Exhibit 99.1

Investor Contact: Brad Ankerholz
Graphic Packaging Holding Company
770-644-3062

Graphic Packaging Holding Company Reports Second Quarter 2011 Results

Financial Highlights

	•		Q2 Adjusted Earnings per Share were $0.09 versus $0.04 in the prior year period.
	•		Q2 Net Sales increased 4.3% versus the prior year period.
	•		Q2 Adjusted EBITDA was $150.1 million versus $145.1 million in the prior year period.

MARIETTA, GA, July 28, 2011. Graphic Packaging Holding Company (NYSE: GPK), a leading provider of packaging solutions to food, beverage and other consumer products companies, today reported Net Income for second quarter 2011 of $32.1 million, or $0.08 per share based upon 384.5 million weighted average diluted shares. This compares to a second quarter 2010 Net Loss of $(32.8) million, or $(0.10) per share based on 343.7 million weighted average shares.

When adjusting for charges associated with the acquisition of Sierra Pacific Packaging, Inc., (“Sierra”) and a loss on modification or extinguishment of debt, second quarter Adjusted Net Income was $34.6 million, or $0.09 per share. This compares to second quarter 2010 Adjusted Net Income of $14.7 million, or $0.04 per share. Second quarter 2010 Adjusted Net Income excludes $46.6 million of Charges Associated with the Combination with Altivity Packaging, LLC, (“Altivity”) and a loss on modification or extinguishment of debt.

“We posted a solid quarter despite a difficult operating environment in our key end-use markets,” said CEO David Scheible. “Our top line increased over 4% as we continued to recapture prior input inflation through higher pricing. At the same time, our earnings more than doubled as higher

prices, strong operating performance and improvements in our cost structure more than offset input cost inflation.”

“We continued to experience soft demand in some core end-markets like beer, soft drink and cereal. Persistent high unemployment and higher fuel prices are forcing end consumers to continue to tightly manage discretionary spending. Many of our key customers are also pushing product price to recover input cost inflation. This is a market where trends are difficult to predict, but demand improved as we moved into the third quarter.”

Net Sales

Net sales increased 4.3% to $1,080.7 million during second quarter 2011, compared to second quarter 2010 net sales of $1,036.5 million. The increase resulted from approximately $36 million of higher pricing and $13 million of favorable exchange rates. This was partially offset by approximately $4 million of lower volumes/mix.

On a segment basis, Paperboard Packaging sales, which comprised approximately 84% of total second quarter net sales, increased 4.5% compared to the second quarter of 2010. The increase reflects higher contractual pricing related to the recovery of prior input cost inflation and open market board price increases. Net sales in the Flexible Packaging segment increased 2.8% versus the second quarter of 2010. The increase was the result of higher pricing, partially offset by continued softness in construction end-markets.

Attached is supplemental data showing net sales and Income (Loss) from Operations by business segment for the first and second quarters of 2011 and each quarter of 2010.

EBITDA

EBITDA for second quarter 2011 was $147.6 million, compared to $97.6 million in the second quarter of 2010. Excluding charges associated with the Sierra acquisition and a loss on modification or extinguishment of debt, second quarter 2011 Adjusted EBITDA was $150.1 million, compared to second quarter 2010 Adjusted EBITDA of $145.1 million. Second quarter 2010 Adjusted EBITDA excludes $46.6 million of charges associated with the combination with Altivity and a loss on modification or extinguishment of debt.

Adjusted EBITDA in the second quarter of 2011 was positively impacted by approximately $36 million of higher pricing, approximately $18 million of improved net operating performance and approximately $3 million of favorable exchange rates/other. Second quarter 2011 EBITDA was negatively impacted by approximately $44 million of cost inflation, approximately $6 million related to market downtime taken in our converting facilities and approximately $2 million of lower volumes/mix.

Other Results

Taking cash and cash equivalents into account, total Net Debt at the end of the second quarter 2011 was $2,246.6 million. This represents a reduction of $347.5 million in net debt since June 30, 2010. The Company’s Net Leverage Ratio decreased to 3.89 times Adjusted EBITDA at the end of the second quarter 2011 from 4.56 times Adjusted EBITDA at June 30, 2010. At the end of the second quarter 2011, the Company had available liquidity of $559.6 million including the undrawn availability under its $400 million revolving credit facility.

Net Cash Provided by Operations was $117.6 million in the six months ended June 30, 2011, which compares to $95.6 million in the six months ended June 30, 2010.

Net interest expense was $36.6 million in the second quarter 2011 compared to $45.0 million in the second quarter 2010. The decrease was due to both lower debt balances and lower interest rates.

Second quarter 2011 Income Tax Expense was $7.4 million compared to $10.2 million in the second quarter of 2010. The reduction was primarily due to a portion of goodwill being fully amortized at the end of 2010. The Company has a $1.2 billion net operating loss carry-forward which is currently being used and may be available to offset future taxable income in the United States.

Capital expenditures for second quarter 2011 were $34.0 million compared to $21.5 million in the second quarter of 2010. The increase was driven by additional investments to improve process capability and reduce costs.

Under the terms of its Credit Agreement, the Company must comply with a maximum consolidated secured leverage ratio. As of June 30, 2011, the Company’s ratio was 2.49 to 1.00, in compliance with the required maximum ratio of 4.75 to 1.00. The calculation of this ratio, along with a tabular reconciliation of EBITDA, Adjusted EBITDA, Credit Agreement EBITDA, Adjusted Net Income and Net Leverage Ratio, is attached to this release.

Earnings Call

The Company will host a conference call at 10:00 am eastern time today (July 28, 2011) to discuss the results of second quarter 2011. To access the conference call, listeners calling from within North America should dial 800-392-9489 at least 10 minutes prior to the start of the conference call (Conference ID#80451463). Listeners may also access the audio webcast, along with a slide presentation, at the Investor Relations section of the Graphic Packaging website: http://www.graphicpkg.com. Replays of the call can be accessed for one week by dialing 800-642-1687.

Forward Looking Statements

Any statements of the Company’s expectations in this press release constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, improved demand and availability of the Company’s net operating loss to offset taxable income, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company’s present expectations. These risks and uncertainties include, but are not limited to, the Company’s substantial amount of debt, inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that could affect demand for the Company’s products or actions taken by our customers in response to the difficult economic environment, continuing pressure for lower cost products, the Company’s ability to implement its business strategies, including productivity initiatives and cost reduction plans, currency movements and other risks of conducting business internationally, volatility in the credit and securities markets and the impact of regulatory and litigation matters, including those that could impact the Company’s ability to protect and use its intellectual property. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements. Additional information regarding these and other risks is contained in the Company’s periodic filings with the SEC.

About Graphic Packaging Holding Company

Graphic Packaging Holding Company (NYSE:GPK), headquartered in Marietta, Georgia, is a leading provider of packaging solutions for a wide variety of products to food, beverage and other consumer products companies. The Company is one of the largest producers of folding cartons and holds a leading market position in coated-unbleached kraft, coated-recycled boxboard and specialty packaging. The Company’s customers include some of the most widely recognized

companies in the world. Additional information about Graphic Packaging, its business and its products, is available on the Company’s web site at www.graphicpkg.com.

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
In millions, except per share amounts		2011				2010				2011				2010
Net Sales		$	1,080.7			$	1,036.5			$	2,081.3			$	2,040.6
Cost of Sales			915.3				887.7				1,757.7				1,746.0
Selling, General and Administrative			90.4				78.4				179.9				155.8
Other (Income) Expense, Net			(1.3	)			1.0				(1.2	)			1.3
Restructuring and Other Special Charges			—				46.6				—				55.1
Income from Operations			76.3				22.8				144.9				82.4
Interest Expense, Net			(36.6	)			(45.0	)			(75.9	)			(90.0	)
Loss on Modification or Extinguishment of Debt			(0.8	)			(0.9	)			(0.8	)			(0.9	)
Income (Loss) before Income Taxes and Equity Income of Unconsolidated Entities			38.9				(23.1	)			68.2				(8.5	)
Income Tax Expense			(7.4	)			(10.2	)			(10.3	)			(18.8	)
Income (Loss) before Equity Income of Unconsolidated Entities			31.5				(33.3	)			57.9				(27.3	)
Equity Income of Unconsolidated Entities			0.6				0.5				0.9				0.8
Net Income (Loss)		$	32.1			$	(32.8	)		$	58.8			$	(26.5	)
Income (Loss) Per Share — Basic		$	0.08			$	(0.10	)		$	0.16			$	(0.08	)
Income (Loss) Per Share — Diluted		$	0.08			$	(0.10	)		$	0.16			$	(0.08	)
Weighted Average Number of Shares Outstanding — Basic			378.9				343.7				361.6				343.5
Weighted Average Number of Shares Outstanding — Diluted			384.5				343.7				367.1				343.5

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

		June 30,				December 31,
In millions, except share and per share amounts		2011				2010
ASSETS
Current Assets:
Cash and Cash Equivalents		$	191.2			$	138.7
Receivables, Net			441.7				382.2
Inventories, Net			490.9				417.3
Other Current Assets			71.7				75.4
Total Current Assets			1,195.5				1,013.6
Property, Plant and Equipment, Net			1,635.6				1,641.5
Goodwill			1,221.1				1,205.2
Intangible Assets, Net			558.1				576.6
Other Assets			46.7				47.7
Total Assets		$	4,657.0			$	4,484.6
LIABILITIES
Current Liabilities:
Short-Term Debt and Current Portion of Long-Term Debt		$	19.7			$	26.0
Accounts Payable			393.6				361.5
Interest Payable			24.7				28.4
Other Accrued Liabilities			189.3				179.8
Total Current Liabilities			627.3				595.7
Long-Term Debt			2,418.1				2,553.1
Deferred Income Tax Liabilities			250.5				241.1
Other Noncurrent Liabilities			311.2				347.7
Total Liabilities			3,607.1				3,737.6
SHAREHOLDERS’ EQUITY
Preferred Stock, par value $.01 per share; 100,000,000 shares authorized; no shares issued or outstanding			—				—
Common Stock, par value $.01 per share; 1,000,000,000 shares authorized; 389,245,688 and 343,698,778 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively			3.9				3.4
Capital in Excess of Par Value			2,176.0				1,965.2
Accumulated Deficit			(949.5	)			(1,008.3	)
Accumulated Other Comprehensive Loss			(180.5	)			(213.3	)
Total Shareholders’ Equity			1,049.9				747.0
Total Liabilities and Shareholders’ Equity		$	4,657.0			$	4,484.6

GRAPHIC PACKAGING HOLDING COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

		Six Months Ended
		June 30,
In millions		2011				2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income		$	58.8			$	(26.5	)
Noncash Items Included in Net Income:
Depreciation and Amortization			139.4				147.6
Deferred Income Taxes			9.2				16.6
Amount of Postretirement Expense Less Than Funding			(9.9	)			(3.9	)
Other, Net			14.1				27.0
Changes in Operating Assets & Liabilities			(94.0	)			(65.2	)
Net Cash Provided by Operating Activities			117.6				95.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Spending			(70.8	)			(39.7	)
Acquisition of Business			(51.9	)			—
Other, Net			(1.8	)			2.6
Net Cash Used in Investing Activities			(124.5	)			(37.1	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from Issuance of Common Stock			238.0				—
Repurchase of Common Stock			(32.9	)			—
Payments on Debt			(150.0	)			(34.9	)
Borrowings under Revolving Credit Facilities			58.0				110.4
Payments on Revolving Credit Facilities			(55.8	)			(110.4	)
Redemption and Early Tender Premiums and Debt Issuance Costs			—				(0.5	)
Other, Net			0.2				—
Net Cash Provided by (Used in) Financing Activities			57.5				(35.4	)
Effect of Exchange Rate Changes on Cash			1.9				(1.3	)
Net Increase in Cash and Cash Equivalents			52.5				21.8
Cash and Cash Equivalents at Beginning of Period			138.7				149.8
Cash and Cash Equivalents at End of Period		$	191.2			$	171.6

Reconciliation of Non-GAAP Financial Measures

The tables below set forth the calculation of the Company’s earnings before interest expense, income tax expense, equity income of unconsolidated entities, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio. Adjusted EBITDA and Adjusted Net Income exclude charges associated with the Company’s combination with Altivity Packaging, LLC and Sierra Acquisition as well as charges associated with modification or extinguishment of debt. The Company’s management believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio provides useful information to investors because these measures are regularly used by management in assessing the Company’s performance. EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio are financial measures not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”), and are not measures of net income, operating income, operating performance or liquidity presented in accordance with GAAP.

EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net Income and Net Leverage Ratio may not be comparable to Adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate such measures in the same manner as we do.

		Three Months Ended								Six Months Ended
		June 30,								June 30,
In millions, except per share amounts		2011				2010				2011				2010
Net Income (Loss)		$	32.1			$	(32.8	)		$	58.8			$	(26.5	)
Add (Subtract):
Income Tax Expense			7.4				10.2				10.3				18.8
Equity Income of Unconsolidated Entities			(0.6	)			(0.5	)			(0.9	)			(0.8	)
Interest Expense, Net			36.6				45.0				75.9				90.0
Depreciation and Amortization			72.1				75.7				146.2				152.4
EBITDA			147.6				97.6				290.3				233.9
Charges Associated with Combination with Altivity			—				46.6				—				55.1
Charges Associated with Sierra Acquisition			1.7				—				1.7				—
Loss on Modification or Extinguishment of Debt			0.8				0.9				0.8				0.9
Adjusted EBITDA		$	150.1			$	145.1			$	292.8			$	289.9
Net Income (Loss)		$	32.1			$	(32.8	)		$	58.8			$	(26.5	)
Charges Associated with Combination with Altivity			—				46.6				—				55.1
Charges Associated with Sierra Acquisition			1.7				—				1.7				—
Loss on Modification or Extinguishment of Debt			0.8				0.9				0.8				0.9
Adjusted Net Income		$	34.6			$	14.7			$	61.3			$	29.5
Per Share — Basic
Net Income (Loss)		$	0.08			$	(0.10	)		$	0.16			$	(0.08	)
Charges Associated with Combination with Altivity			—				0.14				—				0.16
Charges Associated with Sierra Acquisition			0.00				—				0.00				—
Loss on Modification or Extinguishment of Debt			0.00				0.00				0.00				0.00
Adjusted Net Income*		$	0.09			$	0.04			$	0.17			$	0.09
Per Share — Diluted
Net Income (Loss)		$	0.08			$	(0.10	)		$	0.16			$	(0.08	)
Charges Associated with Combination with Altivity			—				0.14				—				0.16
Charges Associated with Sierra Acquisition			0.00				—				0.00				—
Loss on Modification or Extinguishment of Debt			0.00				0.00				0.00				0.00
Adjusted Net Income*		$	0.09			$	0.04			$	0.17			$	0.09

GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures
(Continued)

		Twelve Months Ended
		June 30,				June 30,				December 31,
In millions		2011				2010				2010
Net Income		$	96.0			$	38.5			$	10.7
Add (Subtract):
Income Tax Expense			19.0				23.5				27.5
Equity Income of Unconsolidated Entities			(1.7	)			(1.6	)			(1.6	)
Interest Expense, Net			160.4				181.7				174.5
Depreciation and Amortization			293.1				316.7				299.3
EBITDA			566.8				558.8				510.4
Charges Associated with Business Combination			—				79.8				55.1
Charges Associated with Sierra Acquisition			1.7				—				—
Asset Impairment and Shutdown Charges			—				10.7				—
Loss on Modification or Extinguishment of Debt			8.3				1.9				8.4
Alternative Fuel Tax Credits Net of Expenses			—				(82.5	)			—
Adjusted EBITDA		$	576.8			$	568.7			$	573.9

		June 30,				June 30,				December 31,
Calculation of Net Debt:		2011				2010				2010
Short-Term Debt and Current Portion of Long-Term Debt		$	19.7			$	27.1			$	26.0
Long-Term Debt			2,418.1				2,738.6				2,553.1
Less:
Cash and Cash Equivalents			(191.2	)			(171.6	)			(138.7	)
Total Net Debt		$	2,246.6			$	2,594.1			$	2,440.4
Net Leverage Ratio (Net Debt/Adjusted EBITDA)			3.89				4.56				4.25

GRAPHIC PACKAGING HOLDING COMPANY
Reconciliation of Non-GAAP Financial Measures
(Continued)

The Credit Agreement dated May 16, 2007, as amended (“the Credit Agreement”) and the indentures governing the Company’s 9.5% Senior Subordinated Notes due 2013, 9.5% Senior Notes due 2017 and 7.875% Senior Notes due 2018 (“the Notes”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, make dividends and other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the indentures under which the Notes are issued, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions, together with the highly leveraged nature of the Company and disruptions in the credit markets, could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

Under the terms of the Credit Agreement, the Company must comply with a maximum consolidated secured leverage ratio, which is defined as the ratio of: (a) total long-term and short-term indebtedness of the Company and its consolidated subsidiaries as determined in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), plus the aggregate cash proceeds received by the Company and its subsidiaries from any receivables or other securitization but excluding therefrom (i) all unsecured indebtedness, (ii) all subordinated indebtedness permitted to be incurred under the Credit Agreement, and (iii) all secured indebtedness of foreign subsidiaries to (b) Adjusted EBITDA, which we refer to as Credit Agreement EBITDA⁽¹⁾. Pursuant to this financial covenant, the Company must maintain a maximum consolidated secured leverage ratio of less than the following:

		Maximum Consolidated
		Secured Leverage Ratio(1)
October 1, 2009 and thereafter			4.75 to 1.00

At June 30, 2011, the Company was in compliance with the financial covenant in the Credit Agreement and the ratio was as follows:

     Consolidated Secured Leverage Ratio — 2.49 to 1.00

The Company’s management believes that presentation of the consolidated secured leverage ratio and Credit Agreement EBITDA herein provides useful information to investors because borrowings under the Credit Agreement are a key source of the Company’s liquidity, and the Company’s ability to borrow under the Credit Agreement is dependent on, among other things, its compliance with the financial ratio covenant. Any failure by the Company to comply with this financial covenant could result in an event of default, absent a waiver or amendment from the lenders under such agreement, in which case the lenders may be entitled to declare all amounts owed to be due and payable immediately.

Credit Agreement EBITDA is a financial measure not calculated in accordance with U.S. GAAP, and is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Credit Agreement EBITDA should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, Credit Agreement EBITDA may not be comparable to EBITDA or similarly titled measures utilized by other companies because other companies may not calculate Credit Agreement EBITDA in the same manner as the Company does.

The calculations of the components of the maximum consolidated secured leverage ratio for and as of the period ended June 30, 2011 are listed below:

		Twelve Months Ended
In millions		June 30, 2011
Net Income		$	96.0
Income Tax Expense			19.0
Interest Expense, Net			160.4
Depreciation and Amortization			280.5
Equity Income of Unconsolidated Entities, Net of Dividends			(0.3	)
Other Non-Cash Charges			39.9
Losses Associated with Sale/Write-Down of Assets			2.2
Other Non-Recurring/Extraordinary/Unusual Items			15.2
Projected Run Rate Cost Savings (a)			61.3
Credit Agreement EBITDA		$	674.2

		As of
In millions		June 30, 2011
Short-Term Debt		$	19.7
Long-Term Debt			2,418.1
Total Debt		$	2,437.8
Less Adjustments(b)			760.1
Consolidated Secured Indebtedness		$	1,677.7

If inflationary pressures on key inputs resume, or depressed selling prices, lower sales volumes, increased operating costs or other factors have a negative impact on the Company’s ability to increase its profitability, the Company may not be able to maintain its compliance with the financial covenant in its Credit Agreement. The Company’s ability to comply in future periods with the financial covenant in the Credit Agreement will depend on its ongoing financial and operating performance, which in turn will be subject to economic conditions and to financial, business and other factors, many of which are beyond the Company’s control, and will be substantially dependent on the selling prices for the Company’s products, raw material and energy costs, and the Company’s ability to successfully implement its overall business strategies and meet its profitability objective. If a violation of the financial covenant or any of the other covenants occurred, the Company would attempt to obtain a waiver or an amendment from its lenders, although no assurance can be given that the Company would be successful in this regard. The Credit Agreement and the indentures governing the Notes have certain cross-default or cross-acceleration provisions; failure to comply with these covenants in any agreement could result in a violation of such agreement which could, in turn, lead to violations of other agreements pursuant to such cross-default or cross-acceleration provisions. If an event of default

occurs, the lenders are entitled to declare all amounts owed to be due and payable immediately. The Credit Agreement is collateralized by substantially all of the Company’s domestic assets.

GRAPHIC PACKAGING HOLDING COMPANY
Unaudited Supplemental Data

		Three Months Ended
		March 31,				June 30,				September 30,				December 31,
2011
Net Sales ($ Millions):
Paperboard Packaging		$	825.0			$	907.2
Flexible Packaging			175.6				173.5
Total		$	1,000.6			$	1,080.7
Income (Loss) from Operations ($ Millions):
Paperboard Packaging		$	74.4			$	90.8
Flexible Packaging			6.0				0.6
Corporate			(11.8	)			(15.1	)
Total		$	68.6			$	76.3
2010
Net Sales ($ Millions):
Paperboard Packaging		$	834.6			$	867.8			$	873.3			$	843.7
Flexible Packaging			169.5				168.7				169.5				167.9
Total		$	1,004.1			$	1,036.5			$	1,042.8			$	1,011.6
Income (Loss) from Operations ($ Millions):
Paperboard Packaging		$	75.7			$	75.0			$	86.8			$	66.2
Flexible Packaging			6.7				4.5				1.6				5.2
Corporate			(22.8	)			(56.7	)			(9.9	)			(12.8	)
Total		$	59.6			$	22.8			$	78.5			$	58.6