Tuesday, July 11, 2017 11:15 am

ATLANTA -- Graphic Packaging Holding Company announced that its wholly owned subsidiary, Graphic Packaging International, Inc., has completed the previously announced acquisition of substantially all the assets of Carton Craft Corporation and its affiliate Lithocraft, Inc.

Carton Craft is an independent converter focused on the production of paperboard based air filter frames and folding cartons, and operates two converting plants in New Albany, Indiana.

The combined businesses generated revenues of approximately $70 million and strong converting EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional CUK paperboard tons and cost efficiencies. On a post-synergy basis, the EV/EBITDA multiple for this transaction is expected to be below 6.0X.

"The announced transaction is consistent with our strategy to pursue acquisitions that allow us to increase our mill to converting plant integration levels into growing markets, provide a runway for further margin improvement, and that we can close at compelling post-synergy EV/EBITDA multiples," said President and CEO Michael Doss.

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