Highlights • Net sales were $1.7 billion, which was 3 percent lower than prior year third quarter, largely due to the adverse impact of the stronger U.S. dollar. • Shipments declined compared with prior year, primarily due to the transfer of production to our joint venture with Constellation Brands and the impact of the poor 2017 grape harvest in Europe. These headwinds were partially offset by price gains, which were reported in all segments. • Earnings from continuing operations before income taxes were $168 million for the third quarter compared with $172 million for the same period in 2017. • Segment operating profit of reportable segmentsP for the third quarter of 2018 was $255 million, $5 million lower than prior year period. Excluding the $9 million adverse impact from foreign currency, segment operating profit was up 2 percent. Click read more below for additional detail.
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.”