NORCROSS, GA. (Dec. 9, 11:50 a.m. ET) — Packaging giant Rock-Tenn Co. has acquired GMI Group, a packaging processor and laminator, for an undisclosed price.
Plymouth, Ind.-based GMI operates six manufacturing sites across the U.S. under the names of GMI Inc., Glenmark Industries Inc., Foil Laminating Inc. and Varipak Inc. The firm was founded in 1964 and makes products including lids and clamshell packaging, as well as specialty film, foil and holographic laminations.
Most of Norcross, Ga.-based Rock-Tenn's products are based on corrugated paperboard. Earlier this year, the firm paid $3.5 billion to acquire corrugated packaging maker Smurfit-Stone Container Corp.
Rock-Tenn's sales grew 80 percent to $5.4 billion in its 2011 fiscal year ended Sept. 30. But the firm's profit tumbled almost 40 percent to $146 million.
GMI was assisted in the transaction by financial firm Deloitte Corporate Finance LLC of Chicago.