Graphic Packaging Subsidiary Announces Acquisition of Artistic Carton Company

The transaction is expected to close in Q3 this year.

SEATTLE (Scrap Monster): Graphic Packaging Holding Company announced that it has reached an agreement to acquire the assets of Artistic Carton Company- a leading producer of folding cartons and coated recycled paperboard (CRB) having over 75 years of packaging expertise.

The acquisition, which will be carried out through its subsidiary, is subject to customary closing conditions. The transaction is expected to close in Q3 this year.

As part of the transaction, Graphic Packaging will add to its fold, a coated recycled paperboard (CRB) mill located in White Pigeon, Michigan, having a production capacity of nearly 70,000 tons per annum. The acquired assets also include two converting facilities-one in 1201 Groudstaff  Drive, Auburn, IN and the other in 1975, Big Timber Road, Elgin, IL.

ALSO READ: Graphic Packaging Holding Company Posts Robust First Quarter 2019 Results 

It must be noted that the business had generated total revenue of $63 million during the year ended June 30, 2019. It is expected to generate around $10 million in annualized EBITDA over the next 12-18 months period.

Announcing the decision, Michael Doss, President and CEO noted that the company is extremely pleased to announce the acquisition as it is anticipated to provide optimization and growth opportunities for its North American paperboard mill and converting platform. The paperboard integration, mill and converting manufacturing optimization and supply chain efficiencies is expected to deliver significant synergies going forward, Doss added.

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