Graphic to expand on its West Coast footprint with buy of Sierra Pacific

摘要

Graphic Packaging will boost its West Coast presence with a $53.5 million acquisition of Sierra Pacific Packaging, a beverage carrier and folding carton manufacturer in northern California. The company will commence with a public offering of 47 million shares of common stock to fund the acquisition as well as repurchase at least 6.5 million shares held by the Graver C. Coors Trust and reduce debt. Graphic Packaging traces its roots to the packaging and label business formed by Coors Brewing in the 1970s.