ATLANTA, June 12, 2018 /PRNewswire/ -- Graphic Packaging Holding Company GPK, today announced that its wholly owned subsidiary, Graphic Packaging International, LLC, has agreed to acquire substantially all the assets of PFP, LLC and its related entity PFP Dallas Converting, LLC.

PFP is an independent converter focused on the production of paperboard-based air filter frames, and operates two manufacturing facilities in Lebanon, Tennessee and Lancaster, Texas.

The business converted approximately 18 thousand tons of paperboard, primarily CUK, and generated strong EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional CUK paperboard tons and cost efficiencies.

"The PFP acquisition extends our leading position in the growing paperboard-based air filter frame market, which we established with the acquisition of Carton Craft in July 2017," said President and CEO Michael Doss. "The transaction is consistent with our strategy to pursue acquisitions that allow us to increase our mill to converting plant integration levels into growing markets at compelling post-synergy  EV/EBITDA multiples."

Forward Looking Statements

Any statements of the Company's expectations in this press release constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to those regarding the effect of the acquisition on the Company's integration levels and financial position, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's present expectations.  These risks and uncertainties include, but are not limited to, the Company's ability to successfully integrate the acquisition and achieve synergies.  Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements.  Additional information regarding these and other risks is contained in the Company's periodic filings with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company GPK, headquartered in Atlanta, Georgia, is committed to providing consumer packaging that makes a world of difference. The Company is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies. The Company operates on a global basis, is one of the largest producers of folding cartons and paper-based foodservice products in the United States, and holds leading market positions in solid bleached sulfate paperboard, coated unbleached kraft paperboard and coated recycled paperboard. The Company's customers include many of the world's most widely-recognized companies and brands. Additional information about Graphic Packaging, its business and its products is available on the Company's web site at www.graphicpkg.com.

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SOURCE Graphic Packaging Holding Company