Graphic Packaging is a leading producer of paperboard-based consumer packaging. Its products include cartons, carriers, trays, cups, and containers used to package food and beverage, foodservice, and household and personal care products. Customers include major CPG companies like Anheuser-Busch InBev, PepsiCo, Coca-Cola, and General Mills, as well as QSR chains like McDonald's and Chipotle. Graphic Packaging operates two segments: Americas Paperboard Packaging (~75% of revenue) and International Paperboard Packaging (~25% of revenue), covering Europe and Asia Pacific. The core of Graphic Packaging's business model is vertical integration: the company manufactures most of its own paperboard at company-owned mills, then converts that board into finished packaging at its own facilities. This integration gives Graphic Packaging control over input costs and quality, and typically generates better margins than converters who buy board externally. Graphic Packaging produces three types of paperboard — coated recycled board (CRB), unbleached board (CUK), and bleached board (SBS) — with CRB being the primary substrate. A central strategic focus is expanding low-cost CRB capacity, including a new greenfield mill in Waco, Texas, which management argues can match SBS on print quality while carrying lower production costs. Growth initiatives include converting customers from plastic and foam packaging to paperboard, with European single-use plastic regulation acting as a tailwind, as well as growing proprietary packaging formats and private label accounts.