Graphic Packaging to Acquire Sierra Pacific Packaging

April 11, 2011 - Graphic Packaging International, Inc. today announced that it has entered into a definitive agreement to acquire substantially all of the assets and business of Sierra Pacific Packaging, Inc., a producer of folding cartons, beverage carriers and corrugated boxes for the consumer packaged goods industry.

Terms of the deal were not disclosed.

Graphic Packaging said the acquisition will provide it with a strategic location to service customers on the West Coast.

"This is an exciting opportunity for Graphic Packaging, Sierra Pacific, and our customers. This acquisition not only provides our customers with important enhanced operating synergies, but Sierra's values, vision and culture of sustainability dovetail nicely with our own growth strategy for the future," Graphic Packaging International president and CEO David Scheible.

"Sierra Pacific Packaging is one of the largest local employers in Oroville, California and is a leader in sustainability practices — producing beverage carriers made from 100% recycled materials," said Sierra Pacific Packaging CEO Allen Ennis. "Graphic Packaging has a strong management team with a deep understanding of our customers' needs. We are excited to work with David Scheible and his leadership team to successfully combine our operations with Graphic Packaging."

GPI expects to close the deal during the second quarter of 2011.

SOURCE: Graphic Packaging International, Inc.