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Graphic Packaging

LEICESTERSHIRE, UK, Nov. 21, 2014 (Press Release) -

Benson Group, one of the UK's leading printed folding carton suppliers, has announced details of a safety award received from their parent company, Graphic Packaging International (GPI), for its manufacturing facility in Bardon, Leicestershire.

The award recognises the factory's continued health and safety record, which now extends to over 250,000 hours without an Occupational Safety and Health Administration (OSHA) recordable accident. This is a commendable achievement considering the site produces on average 94 million cartons per month.

Commenting on the presentation of the plaque, Bardon's Plant Manager, Mike Owens said: "It is a delight to have this important achievement recognized by our colleagues at GPI. The award is for all of our hard working team, who are to be congratulated for their adherence to safe and effective working practices."

Adding his congratulations, Michael P. Doss, Chief Operating Office for GPI, said: "Working safely is everyone's responsibility and the efforts of each employee at Bardon demonstrate that our safety vision, which states "we will have an injury free workplace" is achievable. The facility is a great example for all of our operating locations on what can be achieved."

About Benson Group

Benson Group, now part of Graphic Packaging International, is one of the UK's leading printed folding carton suppliers, producing packaging product for the food retail industry for a wide range of UK & European customers. The business is expecting to achieve sales of in excess of £100 million in the coming year.

The company manufactures packaging product at three production sites covering in excess of 300,000 square feet. Food and beverage processors are the main customers for the three production sites, with UK headquarters and manufacturing at Bardon, Leicestershire, and further production facilities at two sites in the North East, at Gateshead and Newcastle. The group employs over 800 UK based employees. In recent years, investment in new plant and equipment across the three sites totals in excess of £20 million including the purchase of an eight-colour Heidelberg Speedmaster XL 106 B1-format perfecting press.

Benson Group creates packaging for many well-known companies, brands and retailers. Key account clients across the group include Two Sisters Food Group, Greencore, and Samworth Brothers. The company is an approved supplier for all of the UK's leading retail chains.

UK's folding carton manufacturer Benson Group receives safety award for passing 250,000 hours without OSHA recordable accident at Bardon facility in Leicestershire

Posted in: Packaging Technology 11/20/2014 - 18:10

LEICESTERSHIRE, UK, Nov. 21, 2014 (Press Release) -

Benson Group, one of the UK's leading printed folding carton suppliers, has announced details of a safety award received from their parent company, Graphic Packaging International (GPI), for its manufacturing facility in Bardon, Leicestershire.

The award recognises the factory's continued health and safety record, which now extends to over 250,000 hours without an Occupational Safety and Health Administration (OSHA) recordable accident. This is a commendable achievement considering the site produces on average 94 million cartons per month.

Commenting on the presentation of the plaque, Bardon's Plant Manager, Mike Owens said: "It is a delight to have this important achievement recognized by our colleagues at GPI. The award is for all of our hard working team, who are to be congratulated for their adherence to safe and effective working practices."

Adding his congratulations, Michael P. Doss, Chief Operating Office for GPI, said: "Working safely is everyone's responsibility and the efforts of each employee at Bardon demonstrate that our safety vision, which states "we will have an injury free workplace" is achievable. The facility is a great example for all of our operating locations on what can be achieved."

About Benson Group

Benson Group, now part of Graphic Packaging International, is one of the UK's leading printed folding carton suppliers, producing packaging product for the food retail industry for a wide range of UK & European customers. The business is expecting to achieve sales of in excess of £100 million in the coming year.

The company manufactures packaging product at three production sites covering in excess of 300,000 square feet. Food and beverage processors are the main customers for the three production sites, with UK headquarters and manufacturing at Bardon, Leicestershire, and further production facilities at two sites in the North East, at Gateshead and Newcastle. The group employs over 800 UK based employees. In recent years, investment in new plant and equipment across the three sites totals in excess of £20 million including the purchase of an eight-colour Heidelberg Speedmaster XL 106 B1-format perfecting press.

Benson Group creates packaging for many well-known companies, brands and retailers. Key account clients across the group include Two Sisters Food Group, Greencore, and Samworth Brothers. The company is an approved supplier for all of the UK's leading retail chains.

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BRUSSELS, Nov. 6, 2014 (PPI Europe) -The UK's Medica Packaging will separate from Graphic Packaging/Benson Group to become an independent specialist packaging provider owned by a group of private investors managed by Sullivan Street Partners Limited.

The value of the deal was not disclosed. The new firm plans to focus on its core strengths, which is producing specialist cartons, leaflets and labels for the healthcare and pharmaceutical sectors, Medica packaging said in a statement.

John Bath has been appointed as the company's new CEO.

Medica Packaging is located in Crewe and employees over 100 people. The company was bought in 2005 by the UK's Benson Group, which now belongs to Graphic Packaging.

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UK’s Medica Packaging splits from Graphic Packaging/Benson Group

Posted in: Packaging Technology 11/05/2014 - 20:54

BRUSSELS, Nov. 6, 2014 (PPI Europe) -The UK's Medica Packaging will separate from Graphic Packaging/Benson Group to become an independent specialist packaging provider owned by a group of private investors managed by Sullivan Street Partners Limited.

The value of the deal was not disclosed. The new firm plans to focus on its core strengths, which is producing specialist cartons, leaflets and labels for the healthcare and pharmaceutical sectors, Medica packaging said in a statement.

John Bath has been appointed as the company's new CEO.

Medica Packaging is located in Crewe and employees over 100 people. The company was bought in 2005 by the UK's Benson Group, which now belongs to Graphic Packaging.

@ppi_europeFollowPPI Europeon Twitter! Interact with our editorial team in English, German, French, Spanish, Swedish and Finnish, enjoy live event coverage, get the latest on market trends and more.

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ATLANTA, Oct. 23, 2014 (PRNewswire) -Graphic Packaging International, Inc. ("Graphic Packaging"), a wholly-owned subsidiary of Graphic Packaging Holding Company (GPK), announced that it has entered into an agreement to sell $250 million aggregate principal amount of its senior unsecured notes due 2022 (the "Senior Notes") in a registered public offering. The Senior Notes will bear interest at an annual rate of 4.875% and will be issued at par. Graphic Packaging expects to close the offering on November 6, 2014, subject to the satisfaction of customary closing conditions.

The Senior Notes will be guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation as well as by certain of Graphic Packaging's material domestic subsidiaries which have guaranteed obligations under its senior credit facilities and its existing notes.

Graphic Packaging estimates that the net proceeds from this offering will be approximately $246.4 million, after deducting the underwriters' discount. The net proceeds from the offering will be used, together with cash on hand and/or additional borrowings, to refinance through a redemption in November 2014 all $250 million aggregate principal amount of Graphic Packaging's 7.875% senior notes due 2018.

BofA Merrill Lynch, J.P. Morgan, SunTrust Robinson Humphrey, Citigroup, Goldman, Sachs & Co., and Rabo Securities are acting as joint book-running managers for the offering and BBVA Securities Inc., Regions Securities LLC, Mitsubishi UFJ Securities, SMBC Nikko, Fifth Third Securities, TD Securities, PNC Capital Markets LLC, and HSBC Securities are serving as co-managers.

A shelf registration statement (including a prospectus and prospectus supplement) relating to the offering of the Senior Notes has previously been filed with the Securities and Exchange Commission and has become effective. Before investing, you should read the prospectus, the prospectus supplement and other documents filed with the Securities and Exchange Commission for more complete information about Graphic Packaging and the offering of the Senior Notes. Copies of the prospectus and related prospectus supplement may be obtained by contacting any of the joint book running managers whose contact information is listed below. You may also obtain these documents free of charge by visiting the Securities and Exchange Commission's website at www.sec.gov.

Joint Book Running Managers:

BofA Merrill Lynch

222 Broadway

New York, NY 10038

Attention: Prospectus Department

Email: dg.prospectus_requests@baml.com

J.P. Morgan Securities LLC

Attention: Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Tel: (866) 803-9204

SunTrust Robinson Humphrey

Attention: High Yield Syndicate

3333 Peachtree Road, 10th Floor

Atlanta, GA 30326

Kevin.dewitt@suntrust.com

Citigroup

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Tel: 1-800-831-9146

Goldman, Sachs & Co.

Prospectus Department

200 West Street

New York, NY 10282

Telephone: 1-866-471-2526, facsimile: 212-902-9316

Email: prospectus-ny@ny.email.gs.com

Rabobank International

245 Park Avenue

New York, NY 10167

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Graphic Packaging International, Inc.

Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world.

Graphic Packaging to sell $250 million aggregate principal amount of its senior unsecured notes due 2022

Posted in: Packaging Technology 10/23/2014 - 17:49

ATLANTA, Oct. 23, 2014 (PRNewswire) -Graphic Packaging International, Inc. ("Graphic Packaging"), a wholly-owned subsidiary of Graphic Packaging Holding Company (GPK), announced that it has entered into an agreement to sell $250 million aggregate principal amount of its senior unsecured notes due 2022 (the "Senior Notes") in a registered public offering. The Senior Notes will bear interest at an annual rate of 4.875% and will be issued at par. Graphic Packaging expects to close the offering on November 6, 2014, subject to the satisfaction of customary closing conditions.

The Senior Notes will be guaranteed by Graphic Packaging Holding Company and Graphic Packaging Corporation as well as by certain of Graphic Packaging's material domestic subsidiaries which have guaranteed obligations under its senior credit facilities and its existing notes.

Graphic Packaging estimates that the net proceeds from this offering will be approximately $246.4 million, after deducting the underwriters' discount. The net proceeds from the offering will be used, together with cash on hand and/or additional borrowings, to refinance through a redemption in November 2014 all $250 million aggregate principal amount of Graphic Packaging's 7.875% senior notes due 2018.

BofA Merrill Lynch, J.P. Morgan, SunTrust Robinson Humphrey, Citigroup, Goldman, Sachs & Co., and Rabo Securities are acting as joint book-running managers for the offering and BBVA Securities Inc., Regions Securities LLC, Mitsubishi UFJ Securities, SMBC Nikko, Fifth Third Securities, TD Securities, PNC Capital Markets LLC, and HSBC Securities are serving as co-managers.

A shelf registration statement (including a prospectus and prospectus supplement) relating to the offering of the Senior Notes has previously been filed with the Securities and Exchange Commission and has become effective. Before investing, you should read the prospectus, the prospectus supplement and other documents filed with the Securities and Exchange Commission for more complete information about Graphic Packaging and the offering of the Senior Notes. Copies of the prospectus and related prospectus supplement may be obtained by contacting any of the joint book running managers whose contact information is listed below. You may also obtain these documents free of charge by visiting the Securities and Exchange Commission's website at www.sec.gov.

Joint Book Running Managers:

BofA Merrill Lynch

222 Broadway

New York, NY 10038

Attention: Prospectus Department

Email: dg.prospectus_requests@baml.com

J.P. Morgan Securities LLC

Attention: Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Tel: (866) 803-9204

SunTrust Robinson Humphrey

Attention: High Yield Syndicate

3333 Peachtree Road, 10th Floor

Atlanta, GA 30326

Kevin.dewitt@suntrust.com

Citigroup

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Tel: 1-800-831-9146

Goldman, Sachs & Co.

Prospectus Department

200 West Street

New York, NY 10282

Telephone: 1-866-471-2526, facsimile: 212-902-9316

Email: prospectus-ny@ny.email.gs.com

Rabobank International

245 Park Avenue

New York, NY 10167

This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Graphic Packaging International, Inc.

Graphic Packaging International, Inc., a subsidiary of Graphic Packaging Holding Company (GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world.

Read more

ATLANTA, Oct. 21, 2014 (PRNewswire) -Third Quarter Highlights

  • Q3 Net Sales increased $49.3 million or 4.9%, after adjusting for the impact of divested businesses.

  • Q3 Adjusted Earnings per Diluted Share increased to $0.17 versus $0.12 in the prior year period.

  • Q3 Adjusted EBITDA increased to $190.6 million versus $175.2 million in the prior year period.

  • Q3 Adjusted EBITDA margin was 18.2% versus 15.1% in the prior year period.

Graphic Packaging Holding Company, (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported Net Income for third quarter 2014 of $53.0 million, or $0.16 per share, based upon 330.6 million weighted average diluted shares. This compares to third quarter 2013 Net Income of $44.5 million, or $0.13 per share, based on 352.2 million weighted average diluted shares.

Including the tax impact, third quarter 2014 Net Income was negatively impacted by $4.5 million of special charges. When adjusting for these charges, Adjusted Net Income for the third quarter of 2014 was $57.5 million, or $0.17 per diluted share compared to third quarter 2013 Adjusted Net Income of $42.9 million or $0.12 per diluted share.

"We reported a record Adjusted EBITDA margin this quarter of just over 18%," said CEO David Scheible. "This represented a three percentage point increase over the third quarter last year. The significant jump was primarily driven by our decision to exit non-core, lower margin businesses over the last year and to re-focus these resources around our paperboard packaging business. The divestitures truly transformed us into a pure play, vertically integrated paperboard packaging business."

"We also performed quite well in what continues to be a difficult operating environment, as demand in some of our key end use markets remains sluggish. Performance was strong across the business, as key operating metrics at both our mills and converting plants were up over last year. The integration of our acquisitions in Europe is also on target and we are realizing the planned synergies. Overall, we delivered a solid $22 million net benefit from performance initiatives in the quarter which keeps us on track to achieve our previously guided $60 million of benefits for the full year. We also remain on target to deliver $350 million of net debt reduction from operations in 2014, having achieved approximately $140 million in the third quarter."

Net Sales

Net Sales decreased 9.7% to $1,050.0 million in the third quarter of 2014, compared to $1,163.0 million in the prior year period. Excluding $162.3 million of sales in the prior year period from divested businesses, Net Sales increased $49.3 million or 4.9%. The increase was driven by $28.0 million of improved volume/mix, $19.1 million of higher pricing and $2.2 million of favorable exchange rates.

Given the June 30, 2014 sale of the Company's Multi-wall Bag Business, beginning with the third quarter 2014, the Company will be reporting financial results under a single segment called Paperboard Packaging.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations for the Paperboard Packaging Segment for the first three quarters of 2014 and each quarter of 2013 as reclassified.

EBITDA

EBITDA for third quarter 2014 was $182.3 million, or $6.5 million lower than the third quarter of last year. When adjusting for special charges, Adjusted EBITDA increased 8.8% to $190.6 million in third quarter 2014 from $175.2 million in third quarter 2013. When comparing against the prior year quarter, Adjusted EBITDA in the third quarter of 2014 was positively impacted by $22.3 million of improved net operating performance, $19.1 million of higher pricing and $2.4 million of favorable exchange rates. These benefits were offset by $15.6 million of commodity inflation, $12.6 million in higher labor and benefit costs and $0.2 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of third quarter 2014 was $2,024.0 million, $177.4 million lower than at the end of 2013. The Company's September 30, 2014 Net Leverage Ratio dropped to 2.90 times Adjusted EBITDA from 3.23 times Adjusted EBITDA at the end of the third quarter of 2013. At September 30, 2014, the Company had available domestic liquidity of $877.1 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $20.4 million in the third quarter of 2014, compared to $23.5 million in the third quarter of 2013. The decrease was primarily attributable to lower debt levels.

Capital expenditures were $42.5 million in the third quarter of 2014, compared to $68.6 million in the third quarter of 2013. The difference in the quarter was due to the timing of expenditures as capital expenditures through the first 9 months of 2014 were $151.4 million compared to $153.2 million over the same period last year.

Income Tax Expense was $39.3 million in the third quarter of 2014 compared to $35.8 million in the third quarter of 2013. As of September 30, 2014, the Company had approximately $811 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of Adjusted Net Sales, EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is attached to this release.

[For the full release and financial tables, click here.]

Graphic Packaging 3Q 2014 results: adjusted EBITDA up 8.8% from year ago to $190.6 million

Posted in: Packaging Technology 10/20/2014 - 23:58

ATLANTA, Oct. 21, 2014 (PRNewswire) -Third Quarter Highlights

  • Q3 Net Sales increased $49.3 million or 4.9%, after adjusting for the impact of divested businesses.

  • Q3 Adjusted Earnings per Diluted Share increased to $0.17 versus $0.12 in the prior year period.

  • Q3 Adjusted EBITDA increased to $190.6 million versus $175.2 million in the prior year period.

  • Q3 Adjusted EBITDA margin was 18.2% versus 15.1% in the prior year period.

Graphic Packaging Holding Company, (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported Net Income for third quarter 2014 of $53.0 million, or $0.16 per share, based upon 330.6 million weighted average diluted shares. This compares to third quarter 2013 Net Income of $44.5 million, or $0.13 per share, based on 352.2 million weighted average diluted shares.

Including the tax impact, third quarter 2014 Net Income was negatively impacted by $4.5 million of special charges. When adjusting for these charges, Adjusted Net Income for the third quarter of 2014 was $57.5 million, or $0.17 per diluted share compared to third quarter 2013 Adjusted Net Income of $42.9 million or $0.12 per diluted share.

"We reported a record Adjusted EBITDA margin this quarter of just over 18%," said CEO David Scheible. "This represented a three percentage point increase over the third quarter last year. The significant jump was primarily driven by our decision to exit non-core, lower margin businesses over the last year and to re-focus these resources around our paperboard packaging business. The divestitures truly transformed us into a pure play, vertically integrated paperboard packaging business."

"We also performed quite well in what continues to be a difficult operating environment, as demand in some of our key end use markets remains sluggish. Performance was strong across the business, as key operating metrics at both our mills and converting plants were up over last year. The integration of our acquisitions in Europe is also on target and we are realizing the planned synergies. Overall, we delivered a solid $22 million net benefit from performance initiatives in the quarter which keeps us on track to achieve our previously guided $60 million of benefits for the full year. We also remain on target to deliver $350 million of net debt reduction from operations in 2014, having achieved approximately $140 million in the third quarter."

Net Sales

Net Sales decreased 9.7% to $1,050.0 million in the third quarter of 2014, compared to $1,163.0 million in the prior year period. Excluding $162.3 million of sales in the prior year period from divested businesses, Net Sales increased $49.3 million or 4.9%. The increase was driven by $28.0 million of improved volume/mix, $19.1 million of higher pricing and $2.2 million of favorable exchange rates.

Given the June 30, 2014 sale of the Company's Multi-wall Bag Business, beginning with the third quarter 2014, the Company will be reporting financial results under a single segment called Paperboard Packaging.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations for the Paperboard Packaging Segment for the first three quarters of 2014 and each quarter of 2013 as reclassified.

EBITDA

EBITDA for third quarter 2014 was $182.3 million, or $6.5 million lower than the third quarter of last year. When adjusting for special charges, Adjusted EBITDA increased 8.8% to $190.6 million in third quarter 2014 from $175.2 million in third quarter 2013. When comparing against the prior year quarter, Adjusted EBITDA in the third quarter of 2014 was positively impacted by $22.3 million of improved net operating performance, $19.1 million of higher pricing and $2.4 million of favorable exchange rates. These benefits were offset by $15.6 million of commodity inflation, $12.6 million in higher labor and benefit costs and $0.2 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of third quarter 2014 was $2,024.0 million, $177.4 million lower than at the end of 2013. The Company's September 30, 2014 Net Leverage Ratio dropped to 2.90 times Adjusted EBITDA from 3.23 times Adjusted EBITDA at the end of the third quarter of 2013. At September 30, 2014, the Company had available domestic liquidity of $877.1 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $20.4 million in the third quarter of 2014, compared to $23.5 million in the third quarter of 2013. The decrease was primarily attributable to lower debt levels.

Capital expenditures were $42.5 million in the third quarter of 2014, compared to $68.6 million in the third quarter of 2013. The difference in the quarter was due to the timing of expenditures as capital expenditures through the first 9 months of 2014 were $151.4 million compared to $153.2 million over the same period last year.

Income Tax Expense was $39.3 million in the third quarter of 2014 compared to $35.8 million in the third quarter of 2013. As of September 30, 2014, the Company had approximately $811 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of Adjusted Net Sales, EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is attached to this release.

[For the full release and financial tables, click here.]

Read more

SAN FRANCISCO, Sept. 3, 2014 (Marketwired) -Taulia, the market-leading provider for supplier financing, announced today that Graphic Packaging Holding Company, a Fortune 1000 company that designs and manufactures packaging for commercial products, has selected Taulia to provide its Taulia Business Exchange program to optimize the organization's payables process.

The Atlanta, Ga.-based company will implement Taulia's leading SaaS solution, which provides suppliers, free of charge, with unprecedented visibility into invoices, purchase orders, and payment details -- 24 hours a day, seven days a week. "We're delighted to work with Taulia," says Cathy Wright, Director, Treasury Operations at Graphic Packaging. "The Taulia platform will help Graphic Packaging optimize our payables process, achieve strategic corporate goals, and support our small business suppliers."

Taulia's Business Exchange platform revolutionizes the way businesses partner and interact with each other by simplifying data collection and increasing self-sufficiency for suppliers. The platform acts as a central cloud-based repository that stores all supplier forms, data and certifications for the electronic exchange of business documents.

By providing real-time visibility, Taulia assists corporations with cleansing, standardizing, and maintaining their supplier's information, which improves data quality and lowers costs. Graphic Packaging will also revamp its invoice process by utilizing Taulia's e-Invoicing platform, which reduces paper cost and streamlines business transactions.

"We're honored to be chosen to provide a comprehensive, flexible solution to help Graphic Packaging improve its operational efficiency and reduce costs," says Taulia CEO Bertram Meyer. "We're looking forward to working with Graphic Packaging in the coming months and years."

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's web site at www.graphicpkg.com.

About Taulia

Taulia is the fastest growing SaaS platform and network for Supplier Financing, eInvoicing and Supplier Portals. Through turning every invoice into a revenue opportunity, Taulia enables organizations to strengthen supplier relationships while adding millions to the bottom line. Some of the most innovative brands in the world rely on Taulia, including Coca-Cola Bottling Co. Consolidated, Pfizer, Pacific Gas & Electric, Hallmark, and many other Fortune 500 companies. For more information, visit http://www.taulia.com

Graphic Packaging signs Taulia to optimize payables process

09/03/2014 - 06:50

SAN FRANCISCO, Sept. 3, 2014 (Marketwired) -Taulia, the market-leading provider for supplier financing, announced today that Graphic Packaging Holding Company, a Fortune 1000 company that designs and manufactures packaging for commercial products, has selected Taulia to provide its Taulia Business Exchange program to optimize the organization's payables process.

The Atlanta, Ga.-based company will implement Taulia's leading SaaS solution, which provides suppliers, free of charge, with unprecedented visibility into invoices, purchase orders, and payment details -- 24 hours a day, seven days a week. "We're delighted to work with Taulia," says Cathy Wright, Director, Treasury Operations at Graphic Packaging. "The Taulia platform will help Graphic Packaging optimize our payables process, achieve strategic corporate goals, and support our small business suppliers."

Taulia's Business Exchange platform revolutionizes the way businesses partner and interact with each other by simplifying data collection and increasing self-sufficiency for suppliers. The platform acts as a central cloud-based repository that stores all supplier forms, data and certifications for the electronic exchange of business documents.

By providing real-time visibility, Taulia assists corporations with cleansing, standardizing, and maintaining their supplier's information, which improves data quality and lowers costs. Graphic Packaging will also revamp its invoice process by utilizing Taulia's e-Invoicing platform, which reduces paper cost and streamlines business transactions.

"We're honored to be chosen to provide a comprehensive, flexible solution to help Graphic Packaging improve its operational efficiency and reduce costs," says Taulia CEO Bertram Meyer. "We're looking forward to working with Graphic Packaging in the coming months and years."

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company's web site at www.graphicpkg.com.

About Taulia

Taulia is the fastest growing SaaS platform and network for Supplier Financing, eInvoicing and Supplier Portals. Through turning every invoice into a revenue opportunity, Taulia enables organizations to strengthen supplier relationships while adding millions to the bottom line. Some of the most innovative brands in the world rely on Taulia, including Coca-Cola Bottling Co. Consolidated, Pfizer, Pacific Gas & Electric, Hallmark, and many other Fortune 500 companies. For more information, visit http://www.taulia.com

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OAKLAND, CA, Aug. 22, 2014 (PPI Pulp & Paper Week) -Graphic Packaging will invest $41.5 million in its West Monroe, LA, unbleached kraft paperboard mill to upgrade production machinery. The mill produces boxboard for beverage carrier and folding carton, and with two converting facilities nearby employs a total 1,340 workers.

The new investment will include an expansion of the mill's fiber storage capacity and will also upgrade the dryer section, coater and stock cleaning areas of the paper mill. The investment is expected to reduce the site's environmental footprint, including improvements in the handling of solid waste.

The West Monroe mill has total capacity of 902,000 tons/yr of kraft paperboard on four machines, including beverage carrier, folding carton, corrugating medium, and kraft paper. The mill consumes about 1.3 million tons/yr of woodfiber and 146,000 tons/yr of recovered paper furnish. The company had permanently closed a 100,000 tons/yr boxboard machine at the mill in 2008.

The mill project follows an $8.6 million enhancement of consumer carton production in West Monroe in June 2012 that quadrupled container production and introduced innovative packaging for beverage product lines that saved 15,000 tons of paper annually and reduced carbon dioxide emissions by 32%.

"I am delighted Graphic Packaging International and Louisiana Economic Development have partnered to bring about this investment in our West Monroe Mill operations," said company VP and resident manager Tony Hobson in an Aug. 19 press release. "We weighed many factors in our decision to further invest in the West Monroe Mill. The state's pro-business environment and the exceptional workforce made a significant impact. The partnership between Graphic Packaging International and Louisiana is an enduring example of how to attract, retain and grow business."

LED began working with Graphic Packaging on the latest expansion project in February 2014. To secure the project, LED offered the company a competitive incentive package that includes a $720,000 Modernization Tax Credit, to be claimed over five years. Graphic Packaging also is expected to utilize the state's Industrial Tax Exemption Program.

The company separately said it plans to spend $185-200 million in capital projects in 2014 focused on cost reductions such as fiber, water and chemicals.

Recent capital projects include $15 million for a new curtain coater and other equipment at its Kalamazoo, MI, coated recycled paperboard mill and a $140 million biomass boiler project at its kraft paperboard mill in Macon, GA. The company invested $12 million at its Carol Stream, IL, converting plant targeted toward pasta packaging, making it the world's largest windowing packaging plant.

The company in May began an $8.9 million investment in new machinery at its Lumberton, NC, folding carton plant and in April gained a tax credit for an expansion of its carton plant in Marion, OH.

Graphic Packaging plans $41 million West Monroe boxboard mill upgrade

Posted in: Packaging Technology 08/22/2014 - 11:33

OAKLAND, CA, Aug. 22, 2014 (PPI Pulp & Paper Week) -Graphic Packaging will invest $41.5 million in its West Monroe, LA, unbleached kraft paperboard mill to upgrade production machinery. The mill produces boxboard for beverage carrier and folding carton, and with two converting facilities nearby employs a total 1,340 workers.

The new investment will include an expansion of the mill's fiber storage capacity and will also upgrade the dryer section, coater and stock cleaning areas of the paper mill. The investment is expected to reduce the site's environmental footprint, including improvements in the handling of solid waste.

The West Monroe mill has total capacity of 902,000 tons/yr of kraft paperboard on four machines, including beverage carrier, folding carton, corrugating medium, and kraft paper. The mill consumes about 1.3 million tons/yr of woodfiber and 146,000 tons/yr of recovered paper furnish. The company had permanently closed a 100,000 tons/yr boxboard machine at the mill in 2008.

The mill project follows an $8.6 million enhancement of consumer carton production in West Monroe in June 2012 that quadrupled container production and introduced innovative packaging for beverage product lines that saved 15,000 tons of paper annually and reduced carbon dioxide emissions by 32%.

"I am delighted Graphic Packaging International and Louisiana Economic Development have partnered to bring about this investment in our West Monroe Mill operations," said company VP and resident manager Tony Hobson in an Aug. 19 press release. "We weighed many factors in our decision to further invest in the West Monroe Mill. The state's pro-business environment and the exceptional workforce made a significant impact. The partnership between Graphic Packaging International and Louisiana is an enduring example of how to attract, retain and grow business."

LED began working with Graphic Packaging on the latest expansion project in February 2014. To secure the project, LED offered the company a competitive incentive package that includes a $720,000 Modernization Tax Credit, to be claimed over five years. Graphic Packaging also is expected to utilize the state's Industrial Tax Exemption Program.

The company separately said it plans to spend $185-200 million in capital projects in 2014 focused on cost reductions such as fiber, water and chemicals.

Recent capital projects include $15 million for a new curtain coater and other equipment at its Kalamazoo, MI, coated recycled paperboard mill and a $140 million biomass boiler project at its kraft paperboard mill in Macon, GA. The company invested $12 million at its Carol Stream, IL, converting plant targeted toward pasta packaging, making it the world's largest windowing packaging plant.

The company in May began an $8.9 million investment in new machinery at its Lumberton, NC, folding carton plant and in April gained a tax credit for an expansion of its carton plant in Marion, OH.

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ATLANTA, July 24, 2014 (PRNewswire) -
  • Q2 Net Sales increased $30.4 million or 2.8%, after adjusting for the impact of divested businesses.
  • Q2 Adjusted Earnings per Diluted Share increased to $0.20 versus $0.13 in the prior year period.
  • Q2 Adjusted EBITDA increased to $190.8 million versus $175.1 million in the prior year period.
  • Acquired U.K.-based Benson Group and completed sale of multi-wall bag business.

Graphic Packaging Holding Company (GPK), (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported a Net Loss for second quarter 2014 of $40.0 million, or $0.12 per share, based upon 328.7 million weighted average shares. This compares to second quarter 2013 Net Income of $21.2 million, or $0.06 per share, based on 351.5 million weighted average diluted shares.

Including the tax impact, second quarter 2014 Net Income was negatively impacted by $106.0 million of charges primarily from the Loss on Sale of Assets (multi-wall bag business) along with Charges associated with Business Combinations and Other Special Charges. When adjusting for these charges, Adjusted Net Income for the second quarter of 2014 was $66.0 million, or $0.20 per diluted share compared to second quarter 2013 Adjusted Net Income of $44.1 million or $0.13 per diluted share.

"We had a busy quarter with a strategic acquisition and the sale of our multi-wall bag business. The sale represents the last major step in a series of divestitures over the last nine months and completes our transformation into a pure play, vertically integrated paperboard packaging business," said CEO David Scheible. "We recovered from the weather challenged first quarter and delivered a solid second quarter with significantly higher Adjusted EBITDA margins both sequentially and year-over-year. Performance was strong across the business, particularly at our two virgin fiber mills, which ramped back up quickly and efficiently after the weather driven unplanned downtime in February and March. We were also able to move our continuous improvement teams back into place and delivered a solid $22 million net benefit from performance initiatives in the quarter."

"Our first priority is running the business, but we are also taking strategic actions to further position Graphic Packing as the global leader in paperboard packaging. We took two major steps toward this goal in the quarter with the acquisition of the U.K.-based Benson Group and the sale of our multi-wall bag business. The Benson acquisition greatly enhances our folding carton business in Europe in key end-use segments. Like our strategy in the United States, we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs."

Net Sales

Net Sales decreased 2.0% to $1,116.7 million in the second quarter of 2014, compared to $1,139.7 million in the prior year period. Excluding $53.4 million of sales in the prior year period from divested businesses, Net Sales increased $30.4 million or 2.8%. The increase was driven by $23.7 million of higher pricing, $4.1 million of favorable exchange rates and $2.6 million of improved volume/mix.

Paperboard Packaging Net Sales, which comprised 88.4% of total second quarter Net Sales, increased 1.6% to $987.3 million in second quarter 2014, compared to $972.1 million in the prior year period. Excluding $21.0 million of sales in the prior year period for the divested Uncoated Recycled Board (URB) mill and the divested labels business, Paperboard Packaging Net Sales increased $36.2 million or 3.8%.

Net sales in the Flexible Packaging segment decreased 22.8% to $129.4 million in the second quarter of 2014, compared to $167.6 million in the prior year period. Excluding $32.4 million of sales in the prior year period for the divested flexible plastics business, Flexible Packaging Net Sales decreased $5.8 million or 4.3%.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations by business segment for the first and second quarter of 2014 and each quarter of 2013.

EBITDA

Including $171.1 million of special charges, EBITDA for second quarter 2014 decreased to $19.7 million from $139.7 million in the second quarter of last year. When adjusting for these special charges, Adjusted EBITDA increased 9.0% to $190.8 million in second quarter 2014 from $175.1 million in second quarter 2013. The $171.1 million adjustment was primarily related to the June 2014 sale of the Company's multi-wall bag business. When comparing against the prior year quarter, Adjusted EBITDA in the second quarter of 2014 was positively impacted by $23.7 million of higher pricing, $21.6 million of improved net operating performance and $0.3 million of favorable exchange rates. These benefits were offset by $12.8 million of commodity inflation, $10.7 million in higher labor and benefit costs, and $6.4 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of second quarter 2014 was $2,161.3 million, $40.1 million lower than at the end of 2013. The Company's June 30, 2014 Net Leverage Ratio dropped to 3.17 times Adjusted EBITDA from 3.48 times Adjusted EBITDA at the end of the second quarter of 2013. At June 30, 2014, the Company had available domestic liquidity of $773.3 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $21.2 million in the second quarter of 2014, compared to $29.7 million in the second quarter of 2013. The decrease was primarily attributable to lower debt levels and the Company's decision to issue new 4.75% Senior Notes and use the proceeds to redeem its higher 9.5% notes on June 15, 2013.

Capital expenditures were $49.6 million in the second quarter of 2014, compared to $51.7 million in the second quarter of 2013.

Income Tax Benefit was $33.2 million in the second quarter of 2014 compared to an $11.4 million expense in the second quarter of 2013. The change over the prior year was primarily a result of the second quarter pre-tax loss generated by the sale of the Company's multi-wall bag business. As of June 30, 2014, the Company had approximately $917 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of Adjusted Net Sales, EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is attached to this release.

Secondary Offering

During May of 2014, certain shareholders of the Company sold 43.7 million shares of common stock in a secondary public offering at $10.45 per share. The shares were sold by certain affiliates of TPG Capital, L.P. (the "TPG Entities") and certain Coors family trusts and the Adolph Coors Foundation. This represents the seventh secondary transaction since December 2012 by one or more of four selling stockholders including: the TPG Entities; certain Coors family trusts and the Adolph Coors Foundation; Clayton, Dublier & Rice Fund V Limited Partnership; and Old Town, S.A. Following the May 2014 transaction, these four shareholders no longer hold shares of the Company's common stock.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world.

Graphic Packaging 2Q 2014 results: adjusted EBITDA up 8.9% from year ago to $190.8 million

Posted in: Packaging Technology 07/23/2014 - 23:33

ATLANTA, July 24, 2014 (PRNewswire) -
  • Q2 Net Sales increased $30.4 million or 2.8%, after adjusting for the impact of divested businesses.
  • Q2 Adjusted Earnings per Diluted Share increased to $0.20 versus $0.13 in the prior year period.
  • Q2 Adjusted EBITDA increased to $190.8 million versus $175.1 million in the prior year period.
  • Acquired U.K.-based Benson Group and completed sale of multi-wall bag business.

Graphic Packaging Holding Company (GPK), (the "Company"), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported a Net Loss for second quarter 2014 of $40.0 million, or $0.12 per share, based upon 328.7 million weighted average shares. This compares to second quarter 2013 Net Income of $21.2 million, or $0.06 per share, based on 351.5 million weighted average diluted shares.

Including the tax impact, second quarter 2014 Net Income was negatively impacted by $106.0 million of charges primarily from the Loss on Sale of Assets (multi-wall bag business) along with Charges associated with Business Combinations and Other Special Charges. When adjusting for these charges, Adjusted Net Income for the second quarter of 2014 was $66.0 million, or $0.20 per diluted share compared to second quarter 2013 Adjusted Net Income of $44.1 million or $0.13 per diluted share.

"We had a busy quarter with a strategic acquisition and the sale of our multi-wall bag business. The sale represents the last major step in a series of divestitures over the last nine months and completes our transformation into a pure play, vertically integrated paperboard packaging business," said CEO David Scheible. "We recovered from the weather challenged first quarter and delivered a solid second quarter with significantly higher Adjusted EBITDA margins both sequentially and year-over-year. Performance was strong across the business, particularly at our two virgin fiber mills, which ramped back up quickly and efficiently after the weather driven unplanned downtime in February and March. We were also able to move our continuous improvement teams back into place and delivered a solid $22 million net benefit from performance initiatives in the quarter."

"Our first priority is running the business, but we are also taking strategic actions to further position Graphic Packing as the global leader in paperboard packaging. We took two major steps toward this goal in the quarter with the acquisition of the U.K.-based Benson Group and the sale of our multi-wall bag business. The Benson acquisition greatly enhances our folding carton business in Europe in key end-use segments. Like our strategy in the United States, we are committed to growing our European business around food and beverage end markets and optimizing our supply chain footprint around our customers' needs."

Net Sales

Net Sales decreased 2.0% to $1,116.7 million in the second quarter of 2014, compared to $1,139.7 million in the prior year period. Excluding $53.4 million of sales in the prior year period from divested businesses, Net Sales increased $30.4 million or 2.8%. The increase was driven by $23.7 million of higher pricing, $4.1 million of favorable exchange rates and $2.6 million of improved volume/mix.

Paperboard Packaging Net Sales, which comprised 88.4% of total second quarter Net Sales, increased 1.6% to $987.3 million in second quarter 2014, compared to $972.1 million in the prior year period. Excluding $21.0 million of sales in the prior year period for the divested Uncoated Recycled Board (URB) mill and the divested labels business, Paperboard Packaging Net Sales increased $36.2 million or 3.8%.

Net sales in the Flexible Packaging segment decreased 22.8% to $129.4 million in the second quarter of 2014, compared to $167.6 million in the prior year period. Excluding $32.4 million of sales in the prior year period for the divested flexible plastics business, Flexible Packaging Net Sales decreased $5.8 million or 4.3%.

Attached is supplemental data showing Net Tons Sold, Net Sales and Income (Loss) from Operations by business segment for the first and second quarter of 2014 and each quarter of 2013.

EBITDA

Including $171.1 million of special charges, EBITDA for second quarter 2014 decreased to $19.7 million from $139.7 million in the second quarter of last year. When adjusting for these special charges, Adjusted EBITDA increased 9.0% to $190.8 million in second quarter 2014 from $175.1 million in second quarter 2013. The $171.1 million adjustment was primarily related to the June 2014 sale of the Company's multi-wall bag business. When comparing against the prior year quarter, Adjusted EBITDA in the second quarter of 2014 was positively impacted by $23.7 million of higher pricing, $21.6 million of improved net operating performance and $0.3 million of favorable exchange rates. These benefits were offset by $12.8 million of commodity inflation, $10.7 million in higher labor and benefit costs, and $6.4 million of unfavorable volume/mix.

Other Results

Total Net Debt at the end of second quarter 2014 was $2,161.3 million, $40.1 million lower than at the end of 2013. The Company's June 30, 2014 Net Leverage Ratio dropped to 3.17 times Adjusted EBITDA from 3.48 times Adjusted EBITDA at the end of the second quarter of 2013. At June 30, 2014, the Company had available domestic liquidity of $773.3 million, including the undrawn availability under its $1.0 billion U.S. revolving credit facility.

Net Interest Expense was $21.2 million in the second quarter of 2014, compared to $29.7 million in the second quarter of 2013. The decrease was primarily attributable to lower debt levels and the Company's decision to issue new 4.75% Senior Notes and use the proceeds to redeem its higher 9.5% notes on June 15, 2013.

Capital expenditures were $49.6 million in the second quarter of 2014, compared to $51.7 million in the second quarter of 2013.

Income Tax Benefit was $33.2 million in the second quarter of 2014 compared to an $11.4 million expense in the second quarter of 2013. The change over the prior year was primarily a result of the second quarter pre-tax loss generated by the sale of the Company's multi-wall bag business. As of June 30, 2014, the Company had approximately $917 million of Net Operating Losses (NOLs) for U.S. federal cash income tax purposes, which may be used to offset future taxable income.

Please note that a tabular reconciliation of Adjusted Net Sales, EBITDA, Adjusted EBITDA, Adjusted Net Income and Total Net Debt is attached to this release.

Secondary Offering

During May of 2014, certain shareholders of the Company sold 43.7 million shares of common stock in a secondary public offering at $10.45 per share. The shares were sold by certain affiliates of TPG Capital, L.P. (the "TPG Entities") and certain Coors family trusts and the Adolph Coors Foundation. This represents the seventh secondary transaction since December 2012 by one or more of four selling stockholders including: the TPG Entities; certain Coors family trusts and the Adolph Coors Foundation; Clayton, Dublier & Rice Fund V Limited Partnership; and Old Town, S.A. Following the May 2014 transaction, these four shareholders no longer hold shares of the Company's common stock.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (GPK), headquartered in Atlanta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft and coated-recycled board. The Company's customers include some of the most widely recognized companies in the world.

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SPRINGFIELD, MA, July 11, 2014 (Press Release) -

Experts in the economy, human resources, sustainability, and digital printing will share their research and business forecasts at the Paperboard Packaging Council's Fall Meeting and Leadership Conference at the Loews Atlanta Hotel in Atlanta, GA, October 29-31, 2014.

Some speakers to include:

  • David Scheible, CEO of Graphic Packaging International, will provide his perspective on the global folding carton industry.

  • Tony Charaf, Senior Vice President and Chief Cargo Officer with Delta Air Lines, will speak on servant leadership.

  • Dr. Jeffrey Rosensweig, Director of Emory University's Global Perspectives Program, will address the economic outlook for both the U.S. and the world, and its implications for the paperboard packaging industry.

  • Phil Riebel, President of Two Sides North America, will speak their mission to promote the sustainability of the graphic communications industry while dispelling common myths about print and paper.

  • Kevin Karstedt, CEO of Karstedt Partners, LLC, will facilitate a special session on short-run, digital printing that will provide insight for making use of this important, new technology.

  • Ken Waghorne, Vice President of Packaging at RISI, will address economic trends in paperboard and cartonboard.

  • Henry Serrano, President of Vista Color, will speak on his company's history, trials and tribulations, and plans for the future.

  • TW Francescon, Human Resources Manager at Southern Champion Tray, will discuss his company's 25-year commitment to employee wellness.

"I'm thrilled with our current lineup of speakers," said PPC President, Ben Markens. "Their knowledge and expertise will make for an engaging and informative conference, and I have no doubt that attendees will leave feeling prepared to move their organizations forward in 2015."

Registration for the meeting is now available atpaperbox.org/fall.

Now in its 85th year, PPC is the leading industry association serving suppliers and converters of all forms of paperboard packaging. PPC works to grow, promote, and protect the paperboard packaging industry while providing its members with resources and tools to compete effectively and successfully in the marketplace.

PPC Fall Meeting and Leadership Conference speakers to address economy, sustainability and digital printing in Atlanta, GA, Oct 29-31

Posted in: Environment 07/11/2014 - 03:58

SPRINGFIELD, MA, July 11, 2014 (Press Release) -

Experts in the economy, human resources, sustainability, and digital printing will share their research and business forecasts at the Paperboard Packaging Council's Fall Meeting and Leadership Conference at the Loews Atlanta Hotel in Atlanta, GA, October 29-31, 2014.

Some speakers to include:

  • David Scheible, CEO of Graphic Packaging International, will provide his perspective on the global folding carton industry.

  • Tony Charaf, Senior Vice President and Chief Cargo Officer with Delta Air Lines, will speak on servant leadership.

  • Dr. Jeffrey Rosensweig, Director of Emory University's Global Perspectives Program, will address the economic outlook for both the U.S. and the world, and its implications for the paperboard packaging industry.

  • Phil Riebel, President of Two Sides North America, will speak their mission to promote the sustainability of the graphic communications industry while dispelling common myths about print and paper.

  • Kevin Karstedt, CEO of Karstedt Partners, LLC, will facilitate a special session on short-run, digital printing that will provide insight for making use of this important, new technology.

  • Ken Waghorne, Vice President of Packaging at RISI, will address economic trends in paperboard and cartonboard.

  • Henry Serrano, President of Vista Color, will speak on his company's history, trials and tribulations, and plans for the future.

  • TW Francescon, Human Resources Manager at Southern Champion Tray, will discuss his company's 25-year commitment to employee wellness.

"I'm thrilled with our current lineup of speakers," said PPC President, Ben Markens. "Their knowledge and expertise will make for an engaging and informative conference, and I have no doubt that attendees will leave feeling prepared to move their organizations forward in 2015."

Registration for the meeting is now available atpaperbox.org/fall.

Now in its 85th year, PPC is the leading industry association serving suppliers and converters of all forms of paperboard packaging. PPC works to grow, promote, and protect the paperboard packaging industry while providing its members with resources and tools to compete effectively and successfully in the marketplace.

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