AGI World, Shorewood Packaging Complete Merger
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Atlas Holdings LLC, Stamford, Conn., USA, this week closed an agreement with International Paper, Memphis, Tenn., to combine the two companies' consumer-packaging solutions businesses. As a result, AGI World and Shorewood Packaging have become AGI-Shorewood, one of the world's largest 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.
With the transaction and following the closing on Shorewood's Packaging's Chinese businesses later this month, AGI-Shorewood will employ nearly 4,000 people worldwide, operating 24 manufacturing facilities in North America, Europe, Asia, and Latin America. It maintains eight creative services offices in the U.S., U.K., France, and Australia. Atlas owns 100% of the combined AGI-Shorewood business in the U.S. and 60% of the combined AGI-Shorewood business outside of the U.S. IP owns 40% of the combined AGI-Shorewood business outside of the U.S.
Mike Ukropina, who served as president of Shorewood Packaging until his appointment as president and CEO of AGI-Shorewood, leads an experienced executive team that includes: Mark Caines, formerly CEO of AGI North America, as CEO of AGI-Shorewood North America; Tony Garnish, formerly CEO of AGI Europe, as CEO of AGI-Shorewood Europe; Lucy Tzou, formerly GM of Shorewood Packaging and IP Foodservice Asia, as CEO of AGI-Shorewood Global Gravure and Asia; and Don Eldert, formerly CFO of Atlas Material Holding Corp., as EVP and CFO of AGI-Shorewood.
AGI-Shorewood also announced plans for a major expansion of its operation in Guangzhou, China, following the closing of Shorewood's Chinese businesses later this month. The company will invest $7 million in the plant, including a Heidelberg CX 102 8+L UV lithograph printing press that is also capable of printing with conventional inks and water-based coatings.
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