Graphic Packaging (GPK) Unit to Acquire Carded Graphics Assets

October 1, 2015 4:23 PM EDT

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.

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