Graphic Packaging Reached Agreement to Sell Augusta Paperboard Facility

SEATTLE (Scrap Monster): Graphic Packaging Holding Co. announced recently that it has signed a definitive agreement with Spokane-headquartered Clearwater Paper Corp. towards sale of Graphic’s bleached-paperboard manufacturing facility in Augusta. The deal is valued at $700 million.

The Augusta location of the company comprises of three facilities- a factory, a warehouse and a wood yard. The company purchased the facility, originally developed by Continental Can Co., from International Paper in 2018 and has invested over $350 million towards modernizing the plant over the past six years. The factory produces paperboard from hardwood fiber.

The transaction is subject to regulatory approvals and is expected to close in Q2 this year, said the company press release.

Michael Doss, Graphic Packaging’s president and chief executive officer noted that the Augusta asset with its employees is a more compelling fit with Clearwater Paper's strategic growth plans than its own.

Also, Arsen Kitch, CEO, Clearwater Paper said that Augusta is a great fit with its strategy and that it will improve Clearwater’s position as a premier, independent paperboard supplier to North American converters.

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