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IP's Shorewood Packaging, Atlas' AGI World Combine Consumer Packaging Businesses

International Paper, Memphis, Tenn., USA, and Atlas Holdings, Greenwich, Conn., today agreed to combine their consumer packaging solutions businesses, pending regulatory approval and other customary closing conditions. As a result, IP's Shorewood Packaging and Atlas' AGI World, two global specialty packaging companies, will become AGI-Shorewood, creating one of the largest specialty packaging businesses in the world with operations in North America, Europe, Asia, Australia, and Latin America.

"For more than a decade, Shorewood Packaging has been an important part of International Paper and has made many contributions to our company, particularly through leadership in innovation and creative services for customers," said Tom Kadien, SVP of IP's Consumer Packaging and IP Asia businesses. "By merging Shorewood with AGI, our employees and our customers will have many more options and opportunities in the future, and we will continue to be a strong partner in those efforts."

Andrew Bursky, chairman of Atlas Holdings, said that "we are excited about this combination, bringing together two businesses with great legacies and creating a new global leader with unparalleled capability to serve the world's premier consumer product, media, and entertainment and tobacco companies. We are committed to building the new AGI-Shorewood around the needs of our customers, providing innovation, efficiency, and exceptional service through an unrivaled network of global packaging and creative service facilities."

Once the transaction is complete, the new company will employ nearly 4,000 people and will operate 24 manufacturing facilities around the world. In addition, AGI-Shorewood will be strategically focused on its key consumer packaging, media, and entertainment, and tobacco packaging markets, which include beauty and personal care, cosmetics, and fragrance, healthcare and pharmaceuticals, consumer electronics, golf, confectionary, and specialty foods and tobacco and specialty gravure.

Mike Ukropina, currently president, Shorewood Packaging, will lead the new AGI-Shorewood organization as president and CEO. The remainder of the AGI-Shorewood leadership team will include:

Mark Caines, currently CEO, AGI North America, as CEO, AGI-Shorewood North America
Tony Garnish, currently CEO, AGI Europe, as CEO, AGI-Shorewood Europe
Lucy Tzou, currently GM, Shorewood Packaging and IP Foodservice Asia, as CEO, AGI-Shorewood Asia and Global Gravure
Don Eldert, currently CFO, Atlas Material Holding Corp., as EVP and CFO, AGI-Shorewood.

After closing of the transaction, Atlas will own 100% of the combined AGI-Shorewood business in the U.S. and IP will own a 40% interest in the combined AGI-Shorewood business outside of the U.S. The various regional transactions are expected to close before the end of 2011.