Graphic Packaging International has agreed to acquire several folding carton converting and paperboard mill assets from Cascades‘ Norampac Division in Canada for $39m.

The acquisition includes three folding carton converting facilities located in Cobourg and Mississauga in Ontario, and Winnipeg in Manitoba.

The transaction also includes a Solid Bleached Sulfate substitute mill located in Jonquiere and a Coated Recycled Board mill located in East Angus, both based in Quebec.

"The transaction is a continuation of our acquisition strategy to grow integrated folding carton converting volumes in key geographies and end-markets."

Subject to standard closing requirements and regulatory review, the transaction is expected to be complete in the first quarter of 2015.

The acquisition will enhance Graphic Packaging’s integrated folding carton offering in North America, as well as expand the company’s food, food service, beverage and consumer packaging solutions.

Graphic Packaging chairman, president and CEO David Scheible said: "The acquisition of Cascades’ Norampac paperboard assets enhances our position in North American folding cartons and enables us to extend our customer reach in Canada.

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"The transaction is a continuation of our acquisition strategy to grow integrated folding carton converting volumes in key geographies and end-markets. These assets will broaden our customer base and allow us to offer our current customers a wider range of products."

Earlier in August this year, Graphic Packaging International announced plans to invest around $41.5m to upgrade production machinery at its West Monroe paper mill in Louisiana, US. The investment would be used for expansion of fibre storage capacity at the West Monroe facility, as well as upgrading the dryer section, coater and stock cleaning areas.