UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
April 26, 1999
(Date of earliest event reported)
Commission file number: 0-20704
ACX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Colorado 84-1208699
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
16000 Table Mountain Parkway, Golden, Colorado 80403
(Address of principal executive offices) (Zip Code)
(303) 271-7000
(Registrant's telephone number, including area code)
Item 5. Other Events
On April 26, 1999, ACX Technologies, Inc. issued the following
press release.
Contact: Holly Coors
(303) 271-7005
ACX TECHNOLOGIES TO ACQUIRE THE FOLDING CARTON BUSINESS OF
FORT JAMES CORPORATION
Golden, CO - April 26, 1999 - ACX Technologies, Inc.
(NYSE:ACX) today announced that it will purchase the assets of
Fort James Corporation's folding carton business for $830 million
in cash. The acquisition creates a world-class packaging concern
and the country's largest folding carton company with revenues in
excess of $1 billion.
The folding carton business of Fort James is a major
supplier of folding cartons to leading consumer product
companies, with an extensive portfolio of proprietary products
and unique technologies. The folding carton business is comprised
of 12 plants with strategic locations in Garden Grove, CA,
Newnan, GA, Kendallville, IN, Kalamazoo, MI, Charlotte, NC,
Perrysburg, OH, Portland, OR (2), Gordonsville, TN, Menasha, WI,
Wausau, WI and Mississagua, Ontario. Also included in the
acquisition is a papermill in Kalamazoo, MI that produces
approximately 330,000 tons of coated recycle board annually.
Commenting on the acquisition, Jeff Coors, President and
Chief Executive Officer, Graphic Packaging Corporation remarked,
"The combination of talent, equipment and differentiated products
that Fort James offers is first class. The addition of these
elements to Graphic Packaging will allow us unmatched technical
capability to service our customers and help advance their
packaging. We are impressed with their range of capabilities and
see the folding carton business of Fort James as a tremendous
complement to Graphic Packaging Corporation." Mr. Coors
continued, "Our decision to focus on growing our folding carton
business has cemented our position as a leader in this segment of
the packaging industry."
Graphic Packaging Corporation sells value-added folding
carton packages primarily to the beverage and frozen and dry
foods markets. The folding carton business of Fort James sells
folding cartons for packaging food and pharmaceuticals. End
markets for food packaging include cereal, dairy, meat and
microwave. Combined process capabilities will include gravure,
web lithography, web flexography, offset printing and sheet fed
printing.
The agreement has been approved by the board of directors
for both companies and is still subject to regulatory approvals.
Financing is being provided by Bank of America, with
NationsBanc Montgomery Securities, LLC acting as advisor and
arranger.
ACX Technologies, Inc., through its two primary businesses,
applies innovative technology to manufacture value-added
industrial products. Graphic Packaging Corporation is a
specialty packaging manufacturer that produces high performance
folding cartons, rollstock and laminations, and flexible
packaging. Coors Ceramics Company provides enabling technology
through advanced technical ceramics and other engineered
materials. ACX can be visited on the world wide web at
http://www.acxt.com.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
April 27, 1999 ACX TECHNOLOGIES, INC.
By:/s/Beth A. Parish
-------------------------
Beth A. Parish
(Controller and Principal
Accounting Officer)
