AGI World and Shorewood Packaging form AGI-Shorewood
Merger will create one of the world’s largest speciality packaging businesses
International Paper and Atlas Holdings have signed a definitive agreement to combine their consumer packaging solutions businesses – Shorewood Packaging and AGI World – pending regulatory approval and other customary closing conditions. The resulting company, AGI-Shorewood, will be one of the largest speciality packaging businesses in the world with operations in North America, Europe, Asia and Latin America.
Once the transaction is complete, the new company will employ nearly 4,000 people and will operate 24 manufacturing facilities worldwide. The company will be headed by Mike Ukropina, currently president of Shorewood Packaging.
Altas will own 100% of the combined AGI-Shorewood business in the US, while International Paper will own a 40% interest in the combined AGI-Shorewood business outside of the US.
“By merging Shorewood with AGI, our employees and our customers will have many more options and opportunities in the future, and we will continue to be a strong partner in those efforts,” said Tom Kadien, senior vp of International Paper’s Consumer Packaging and IP Asia businesses.
Andrew Bursky, chairman of Atlas Holdings added: “We are committed to building the new AGI-Shorewood around the needs of our customers, providing innovation, efficiency and exceptional service through an unrivalled network of global packaging and creative service facilities.”
