Graphic Packaging Holding Completes Acquisition of CPG Business from Greif, Inc.

Greif, Inc is said to have received $85 million in cash from Graphic Packaging on the sale.

SEATTLE (Scrap Monster):  The Atlanta, Georgia-based packaging solutions company Graphic Packaging Holding Company announced that it has completed acquisition of the Consumer Packaging Group (CPG) Business from Delaware, Ohio-based Greif Inc. The acquisition through its U.S. operating company Graphic Packaging International, LLC., was in accordance with the definitive agreement reached between the two companies in February this year.

Greif, Inc is said to have received $85 million in cash from Graphic Packaging on the sale. The proceeds from the sale will be used towards repaying debts. The sale is not expected to have any material impact on its fiscal 2020 outlook and fiscal 2022 financial commitments. The sale will help the company to delever the balance sheet and optimize its capital allocation plans, said Pete Watson, president and CEO of Greif. 

Through the transaction, Graphic Packaging has acquired seven converting facilities across the U.S. with total revenue in excess of $200 million per year.

Mike Doss, President and CEO, Graphic Packaging noted that the transaction will help to further diversify its end-markets. The strategic investment reflects the company’s ongoing commitment to produce the highest quality paperboard, he added.

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