Greif Acquires Caraustar Industries
Greif, Inc.,Austell, Georgia, has entered into a defini- tive agreement to acquire Caraustar Industries, Inc., a recycled paperboard and packaging solutions compa- ny, from an affiliate of H.I.G. Capital, in a cash transac- tion valued at $1.8 billion. The transaction is expected to close during the first quarter of calendar year 2019, subject to customary closing conditions, including regulatory clearances. Caraustar produces uncoated recycled paperboard (URB) and coated recycled paperboard (CRB), with a variety of applications that include tubes and cores and a diverse mix of specialty products. Caraustar’s footprint includes more than 80 operating facilities throughout the United States. For the last twelve months ended September 30, 2018 Caraustar generated sales of $1.4 billion and EBITDA of $174 million. Based on trailing twelve month actual volume, adjusted for current market conditions as of September 30, 2018, the run-rate EBITDA is $220 million. The percentage of Greif’s sales from paper packaging will expand to approximately half of total consolidated revenues compared to 23 percent for fiscal 2018.
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Flexo Market News December 24, 2018 3
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