ATLANTA, June 12, 2018 /PRNewswire/ -- Graphic Packaging
Holding Company (NYSE: GPK), today announced that its wholly owned
subsidiary, Graphic Packaging International, LLC, has agreed to
acquire substantially all the assets of PFP, LLC and its related
entity PFP Dallas Converting, LLC.
PFP is an independent converter focused on the production of
paperboard-based air filter frames, and operates two manufacturing
facilities in Lebanon, Tennessee
and Lancaster, Texas.
The business converted approximately 18 thousand tons of
paperboard, primarily CUK, and generated strong EBITDA margins on
an LTM basis. Synergies from the acquisition will be driven by the
integration of additional CUK paperboard tons and cost
efficiencies.
"The PFP acquisition extends our leading position in the growing
paperboard-based air filter frame market, which we established with
the acquisition of Carton Craft in July
2017," said President and CEO Michael Doss. "The transaction is consistent
with our strategy to pursue acquisitions that allow us to increase
our mill to converting plant integration levels into growing
markets at compelling post-synergy EV/EBITDA multiples."
Forward Looking Statements
Any statements of the Company's expectations in this press
release constitute "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such statements,
including but not limited to those regarding the effect of the
acquisition on the Company's integration levels and financial
position, are based on currently available information and are
subject to various risks and uncertainties that could cause actual
results to differ materially from the Company's present
expectations. These risks and uncertainties include, but are
not limited to, the Company's ability to successfully integrate the
acquisition and achieve synergies. Undue reliance should not
be placed on such forward-looking statements, as such statements
speak only as of the date on which they are made and the Company
undertakes no obligation to update such statements.
Additional information regarding these and other risks is contained
in the Company's periodic filings with the SEC.
About Graphic Packaging Holding
Company
Graphic Packaging Holding Company (NYSE: GPK), headquartered in
Atlanta, Georgia, is committed to
providing consumer packaging that makes a world of difference. The
Company is a leading provider of paper-based packaging solutions
for a wide variety of products to food, beverage, foodservice, and
other consumer products companies. The Company operates on a global
basis, is one of the largest producers of folding cartons and
paper-based foodservice products in the
United States, and holds leading market positions in solid
bleached sulfate paperboard, coated unbleached kraft paperboard and
coated recycled paperboard. The Company's customers include many of
the world's most widely-recognized companies and brands. Additional
information about Graphic Packaging, its business and its products
is available on the Company's web site at www.graphicpkg.com.
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SOURCE Graphic Packaging Holding Company