PaperAge Magazine

Graphic Packaging Acquires Assets of Paperboard Converter PFP, LLC

Graphic Packaging PFP is an independent converter focused on the production of paperboard-based air filter frames, and operates two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas.

June 14, 2018 - Graphic Packaging Holding Company on June 12 announced that its wholly owned subsidiary, Graphic Packaging International, LLC, has agreed to acquire substantially all the assets of PFP, LLC and its related entity PFP Dallas Converting, LLC.

PFP is an independent converter focused on the production of paperboard-based air filter frames, and operates two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas.

The business converted approximately 18 thousand tons of paperboard, primarily CUK, and generated strong EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional CUK paperboard tons and cost efficiencies.

"The PFP acquisition extends our leading position in the growing paperboard-based air filter frame market, which we established with the acquisition of Carton Craft in July 2017," said Graphic Packaging's President and CEO Michael Doss.

"The transaction is consistent with our strategy to pursue acquisitions that allow us to increase our mill to converting plant integration levels into growing markets at compelling post-synergy EV/EBITDA multiples," Doss added.

Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. To learn more about Graphic Packaging, please visit: www.graphicpkg.com.

SOURCE: Graphic Packaging Holding Company