Caraustar Industries, Inc. and Crane Carton Company LLC completed the purchase of Crane by Caraustar. Crane operates a single large folding carton manufacturing facility in Chicago. Crane will become part of Caraustar's Custom Packaging Group's Midwest Division. The total purchase price of $24.8 million includes the assumption of approximately $5.8 million in outstanding debt of Crane and the issuance of about $18.9 million in stock.
According to Jim Walden, vice president of Caraustar's Custom Packaging Group, ``Crane utilized approximately 28,000 tons of paperboard in its latest fiscal year, approximately 20,000 tons of which were clay coated recycled grades. The integration of the clay coated recycled grades into Caraustar's mill system, combined with Crane's profitable operations, should positively impact earnings from the outset.''
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