Graphic Packaging Corp. plans to sell its flexible packaging division and has been taking bids for more than a month.
``This is a strategic decision to focus on the folding carton business,'' said Holly Coors, director of investor relations at ACX Technologies Inc.
``We are one of the top five folding carton producers, but in the bottom tier of the flexible business," she said.
Graphic Packaging is a subsidiary of ACX Technologies and makes roll stock, folding cartons, laminations and flexible packaging.
The division represents 18.4 percent of Graphic Packaging's sales, or about $115 million of the company's $623 million 1998 total. Customers include Ralston Purina and Eastman Kodak.
The Golden, Colo.-based company has flexible packaging plants in Franklin, Ohio; Charlotte, N.C.; Vancouver, British Columbia; Winnipeg, Manitoba; Toronto and Montreal.
``This is not a fire sale,'' Coors said in a telephone interview. ``We want to find someone who sees the value in this business that we see. We have no set time line.''