Atlas Holdings declared it has completed a contract with International Paper to integrate its consumer-packaging solutions businesses. Hence Shorewood Packaging and AGI World have joined to form AGI-Shorewood, a large and innovative global specialty packaging businesses with operations in Europe, North America, Asia and Latin America.
Except for places in China, all Shorewood packaging locations belong to the new AGI-Shorewood. The Chinese part of the transaction will take place late this month when specific government licenses and registrations are transferred.
According to the Chairman of Atlas Holdings, Andrew Bursky, the merger offers AGI with expanded diversification and a presence in present and expanding markets.
This merger shows the investment approach of Atlas Holdings of buying and transitioning parts of large corporate companies into independent ones. AGI was acquired from MeadWestvaco in 2010. The independent company is concentrated in offering exclusive packaging solutions to its clients.
AGI-Shorewood serves sectors such as beauty and personal care, tobacco, entertainment and media, pharmaceuticals and healthcare, golf, consumer electronics, specialty foods and confectionary, specialty gravure and beverages.
After closing of the Shorewood Packaging’s Chinese businesses, almost 4000 people will be employed globally with 24 functional manufacturing facilities. Eight creative service centres are maintained in the UK, US, Australia and France. The company also owns five plastic injection-molding plants in the US, UK, Poland and Germany.
After the closing of the Chinese businesses of Shorewood in the latter part of this month, AGI-Shorewood said that it will expand its operations to Guangzhou, China.
Source: http://www.agishorewood.com