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Shareholders approve Graphic Packaging merger

Shareholders of Graphic Packaging Intl. Corp. have approved the proposed merger with Riverwood Holdings, Inc., to form a global paperboard packaging company with estimated annual sales of $2.2 billion.

The combined company will be called Graphic Packaging Corp. and will be headquartered in Marietta, GA.

At a special shareholders meeting held Thursday, Aug. 7, 79% of Graphic’s common stock shareholders voted for the merger, and 100% of preferred shares also voted for the merger.

“Today’s vote demonstrates our stockholders’ confidence in the value of this combination of two very complementary businesses,” said Jeffrey H. Coors, chairman and CEO of Graphic Packaging. “Graphic Packaging is the leading U.S. supplier of folding cartons to food and other consumer products companies, and Riverwood is the leading supplier of paperboard packaging for beverages.”

Jeffrey Coors will be chairman of the new company; Stephen M. Humphrey, currently president and CEO of Riverwood, will be president and CEO.

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