Graphic Packaging Holding Company and its wholly owned subsidiary Graphic Packaging International has completed the sale of its Multi-wall Bag business to Mondi Group.
The divested assets included nine Multi-wall Bag converting plants across the US and the Pine Bluff, Arkansas kraft paper mill.
FoodProductionDaily reported last month the divestiture will free up resources which the company can redirect to accelerate global growth in its paperboard packaging business.
"The anticipated sale of these non-core assets substantially completes our transformation into a pure play, vertically integrated paperboard packaging company," David Scheible, chairman, president and CEO, Graphic Packaging, said at the time.
The Multi-Wall Bag plants and the kraft mill had trailing 12 month revenue of approximately $437m. Under the terms of the agreement, the enterprise value is $105m and the sale will be an all cash transaction.