AGI World and Shorewood Packaging Complete Merger
Jan. 4, 2012 (Press Release) - Atlas Holdings LLC yesterday announced the closing of its agreement with International Paper to combine their consumer-packaging solutions businesses. As a result, AGI World and Shorewood Packaging have become AGI-Shorewood, one of the largest global specialty packaging businesses with operations in North America, Europe, Asia, and Latin America.
All locations of Shorewood Packaging except those in China are now a part of the new AGI-Shorewood. Closing of the Chinese portion of the transaction will occur later this month upon the transfer of certain governmental licenses and registrations.
“We’re pleased to complete this transaction, which is a transformational event for AGI,” says Atlas Holdings Chairman Andrew Bursky. “The merger provides AGI with expanded diversification, entrée to new and growing end markets, and significant positions in rapidly expanding regions like Asia and Latin America. We are now exceptionally positioned to serve both regional and international consumer packaged-goods, entertainment and tobacco companies on a truly global basis.”
Ukropina leads an experienced executive team that includes: Mark Caines, formerly CEO of AGI North America, as CEO of AGI-Shorewood North America; Tony Garnish, formerly CEO of AGI Europe, as CEO of AGI-Shorewood Europe; Lucy Tzou, formerly general manager of Shorewood Packaging and IP Foodservice Asia, as CEO of AGI-Shorewood Global Gravure and Asia; and Don Eldert, formerly CFO of Atlas Material Holding Corp., as Executive Vice President and CFO of AGI-Shorewood.
The merger of AGI with Shorewood is consistent with Atlas Holdings’ investment approach of purchasing and successfully transitioning divisions of larger corporate parents into strong independent companies.
“We acquired AGI from MeadWestvaco in 2010. The combination with Shorewood, formerly owned by International Paper, creates an independent company focused exclusively on bringing specialty packaging solutions to its customers. In our experience, this focus helps enable superior outcomes for customers, employees and ultimately, investors,” Ukropina said.