CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
SECTIONS MARKED WITH AN [*] OMIT CONFIDENTIAL INFORMATION
DELIVERED TO
THE SEC'S DIVISION OF CORPORATION FINANCE IN AN UNREDACTED COPY OF THIS LETTER PURSUANT TO 17 C.F.R. §200.83

August 6, 2015


VIA FEDERAL EXPRESS AND EDGAR

Mr. Karl Hiller, Branch Chief
Division of Corporation Finance
United States Securities and Exchange Commission
100 F Street N.E.
Washington, DC 20549-3561

Re:    Graphic Packaging Holding Company
Form 10-K for the Fiscal Year Ended December 31, 2014 Filed on February 5, 2015
File No. 001-33988

Dear Mr. Hiller:

Graphic Packaging Holding Company (the "Company") is hereby responding to the comments we received in a conversation with the Staff of the Division of Corporation Finance at the Securities and Exchange Commission (the “Staff”) regarding our responses to your letters dated February 27, 2015 and June 5, 2015 relating to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the "10-K"). In our conversation on July 31, 2015, the Staff requested that we provide certain additional information, which we have included in Exhibit A to this letter.

Pursuant to 17 C.F.R. §200.83 and because of the commercially sensitive nature of certain information contained herein, we are requesting confidential treatment for·selected portions of this letter. The version of this letter filed via EDGAR omits such confidential information. The omitted confidential information has been replaced in this letter filed via EDGAR with a

CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
        

placeholder identified by a bracketed asterisk [*]. A complete unredacted version of this letter will be provided to the Staff only in hard copy and not electronically as correspondence under the SEC's EDGAR system. The Company has sent to the Staff and the Office of Freedom of Information and Privacy Act Operations a separate letter requesting that, pursuant to Rule 83 of the SEC's Rules on Information and Requests [17 C.F.R. §200.83] ("Rule 83"), the omitted confidential information not be disclosed in response to any request made under the Freedom of Information Act or otherwise.


CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
        



The undersigned hereby acknowledges, on behalf of the Company, that:

•
the Company is responsible for the adequacy and accuracy of the disclosure in its filing;

•
Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and

•
the Company may not assert Staff Comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.

If you have any questions, please contact the undersigned at (770) 240-8544, Debbie Frank at (770) 240-9097 or Laura Lynn Church at (770) 240-7931.




 
Very truly yours,
 
 
 
/s/ Stephen R. Scherger
 
 
 
Stephen R. Scherger
 
Senior Vice President
 
and Chief Financial Officer


 
cc:    David W. Scheible,
Chairman and Chief Executive Officer
           Mr. Brad Skinner,
Securities and Exchange Commission




       


CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
        




EXHIBIT A

Facility Capabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
Production
 
Potential Production
Capability
Business Unit
Location
 
Beverage
CPD
 
Beverage
CPD
Beverage
Perry
 
X
 
 
X
X
Beverage
West Monroe
 
X
 
 
X
X
Beverage
Brazil
 
X
X
 
X
X
CPD
Atlanta
 
X
X
 
X
X
CPD
Charlotte
 
X
X
 
X
X
CPD
Lawrenceburg
 
X
X
 
X
X
CPD
Lumberton
 
X
X
 
X
X
CPD
Piscataway
 
X
X
 
X
X
CPD
Tuscaloosa
 
 
X
 
X
X
CPD
Valley Forge
 
 
X
 
X
X
CPD
Centralia
 
 
X
 
X
X
CPD
Gordonsville
 
X
X
 
X
X
CPD
Kalamazoo Carton
 
 
X
 
X
X
CPD
Kendallville
 
 
X
 
X
X
CPD
Marion
 
 
X
 
X
X
CPD
Mitchell
 
 
X
 
X
X
CPD
West Monroe
 
X
X
 
X
X
CPD
Carol Stream
 
X
X
 
X
X
CPD
Elk Grove
 
X
X
 
X
X
CPD
Fort Smith
 
X
X
 
X
X
CPD
Menasha
 
X
X
 
X
X
CPD
Pacific
 
 
X
 
X
X
CPD
Solon
 
X
X
 
X
X
CPD
Wausau
 
 
X
 
X
X
CPD
North Portland
 
 
X
 
X
X
CPD
Irvine
 
X
X
 
X
X
CPD
Oroville
 
X
X
 
X
X
CPD
Renton
 
X
X
 
X
X
CPD
Mexico
 
X
X
 
X
X
CPD
RC - Gresham
 
X
X
 
X
X
CPD
RC - Vancouver
 
X
X
 
X
X
CPD
Cobourg
 
 
X
 
X
X
CPD
Mississauga
 
 
X
 
X
X

CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
        

CPD
Winnipeg
 
X
X
 
X
X
Europe
Bremen
 
X
X
 
X
X
Europe
Sneek
 
X
 
 
X
X
Europe
Bristol
 
X
X
 
X
X
Europe
Leeds
 
X
X
 
X
X
Europe
Bardon
 
 
X
 
X
X
Europe
Gateshead
 
 
X
 
X
X
Europe
Spain
 
X
X
 
X
X
Europe
France
 
X
X
 
X
X
Europe
Hoogerheide
 
 
X
 
X
X









CONFIDENTIAL TREATMENT REQUESTED BY GRAPHIC PACKAGING HOLDING COMPANY PURSUANT TO 17 C.F.R. §200.83
        

Operating Segment EBITDA %
 
 
 
 
 
 
 
Operating Segment
2011
2012
2013
2014
2015F
2016F
 
 
 
 
 
 
 
Beverage
[*]
[*]
[*]
[*]
[*]
[*]
CPD
[*]
[*]
[*]
[*]
[*]
[*]
Europe
[*]
[*]
[*]
[*]
[*]
[*]
 
 
 
 
 
 
 



 
 
 
 
 
 
Sales by Product
 
 
 
 
 
 
 
Operating Segment
 
2012
2013
2014
 
 
 
 
 
 
 
 
 
Beverage
 
[*]
[*]
[*]
 
 
Brazil - Non Beverage
 
[*]
[*]
[*]
 
 
Australia - Non Beverage
[*]
[*]
[*]
 
 
Net Beverage
 
[*]
[*]
[*]
 
 
 
 
 
 
 
 
 
Consumer
 
[*]
[*]
[*]
 
 
Beverage
 
[*]
[*]
[*]
 
 
Net Consumer
 
[*]
[*]
[*]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recent Acquisitions - 2015
 
 
 
 
 
Rose City – [*], or approximately [*], of this subsidiary’s annual beverage sales reported as consumer
 
 
 
Cascades – [*], or approximately [*], of this subsidiary’s annual beverage sales reported as consumer