- May 19, 2003, PRESS RELEASE
ATLANTA, GA & GOLDEN CO, USA—Riverwood Holding Inc., parent company of Riverwood International Corporation, and Graphic Packaging International Corporation recently announced they will take the name of Graphic Packaging Corporation upon completion of their merger.
Announced March 26, 2003, the merger between the two packaging vendors "will create a global paperboard packaging company with leading market positions serving the beverage, food, and consumer products industries. The pro forma 2002 revenues for the combined company as presented in the registration statement on Form S-4 are approximately $2.3 billion [USD]," says the co.
As previously announced, it's expected Jeffrey Coors, currently chairman and CEO of Graphic Packaging, will become the executive chairman of the board, and Stephen Humphrey, currently president and CEO of Riverwood, will become president and CEO of the newly formed Graphic Packaging Corp. Also (as announced previously), David Scheible (currently chief operting officer of Graphic Packaging) is expected to serve as executive VP of commercial operations. Other staffing announcements include:
- Daniel Blount, currently chief finanical officer of Riverwood, and Luis Leon, currently chief financial officer of Graphic Packaging Intl., will continue in their respective roles until the merger is complete. Afterward, it is anticipated Mr. Blount will serve as senior VP of integration for the combined company, and Mr. Leon will leave to pursue other interests. A search for a new chief financial officer for the combined company has been initiated and is expected to conclude in the near future.
Other executives of the combined company have been proposed:
- Wayne Ruby of Riverwood will continue in his role of senior VP of human resources;
- Steven Saucier of Riverwood will continue his role as senior VP of paperboard operations;
- Robert Simko of Riverwood will continue his role as VP of supply-chain operations; and
- Dwight Kennedy of Graphic Packaging will continue in his role as VP, continuous improvement, in the new organization