Mr. Gary Crutchfield

GLG News^SM Analyses by Gary Crutchfield

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Silgan - Graham Merger: An Intriguing Marriage

April 25, 2011

Analysis of:Silgan Outlines $4.5 Billion of Debt for Graham Packaging M&A | www.bloomberg.com

The merger of Silgan Packaging and Graham Packaging sets the stage for an interesting year for rigid plastic packaging companies. Certainly, there exists pent-up interest in consolidation of the consumer blow molding industry so those watching this wedding will be interested in how the nuptials unfold.

Can Rock-Tenn Overcome the Smurfit-Stone Legacy of Mediocrity and Hubris

February 28, 2011

Analysis of:RockTenn and Smurfit-Stone Announce Early Termination of HSR Waiting Period | finance.yahoo.com

The immediate challenge for Rock-Tenn is not the disgruntled Smurfit-Stone shareholders in a valuation battle or the sorting out of structure for the assimilated organization. Of far greater import to them will be how to build passion and commitment in an underachieving business. Employees have grown weary of unfulfilled management initiatives. Smurfit customers have become trained that no price increase will ever go undiscounted and issues of non-performance can be minimized the same way.

The Acquisition of Rio's Packaging Group Will Test Amcor's Flexibility

February 10, 2009

Analysis of:Australia's Amcor eyes part of Rio packaging unit | www.reuters.com

The former Alcan flexibles business is clearly an orphan in Rio's  portfolio. However, the absorption of this business into Amcor's flexible's unit creates another set of issues for its current and anticipated customer base. Corporate culture will play into an effective assimilation and strain the prospective value of this marriage. Too often overlooked in favor of the immediate financial ramifications, the ability to strategically mesh two businesses and create real value for the customer is the key to longer term value.

The Real Challenge at Smurfit-Stone: A New Business Model

February 3, 2009

Analysis of:Smurfit-Stone Files For Chapter 11 Bankruptcy | www.paperage.com

Building a sustainable container board and packaging business, capable of delivering value to stakeholders in the long run, requires more than an acquisition strategy and the leverage of low cost  funding.   More important is the management accumen to coalesce a corporate culture that understands how value is created with the commitment to cascade that throughout the organization. The Smurfit-Stone model has been fraught with nepotism and a short term willingness to exploit pricing for volume to mask outdated operations and unenlightened acquisitions.  Today, the real challenge of Chapter 11 is to demostrate to stakeholders they understand those realities and are committed to driving forward with a new business paradigm.