Packaging Market Weekly Wrap – Graham Packaging in $3.2bn Deal

Hicks Acquisition Company has agreed a partnership with Blackstone Group for Graham Packaging Holdings in a deal believed to be about $3.2bn.

As a special purpose acquisition company (SPAC), the Dallas-based Hicks Acquisition is a shell organisation that will raise money in an initial public offering for the acquisition, and then publicly trade the business through the SPAC's shell company after shareholders approve the deal.

The combined enterprise will be called Graham Packaging Company and will be listed on the New York Stock Exchange. Private equity firm Blackstone is to maintain the largest ownership stake for at least the first two years of the deal.

As a manufacturer of plastic containers for the branded food and beverage, household and personal care industries, Graham Packaging achieved net sales of roughly $2.5bn in 2007.

WRAP INTRODUCES FOOD PACKAGING WASTE INITIATIVE

The UK's Waste and Resources Action Programme (WRAP) has invited food manufacturers to take part in a project aimed at reducing waste through food packaging technology.

The manufacturing sector will receive funds for up to 50% of project costs focused on reusable and refillable packaging, new merchandising and dispensing systems or product reformulation.

The government-backed programme has said that a tender process is currently underway for the project. WRAP estimates that each year 5.2 million tonnes of food related packaging waste and 6.7 million tonnes of food waste are disposed of within UK homes.

NEW PACKAGING ENGINEERING COURSE LAUNCHES

Packforum will provide a course aimed at providing food professionals with information on food processing and packaging engineering for the development of convenience foods.

Run by Cryovac Food Engineering, the first of the courses will be based on microwave heating, providing lessons on product formulation, product layout and packaging design necessary for the development of food products designed for microwave cooking or re-heating.

BELFAST PACKAGING FIRM REVEALS NEW BOARD MEMBERS

The Belfast-based pharmaceutical packaging firm Sepha has announced two new board members.

Sepha produces equipment used for blister packing, de-blistering and the detection of leaks in blister packs of prescription and over-the-counter tablets and capsules. As part of the company's strategic bid to increase sales worldwide, Dr Alan McClure will become chairman of the business with Dr Hugh Cormican becoming director.
Source: packaging-technology