Graphic Packaging Holding Company announced that through its Japanese subsidiary, Graphic Packaging International Japan Limited, the Company signed an agreement in March of this year with Hung Hing Printing Group Limited to jointly invest in an integrated paperboard packaging business in China. Under the agreement, a new joint venture company, Graphic Hung Hing Packaging (Shanghai) Company Limited, has been formed and is based in Shanghai to provide beverage packaging and packaging machinery to beverage companies in China. The new company began operations in September 2008. The market for beverage packaging in China is expected to expand significantly as the economy grows and individual incomes continue to rise. Graphic Packaging International Japan estimates that demand for multi-pack beverage packaging in China will grow to approximately 15,000 tons of paperboard by 2010, around seven to eight times the 2007 figure.