International Paper Co. has agreed to combine its North America consumer packaging business with Graphic Packaging Holding Co. in a deal that values the International Paper division at $1.8 billion, the companies said. Graphic Packaging will own 79.5 percent of the partnership and will be sole operator, and International Paper will own the remainder. The partnership is valued at $6 billion and will assume $660 million of International Paper debt, the companies said. International Paper’s North America consumer packaging business produces solid bleached sulfate paperboard and paper-based foodservice products. It is projected to generate adjusted earnings before interest, taxes, depreciation and amortization of $210 million in 2017. The deal is projected to be accretive to earnings in its first year and generate $75 million in synergies by the end of its third year, the companies said. Graphic Packaging said it will not change its board of directors as a result of the partnership. – Source: Reuters/FPI.