Subsequent Events

6 Months Ended

Jun. 30, 2011

Subsequent Events

Subsequent Events

Note 3 — Subsequent Events

Mayor Packaging Acquisition

On August 1, 2011, the Company acquired Mayor Packaging, a privately-owned manufacturer of consumer and specialty flexible packaging including a manufacturing facility in Dongguan, China.  The cash purchase price paid at closing of approximately $93 million was financed with commercial paper and is subject to customary post-closing adjustments.

Revolving Bank Credit Agreement

On July 21, 2011, the Company amended and restated its revolving bank credit agreement, originally dated April 28, 2008, which is used primarily to support the Company’s issuance of commercial paper.  The amendment and restatement extends the term of the agreement from April 29, 2013 until July 21, 2016, and increases the total amount that may be borrowed from $625 million to $800 million.  There were no other material changes to the terms or covenants in the agreement.

Public bonds totaling $300 million are scheduled to mature on April 1, 2012.  These bonds have been classified as long term debt on the June 30, 2011 balance sheet in accordance with our ability and intent to refinance these bonds with commercial paper.

Successful Completion of Dixie Toga Tender Offer

On July 8, 2011, the Company announced that its wholly-owned Brazilian subsidiary, Dendron Participacoes Ltda., has completed a tender offer for the purchase of 38 million shares of its Brazilian subsidiary, Dixie Toga, S.A.  With this purchase, the Company has increased its ownership from 86 percent to over 99 percent of the total issued and outstanding shares of Dixie Toga, S.A.  The total cost of the purchase was approximately $90 million.