Graphic Packaging has entered into a definitive agreement to acquire Bell Incorporated, a folding carton converter with multiple facilities in Sioux Falls, South Dakota, and a site in Groveport, Ohio.
Graphic Packaging said the proposed acquisition is expected to add approximately $200 million in sales, $30 million in Adjusted EBITDA and will support strategic priorities of increasing integration rates and expanding customers and categories.
Annual synergies of approximately $10 million are expected within 24 months of closing. The transaction includes three packaging facilities in the Midwest that consume 95,000 tons of paperboard annually.
The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions.