Atlanta-based Graphic Packaging, a provider of paperboard cartons and labeling solutions, said a European subsidiary is acquiring the Benson Group, a British food and healthcare packaging company, for about $165 million.
Graphic Packaging Chairman and Chief Executive Officer David Scheible said the acquisition will broaden his company’s food and consumer product packaging offerings in the region and extend packaging services to include store brands. The Atlanta company operates globally, supplying major food and beverage companies, among other multinationals.
Benson operates four plants in the United Kingdom. The company had sales of about $200 million over the last 12 months and earnings before interest, taxes, depreciation and amortization of nearly $25 million.
In announcing the deal, Scheible said the company’s European operations combined with the Benson’s will generate sales of more than $700 million annually.
The deal, which is expected to be completed in the second quarter, will be funded with cash and credit, Graphic Packaging said.
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