Chesapeake Sells Remaining Interest In Color-Box to Georgia-Pacific
Press release from the issuing company
ATLANTA, Nov. 16 -- Chesapeake Corporation announced it sold the remaining 19 percent interest in Color-Box, LLC to Georgia-Pacific Corp.
Chesapeake Chairman, President and Chief Executive Officer Thomas H. Johnson said, "This sale completes the series of divestitures that we announced early in 2001. Chesapeake is now fully focused on specialty packaging markets where we hold leadership positions, such as the pharmaceutical and healthcare sector where we are the leading European supplier of paperboard packaging.''
Color-Box, LLC, designs and manufactures litho-laminated corrugated graphic packaging. Color-Box includes packaging facilities at Madera and Visalia, Calif.; Richmond, Ind.; Dubuque and Monticello, Iowa; and Pelahatchie, Miss; and employs nearly 1,000 people. G-P owned 81 percent of the joint venture before the transaction.
Georgia-Pacific Executive Vice President - Pulp and Paperboard, David J. Paterson said, "Georgia-Pacific has a continuing commitment to move closer to the consumer and from a packaging division perspective, Color-Box helps us do that. With the full strength of Georgia-Pacific behind it now, we plan to move Color-Box beyond its traditional markets and incorporate it into our total packaging solutions concept.''
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