Riverwood and Graphic Packaging announce post-merger strategy

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Related tags: Chief executive officer, Management occupations

Riverwood Holding, parent company of Riverwood International, and
Graphic Packaging International, have said that they will take the
name of Graphic Packaging Corporation upon completion of their
merger.

Riverwood Holding, parent company of Riverwood International, and Graphic Packaging International, have said that they will take the name of Graphic Packaging Corporation upon completion of their merger.

The merger, announced on March 26, 2003, will create a global paperboard packaging company with leading market positions serving the beverage, food and consumer products industries worldwide. The pro forma 2002 revenues for the combined company as presented in the registration statement on Form S-4 are approximately $2.3 billion (€1.96bn).

The company has already announced that it is expected Jeffrey Coors, currently chairman and chief executive officer of Graphic Packaging, will become the executive chairman of the Board and Stephen Humphrey, currently president and chief executive officer of Riverwood, will become president and chief executive officer. Also as announced previously, David Scheible, currently chief operating officer of Graphic Packaging, is expected to serve as executive vice president of Commercial Operations for the new company.

Daniel Blount, currently chief financial officer of Riverwood, and Luis Leon, currently chief financial officer of Graphic Packaging will continue in their respective roles until the merger is complete. The company says it is anticipated that Blount will serve as senior vice president of Integration for the combined company and Leon will leave to pursue other interests. A search for a new chief financial officer for the combined company has been initiated and is expected to conclude in the near future, the company added."We are moving forward to ensure that the integration of our two companies is smooth, effective and timely,"​ said Humphrey. "Our shared vision is to create the most dynamic enterprise in the industry, one with global scale, innovative technologies and a rich product portfolio to serve our customers and build long-term value for our shareholders."

Riverwood International​ is a leading integrated provider of paperboard packaging solutions to multinational beverage and consumer products companies. Headquartered in Atlanta, Riverwood has annual sales of over $1.2 billion and approximately 4,100 employees at its operations in six countries.

Graphic Packaging International​, with 2002 revenues of approximately $1.1 billion, is North America's leading folding carton packaging supplier to the food, beverage and other consumable products markets.

Related topics: Processing & Packaging

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