PaperWorks Industries has completed the acquisition of The Standard Group. Founded in 1932, The Standard Group is a converter of custom printed paperboard packaging with a manufacturing location in Louisville, Kentucky.
Terms of the deal were not disclosed.
"The Standard Group aligns well with PaperWorks in terms of emphasizing quality and innovation while serving customers which value sustainable, paper-based packaging," said Brian Janki, President & CEO for PaperWorks. "This addition signifies a 'return to growth' for PaperWorks team members and further bolsters our position in North America.
"The Standard Group meets PaperWorks' strategic criteria including increased vertical integration, complementary geographic fit with our mill system and folding carton operations, while serving diverse end markets," Janki added.
Lou Cortes, President & CEO of The Standard Group, who will join PaperWorks, commented, "We are excited to become part of an organization with an outstanding reputation and strong values that are in line with The Standard Group. PaperWorks provides an opportunity for the Louisville facility to prosper within a larger folding carton network, leverage broader technical capabilities, and benefit from mill integration to provide the highest levels of service to our customers."
By integrating The Standard Group's folding carton facility in Louisville and welcoming 120 team members, PaperWorks will operate an integrated folding carton business including two mills and six converting facilities employing over 1,400 team members.
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