANTA (From news reports) -- Graphic Packaging Holding Company announced it has reach an agreement to buy Artistic Carton Company, a package manufacturing company, for an undisclosed amount.
Graphic Packaging, which provides paper-based packaging services, said it will acquire substantially all of Artistic Carton's assets, including a recycled paperboard mill located in White Pigeon, Mich. and two Illinois converting facilities.
The deal is expected to close third quarter of 2019.
Last year, Graphic Packaging acquired foodservice business Letica Corp., a subsidiary of RPC Group PLC, for $95 million.
Along with the acquisition, Graphic Packaging on Tuesday announced its second quarter 2019 results.
The company reported net sales increased from $1,510.9 million to $1,552.8 million, 3% growth. The increase was driven by higher prices and improved volume/mix related to acquisitions the company said in a statement.
The company also saw an increase in its earnings per diluted share, which went from $0.16 in the prior year period to $0.22.
It was also able to return $47 million to stakeholders via share repurchases of stock and dividends and distributions to its GPIP Partner.
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