Graphic Packaging Holding Company Completes Acquisition of U.K.-Based Benson Group
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Graphic Packaging Holding Company, a leading provider of packaging solutions to food, beverage and other consumer products companies, today announced that that it has completed the previously announced acquisition of the business of Benson Group, a leading food and healthcare packaging company based in the United Kingdom.
Highlights
- Acquisition enhances Graphic Packaging's European platform by broadening its offerings in food and consumer products and extending the business into the store brand market
- Combination creates a $700+ million business in Europe
- Acquisition complements Graphic Packaging's existing food and beverage business in Europe and provides an opportunity to further integrate our SUS® paperboard
- Expected to generate $5-$7 million of synergies over the next 18 months
"We are pleased to welcome the Benson customers and employees into Graphic Packaging," said David Scheible, Graphic Packaging's Chairman, President and CEO. "The strong presence of Benson Group in the store brand market complements Graphic Packaging's existing strengths in the consumer and beverage markets. I know that together we will set new industry standards for quality, customer service and innovation," adds Scheible.
The combination of Benson Group and Graphic Packaging's existing European businesses is expected to greatly enhance Graphic Packaging's folding carton business in Europe, with sales in excess of $700 million. "This combination allows us to broaden our customer base and to offer our current global customers a wider range of new products and services. Like our strategy in the United States, we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs," added Scheible.
Benson Group brings more than 200 customers and approximately 940 employees to Graphic Packaging, and operates four folding carton facilities in the United Kingdom that convert approximately 80,000 tons of paperboard annually.
Source: http://investors.graphicpkg.com/
