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Examples
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Flexible Packaging, as you probably remember, was acquired in 2008 as part of the combination with Altivity Packaging.
unknown title 2011
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We have strategically closed and consolidated the equipment and production capacity of 19 facilities since our acquisition of Altivity in 2008.
unknown title 2011
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This increase represents a GAAP comparison which does not adjust to include a full quarter of prior year Altivity results.
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But more importantly, on the strength of the synergies realized from the Altivity transaction, our cost structure improved.
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This morning, I am going to start by providing you with a brief overview of our quarterly results including progress on the synergies we realized from the combination with Altivity.
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As I mentioned, the combined - the combination of our Altivity has resulted in annualized synergies of over $90 million, while our continuous improvement initiatives have generated additional total savings of over $80 million since the combination in March of 2008.
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This was our best quarter following the transaction with Altivity and you will recall it was just a year ago in March '08, we combined the operations of Graphic Packaging and Altivity to create one of the world's largest packaging companies.
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Similar to our practice last year, we will include comparisons to the 2008 first quarter results restated on our pro forma basis, assuming the acquisition of Altivity that occurred on January 1 st, 2008 and excluding the results for the two divested mills.
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Overall working capital needed to operate the business has been reduced by approximately $50 million since the Altivity transactions.
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We would like to say we will compete where we have a right to win and in food and beverage packaging with the acquisition of Altivity, we clearly have developed that position in all these key sectors and channels.
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