Smurfit-Stone Sells Consumer Packaging Segment

Published: May 14, 2006, By pffc-online.com

PRESS RELEASE

CHICAGO, IL—Smurfit-Stone Container Corp. has entered into a definitive agreement to sell the assets of its consumer packaging segment to a company formed by Texas Pacific Group (TPG) for approximately $1.04 billion in cash. The transaction is expected to complete by the end of the second quarter. The businesses to be sold employ approximately 6,600 employees and include:

• Four coated recycled boxboard mills.
• Thirty-nine consumer packaging converting operations in the United States, including folding carton, multiwall and specialty bag, flexible packaging, label, contract packaging, and lamination businesses.
• One consumer packaging converting plant in Brampton, OH.

Steven J. Klinger, a 23-year veteran of Georgia Pacific Corp., has been appointed president and COO. He replaces John M. Riconosciuto, who resigned May 10, 2006, as COO to lead the consumer packaging being sold to TPG.

For more information, visit smurfit-stone.com.

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