Graham Packaging has announced that its wholly-owned subsidiary, GPC Capital has postponed plans for an Initial Public Offering.
In connection with the IPO postponement, Graham Packaging Company, its wholly-owned subsidiary, GPC Capital Corp. I, and GPC Capital Corp. II, postponed its proposed offering of $100 million (€100.1m).
Chief executive officer Philip Yates said that the decision to postpone the IPO until market conditions improve was based on advice from the company's equity owners and the underwriters for the proposed offering.
The company currently provides packaging for Coca-Cola, Pepsi and Heinz.
Graham Packaging is a worldwide leader in the design, manufacture and sale of customised blow-moulded plastic containers for the branded food and beverage, household and personal care, and automotive lubricants markets with 55 plants throughout North America, Europe and Latin America.