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Packaging Dynamics Corporation News

Packaging Dynamics Corporation Announces Retirement of Frank Tannura and Appointment of Roger Prevot as Chief Executive Officer

CHICAGO, May 7 PRNewswire-FirstCall — Packaging Dynamics Corporation (the "Company" or "Packaging Dynamics") announced the retirement of Chief Executive Office Frank Tannura and the appointment of Roger Prevot as Chief Executive Officer and a member of the Packaging Dynamics board of directors. Mr. Tannura will remain a member of the Packaging Dynamics' board of directors.

Mr. Tannura has been actively involved in the leadership of Packaging Dynamics since it was formed in 1998. Mr. Tannura has served as Chief Executive Officer and a member of the board of directors since June 2006, when Packaging Dynamics merged with Thilmany and became an affiliate of private investment firm Kohlberg & Company. Prior to the merger, Mr. Tannura served as Chairman and Chief Executive Officer, and previously served as a director and Chief Financial Officer of Ivex Packaging Corporation. Since its formation, Packaging Dynamics has become a leading manufacturer of innovative flexible packaging and specialty paper solutions and has grown sales from $125 million to over $800 million through organic growth investments and six strategic acquisition/merger transactions.

Commenting on his decision to retire, Mr. Tannura said, "Late last year, I informed the board of my intention to leave the company and of my desire to work closely with them to identify the right individual to lead the company during its next phase of growth and development. The timing of this transition is consistent with the original plan established when Packaging Dynamics and Thilmany merged and, from both a personal and professional perspective, I am confident that this is the right time to transition leadership of the company."

Mr. Prevot joins Packaging Dynamics following 20 years of experience at Graham Packaging Company, a worldwide leader in customized plastic containers for branded consumer goods with 7,800 employees generating sales of $2.5 billion from over 20 billion bottles produced at 83 plants in 15 countries. Since 2000, Mr. Prevot has been Graham Packaging's President and Chief Operating Officer.

"I am energized by the opportunity to join Packaging Dynamics, a company with three high quality business units each of which has a unique set of opportunities. I am looking forward to visiting each of the company's facilities over the next few weeks, and to meeting with employees, customers and suppliers as I learn more about the company's businesses," commented Mr. Prevot.

About Packaging Dynamics

Packaging Dynamics is a leading flexible packaging and specialty papers company providing innovative solutions to customers in each of its three business units. BagcraftPapercon is a converter of specialty value-added food packaging products. International Converter produces adhesive and extrusion laminated structures for use in a wide range of consumer and industrial applications. Thilmany Papers manufactures specialty bleached and unbleached lightweight papers and pressure sensitive release base papers. Packaging

Dynamics is a portfolio company of private investment firm Kohlberg & Company. For more information, visit our website at http://www.pkdy.com.

SOURCE Packaging Dynamics Corporation

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