Graphic Packaging and Altivity Packaging Combine

2008-01-17 Manufacturing News

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The majority of shareholders have voted to approve the agreement between Graphic Packaging and Altivity Packaging to combine companies.

Graphic Packaging Corporation reported at the conclusion of its special meeting of stockholders today that its stockholders have approved the previously announced proposed combination with Altivity Packaging, LLC. The preliminary vote tabulation announced at the meeting indicates that over 88 percent of the outstanding shares were cast in favor of the transaction. All related matters were also approved.

"Today's vote is the latest demonstration of the strong support for the combination of our two companies," said David Scheible, President and Chief Executive Officer of Graphic Packaging.

Graphic Packaging Corporation, headquartered in Marietta, Georgia, is a leading provider of paperboard packaging solutions for a wide variety of products to food, beverage and other consumer products companies.

Altivity Packaging, LLC, headquartered in Chicago, Illinois, is the largest privately-held producer of folding cartons and holds a leading market position in coated-recycled boxboard and bag packaging. Altivity Packaging operates six recycled boxboard mills and 50 consumer-packaging facilities in North America.

In connection with the proposed transaction, New Giant Corporation, a newly-formed holding company (that will be renamed Graphic Packaging Holding Company), has filed standard forms with the SEC a Registration Statement that includes a proxy statement of Graphic Packaging Corporation that also constitutes a prospectus of New Giant Corporation.

The Company also received approval from the New York Stock Exchange to list shares of the new public company, Graphic Packaging Holding Company, under the ticker symbol (NYSE: GPK) upon completion of the transaction.

The transactions remain subject to completion of other customary closing conditions.

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