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Graphic Packaging Holding Co., Atlanta, has concluded its partnership with International Paper Co., Memphis, Tennessee. According to a news release from Graphic Packaging, the final tranche of the membership interests held by International Paper in Graphic Packaging International Partners LLC were exchanged for an equivalent number of shares of Graphic Packaging common stock. As a result, Graphic Packaging says it owns 100 percent of the partnership.
“The partnership with International Paper played an important role as we established our leadership position in fiber-based consumer packaging across all three paperboard substrates,” says Michael Doss, president and CEO of Graphic Packaging. “The highly integrated model we have built enables us to serve a broad set of global customers with new and innovative packaging solutions, positioning us to achieve the ambitious growth and return goals established in Vision 2025. Through the combination with International Paper’s consumer packaging business, along with our other organic and inorganic growth initiatives, we have built scale across all three paperboard substrates and have unique flexibility to quickly meet changing demand patterns for sustainable packaging solutions and deliver value for all stakeholders.”
He continues, “I want to thank Mark Sutton, chairman and chief executive officer, and the entire International Paper team for their contributions in building a platform to service and grow with new customers in attractive markets. The partnership was mutually beneficial and provided returns for both companies.”
Graphic Packaging completed the combination with International Paper’s North America Consumer Packaging Business in January 2018. Graphic Packaging owned 79.5 percent of the partnership and was sole manager, while International Paper owned 20.5 percent. As part of the final transaction, 22,773,072 membership units were exchanged for an equivalent number of shares of Graphic Packaging common stock. The total number of shares of the company’s common stock outstanding following the transaction is roughly 306.9 million shares.
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