MARIETTA, GA. (Dec. 9, 11:55 a.m. ET) — Graphic Packaging Holding Co. has combined its multiwall bag and specialty plastics packaging unit with Delta Natural Kraft LLC and Mid-America Packaging LLC to form a new company.
Marietta, Ga.-based Graphic Packaging will own 87 percent of the new firm, officials said in a Dec. 9 news release. The combined business will have annual sales of about $150 million.
The remainder of the new firm will be owned by Capital Five Investments LLC, a Twinsburg, Ohio-based investor that already owns Delta Natural Kraft of Pine Bluff, Ark., and Mid-America Packaging of Twinsburg.
“The combination will allow us to better serve our customers through the expanded operations … and position us well for a rebound of the end markets served by these products,” Graphic Packaging President and CEO David Scheible said in the release.
Publicly held Graphic Packaging posted sales of almost $3.2 billion in the first nine months of 2011 — an increase of about 2 percent vs. the same period in 2010. The firm posted nine-month profit of about $11 million after losing almost $9 million in the year-ago period,