Graphic Packaging (GPK) Unit to Acquire Carded Graphics Assets
- Stocks dip after weak U.S. confidence data; oil climbs
- Earnings Estimates are 'Likely Too Optimistic', Risk Not Fully Reflected - Goldman
- Apple's (AAPL) Runs into 5G Modem Development Issues, Will Continue to Use Qualcomm (QCOM) - Analyst
- Bank of America Clients are Selling This Rally
- Recession Could Push Apple Stock 27% Down Says Evercore ISI and Cuts Price Target
Graphic Packaging (NYSE: GPK) announced that its wholly owned subsidiary, Graphic Packaging International, Inc., has acquired the converting assets of Staunton, VA based Carded Graphics, an award winning printed folding carton producer with a strong regional position in the food, craft beer and other consumer product markets.
"The acquisition of Carded Graphics' assets represents a continuation of our strategy to grow in key geographies and end markets," said Michael Doss, Graphic Packaging's President and Chief Operating Officer. "The addition of this state-of-the-art converting facility increases our east coast presence allowing us to better service new and existing customers in that region, specifically the growing craft beer markets. We are also pleased to welcome Murry Pitts, President and CEO of Carded Graphics, and his outstanding leadership team to the Graphic Packaging team."
Murry Pitts said, "It is the perfect time for the Carded Graphics team to join Graphic Packaging. Our employees and customers will truly benefit from this union. Our speed to market philosophy combined with their strong, global position will bring much added value into the paperboard marketplace."
The transaction will be funded with existing cash and borrowings from Graphic Packaging's revolving line of credit.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Emerald Holding (EEX) Acquires Advertising Week Global Event Platform
- GreenBox POS (GBOX) CEO Issues Letter to Shareholders
- Spirit Airlines (SAVE) shareholder TIG Advisors to vote against the Frontier Group (ULCC) merger - Bloomberg
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!