May 26, 2006
CHICAGO--Smurfit-Stone Container Corp. has announced it has entered into a definitive agreement to sell all of the assets of its consumer packaging segment to a company formed by Texas Pacific Group (“TPG”) for approximately $1.04 billion in cash. Texas Pacific Group has arranged fully committed financing for the transaction, which the parties expect 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; and * 39 consumer packaging converting operations in the United States including folding carton, multiwall and specialty bag, flexible packaging, label, contract packaging and lamination businesses; and *
