US-based Atlas, owner of AGI World, has announced its agreement with Shorewood owner International Paper (IP) to combine their consumer packaging businesses to become AGI-Shorewood.

The new business will operate in Asia, Europe, North America and Latin America, as well as all locations of Shorewood Packaging, except those in China.

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AGI-Shorewood is considering major expansion of its operations in Guangzhou, China, and plans to invest $7m following the completion of the closing of Shorewood’s Chinese businesses later this month.

Atlas owns 100% of the combined AGI-Shorewood business in the US and 60% of the business outside of the country, while IP owns 40% of the combined business outside the US.

Atlas chairman Andrew Bursky said: "The merger provides AGI with expanded diversification, entree to new and growing end markets, and significant positions in regions like Asia and Latin America."

The company will now serve both regional and international consumer packaged-goods, entertainment and tobacco firms on a global basis.

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According to Atlas, the merger is consistent with its investment approach of purchasing and transitioning divisions of corporate parents into independent companies.

In 2010, Atlas acquired AGI from MeadWestvaco and combining with Shorewood creates an independent company focused exclusively on bringing specialty packaging solutions to its customers.

AGI-Shorewood serves key consumer-packaging segments that include media, tobacco, beauty and personal care, pharmaceuticals, consumer electronics, as well as food and beverages.