International Paper and Atlas Holdings today signed a definitive agreement to combine their consumer packaging solutions businesses, pending regulatory approval and other customary closing conditions. As a result of the agreement, Shorewood Packaging and AGI World, two leading global specialty packaging companies, will become AGI-Shorewood, creating one of the largest and most innovative specialty packaging businesses in the world with operations in North America, Europe, Asia, Australia and Latin America.
"For more than a decade, Shorewood Packaging has been an important part of International Paper and has made many contributions to our company, particularly through leadership in innovation and creative services for customers," said Tom Kadien, senior vice president of International Paper's Consumer Packaging and IP Asia businesses. "By merging Shorewood with AGI, our employees and our customers will have many more options and opportunities in the future, and we will continue to be a strong partner in those efforts."
"We are excited about this combination, bringing together two businesses with great legacies and creating a new global leader with unparalleled capability to serve the world's premier consumer product, media and entertainment and tobacco companies," said Andrew Bursky, chairman of Atlas Holdings. "We are committed to building the new AGI-Shorewood around the needs of our customers, providing innovation, efficiency and exceptional service through an unrivaled network of global packaging and creative service facilities."
Once the transaction is complete, the new company will employ nearly 4,000 people and will operate 24 manufacturing facilities around the world. In addition, AGI-Shorewood will be a nimble supplier, strategically focused on its key consumer packaging, media and entertainment, and tobacco packaging markets, which include beauty and personal care, cosmetics and fragrance, healthcare and pharmaceuticals, consumer electronics, golf, confectionary and specialty foods and tobacco and specialty gravure.