As a result of the deal, Graphic Packaging now owns 100% of the partnership
Graphic Packaging has concluded partnership with International Paper. (Credit: Gerd Altmann from Pixabay)
US-based Graphic Packaging Holding has concluded its partnership with International Paper with the exchange of remaining minority partnership interest.
The final tranche of the membership stakes controlled by International Paper in Graphic Packaging International Partners (the partnership) have been exchanged for an equivalent number of shares of Graphic Packaging common stock.
Graphic Packaging now owns 100% of the partnership, as a result of the deal.
Graphic Packaging Holding president and CEO Michael Doss said: “The partnership with International Paper played an important role as we established our leadership position in fibre-based consumer packaging across all three paperboard substrates.
“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.”
In January 2018, International Paper had completed the transfer of its North America Consumer Packaging business to Graphic Packaging.
At that time, Graphic Packaging owned 79.5% of the partnership, while the remaining 20.5% stake is owned by International Paper.
Under the final transaction, around 22,773,072 membership units have been exchanged for an equivalent number of shares of Graphic Packaging common stock.
Following the deal, the total number of shares of Graphic Packaging’s common stock is around 306.9 million shares.
Graphic Packaging offers sustainable fibre-based packaging solutions for a range of food, beverage, foodservice and other consumer products companies.