STAMFORD, Conn.—Atlas Holdings LLC closed its agreement with International Paper to combine its consumer-packaging solutions businesses. As a result, AGI World and Shorewood Packaging, two packaging companies, have become AGI-Shorewood, a global specialty packaging businesses with operations in North America, Europe, Asia and Latin America. All locations of Shorewood Packaging except those in China are now a part of the new AGI-Shorewood. Closing of the Chinese portion of the transaction will occur later this month upon the transfer of certain governmental licenses and registrations.
“We’re pleased to complete this transaction, which is a transformational event for AGI," said Atlas Holdings Chairman Andrew Bursky.“The merger provides AGI with expanded diversification, entry to new and growing end markets, and significant positions in rapidly expanding regions like Asia and Latin America. We are now exceptionally positioned to serve both regional and international consumer packaged-goods companies on a truly global basis."
Mike Ukropina, who served as president of Shorewood Packaging until his appointment as president and CEO of AGI-Shorewood, is excited to be at the helm of the new company. “We intend to be recognized as the one of the best global specialty-packaging business in our markets," he said. “AGI and Shorewood bring together great people, unrivaled customer focus and a history of innovation. As AGI-Shorewood, we become a much more capable supplier, providing a breadth of product, service and creative offerings. This combination of resources and capabilities will bring real value to our key customers on four continents."
The merger of AGI with Shorewood is consistent with Atlas Holdings’ investment approach of purchasing and successfully transitioning divisions of larger corporate parents into strong independent companies. “We acquired AGI from MeadWestvaco in 2010. The combination with Shorewood, formerly owned by International Paper, creates an independent company focused exclusively on bringing specialty packaging solutions to its customers. In our experience, this focus helps enable superior outcomes for customers, employees and ultimately, investors."
