Atlas Holdings LLC announced the closing of its agreement with International Paper for the merger of the companies’ consumer-packaging solutions businesses. AGI World and Shorewood Packaging have become AGI-Shorewood, a global 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. Mike Ukropina, who served as President of Shorewood Packaging, is now president and CEO of AGI-Shorewood. "We're pleased to complete this transaction, which is a transformational event for AGI," said Atlas Holdings Chairman Andrew Bursky. "The merger provides AGI with expanded diversification, entree to new and growing end markets, and significant positions in rapidly expanding regions like Asia and Latin America." AGI-Shorewood, which makes products beauty and personal care, cosmetics and fragrance, beverage, tobacco, healthcare and others, also announced plans for a major expansion of its operation in Guangzhou, China. "To support double-digit growth in Asia, following closing on the Chinese businesses later this month, AGI-Shorewood will make an investment of USD 7 million in a significant expansion of our Guangzhou, China 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," said Lucy Tzou, CEO of AGI-Shorewood Global Gravure and Asia. "As a leader in delivering packaging solutions in China for more than 15 years, this major investment demonstrates our continued commitment to the needs of Chinese and multinational brands for high quality, innovative packaging in the golf, tobacco, software, entertainment, electronics, cosmetics and confectionery segments."
AGI World-Shorewood Merger Complete
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