Graphic Packaging Holding Company Announces Kalamazoo, Michigan Mill for New Coated Recycled Board Machine Investment
ATLANTA, Sept. 24, 2019 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE: GPK), (the "Company"), a leading provider of packaging solutions to food, beverage, foodservice, and other consumer products companies, today announced that its Kalamazoo, Michigan mill will be the location for the new coated recycled board (CRB) machine. The Company will invest $600 million in the project, and the machine is expected to have an annual capacity of approximately 500,000 tons.
The CRB machine is designed to be the largest and lowest cost producer of CRB in North America. Upon completion of the project, the Company believes the CRB machine will produce the highest quality coated recycled board product in North America with the lowest-caliper capabilities in the industry. The Company expects the investment will be capacity neutral by eliminating higher cost production at other facilities and will deliver an incremental $100 million in annualized EBITDA upon full ramp up in 2022. The investment will be funded from cash flow and existing credit facilities with most of the spending occurring in 2020 and 2021.
About Graphic Packaging Holding Company
Graphic Packaging Holding Company (NYSE: 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 coated recycled paperboard, coated unbleached kraft paperboard and solid bleached sulfate 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.
Graphic Packaging Holding Company
CONTACT: Investor Contact: Alex Ovshey, Graphic Packaging Holding Company, 404-710-8431, alex.ovshey@graphicpkg.com
Web Site: http://www.graphicpkg.com
