Field Container to Merge with Altivity Packaging
Aug. 11, 2006 - Field Container Company, L.P. announced today that it has signed an agreement to combine its business with Altivity Packaging, the former consumer packaging business of Smurfit-Stone that was recently acquired by affiliates of Texas Pacific Group. Terms of the transaction involving the two privately held companies were not disclosed. The new company will be named Altivity Packaging, LLC.
Larry Field, Chief Executive Officer of Field Container, will serve as a member of the Board of Directors and will maintain an important role in the company. John Riconosciuto, formerly Chief Operating Officer of Smurfit-Stone, is Chief Executive Officer of Altivity Packaging.
"The combination of Field Container with Altivity Packaging will result in a larger, more diverse consumer packaging company with a broader mix of packaging products," said Larry Field. "The expanded product line and greater geographic distribution of facilities will allow us to serve our customers with increased efficiency and speed to market. Both companies are also recognized as industry leaders in customer service, and we share a strong commitment to superior customer service."
It is expected that the transaction will be completed in the next several days. Headquarters for Altivity Packaging will remain in the Chicago area.
Founded in 1942, Field Container Company, L.P. is the fifth-largest folding carton company in the U.S. and the largest privately held carton converter. Field Container has eight folding carton plants in North America, two paper mills, an ink company with five locations, and a gift box division. Field's total employment is 1,700.
Altivity Packaging was formed in 2006 in connection with the sale of assets of Smurfit-Stone's consumer packaging segment to affiliates of Texas Pacific Group. Altivity, headquartered in the Chicago area, employs approximately 6,600 employees. Its facilities include four coated recycled boxboard mills and 39 consumer packaging converting operations in the United States, including folding carton, multiwall and specialty bag, flexible packaging and laminating businesses, and one consumer packaging converting plant in Brampton, Ontario.
SOURCE: Altivity Packaging