Atlanta, Georgia based Graphic Packaging announced that it has entered into a definitive agreement to acquire Sioux Falls, North Dakota based Bell Incorporated, one of the largest folding carton manufacturers in the United States.
Bell Incorporated was founded in 1920 as Bell Paper Box in Sioux Falls to provide packaging to the local retail and confectionary markets.
In 1979, the company developed a unique package for the meat packing industry and in 1985 invested in offset multi-color printing presses and high speed die cutters, which resulted in significant capacity and growth.
This led to the opening of a greenfield start-up of a facility in Groveport, Ohio, in Spring of 2016.
“We have become one of the largest independent folding carton companies in North America by investing in the latest converting technology and inspiring a nimble, customer-focused organization,” states Bell Incorporated on the home page of its web site.
Graphic Packaging reports that the proposed acquisition is expected to add approximately $200 million in sales, $30 million in adjusted EBITDA and will support strategic priorities of increasing integration rates and expanding customers and categories.
Annual synergies of approximately $10 million are expected within 24 months of closing.
The transaction includes three well-capitalized packaging facilities in the Midwest that consume 95,000 tons of paperboard annually.
The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions.