International Paper (NYSE: IP) today announced that it has completed the transfer of its North America Consumer Packaging business to Graphic Packaging. As a result of the transaction, Graphic Packaging has assumed $660 million of IP debt. IP now holds a 20.5% ownership interest in the subsidiary of Graphic Packaging that holds the assets of the combined business. The transferred business includes approximately 3,900 employees, two coated paperboard mills and three converting facilities in the U.S., along with one converting facility in the U.K.
http://internationalpaper2015.q4web.com/news-releases/press-r/2018/International-Paper-Completes-Transfer-of-Their-North-America-Consumer-Packaging-Business-to-Graphic-Packaging/default.aspx
Related Posts
Green Bay Packaging of Green Bay, Wisconsin, has announced it is expanding manufacturing space at its Great Lakes Packaging Division facility in Germantown, Wisconsin, with the addition of a new building. The company held a groundbreaking ceremony at the location in early July. On its website, GBP describes its Germantown Great Lakes Division as a provider of corrugated containers, point of purchase displays, wood/foam specialty packaging and contract packaging and fulfillment services. While the facility does not convert recovered paper into new paperboard, it engages in downstream functions for GBP corrugated materials, including those made at its recycled-content mill in Green Bay, in which it invested $500 million earlier this decade. The mill consumes old corrugated containers (OCC), mixed paper and other recovered paper grades. The new downstream facility will consist of 270,000 square feet of manufacturing space “for increased capabilities and streamlined operations,” says GBP. Equipment within the facility will include a rotary die cutting (RDC) machine, a laminator and a specialty folder-gluer.
Paddock Enterprises a wholly owned subsidiary of O-I Glass, Inc. , announced that an order confirming its Plan of Reorganization was entered by the United States Bankruptcy Court for the District of Delaware, paving way to the implementation of the Plan and the final stage in the Chapter 11 process. “We are pleased to have achieved this significant milestone resolving Paddock’s legacy liabilities in a manner that is fair and equitable, and provides finality for the company moving forward,” said Andres Lopez, CEO of O-I Glass. “The broad support for the Plan among Claimants is indicative of the positive outcome it delivers to all parties. We look forward to implementing the final steps in the Chapter 11 process following this confirmation by the Bankruptcy Court.”
The largest producer and exporter of packaging paper and sustainable paper packaging solutions in Brazil, Klabin was the winner in two categories of the PPI Awards, by Fastmarkets RISI, considered the most important worldwide recognition of the Pulp and Paper sector. Cristiano Teixeira, the Company's managing director, was elected “International CEO of the Year”, and the company's actions aimed at the digital transformation of its forestry operations were recognized in the “Digital Innovation” category. Since taking over Klabin's general management, Cristiano Teixeira has guided the Company's full and continuous growth process, with a focus on sustainability, operational efficiency and technology. The executive prioritizes strategic planning guided by the company's integrated, diversified and flexible business model, capable of adapting to the most diverse economic environments, and which reinforces the Company's long-term vision.