Memphis, Tennessee, USA 09 May 2016 -- (From the Memphis Daily News) -- Three packaging companies are combining to create a $5.5 billion conglomerate that will locate its headquarters in Memphis.

Evergreen Packaging's consolidated global headquarters will create 70 jobs with an average salary of $176,283 and nearly $1 million in capital investment.

At its March 16 meeting, the Memphis-Shelby County Economic Development Growth Engine awarded Evergreen Packaging a 15-year tax freeze, saving the company $1.2 million in property taxes.

On Friday, May 6, Tennessee Gov. Bill Haslam and Randy Boyd, Tennessee Department of Economic and Community Development commissioner, reaffirmed that commitment.

"This is our third headquarters announcement statewide in three weeks, and I am excited that Evergreen Packaging has decided to call Tennessee home," said Boyd in a statement from TNECD.

Evergreen Packaging, a spin-off of International Paper's paper packaging division, has been located in Memphis since 2007. It recently merged with Indianapolis-based Closure Systems International and York, Pa.-based Graham Packaging Co.

Evergreen is the leading manufacturer of fresh carton packaging for beverages and also provides a variety of paper-based products for commercial printing. CSI manages packaging closures and fitments. Graham Packaging is global manufacturer of plastic bottles and packaging solutions.

The consolidated company is comprised of 127 global manufacturing facilities in 36 counties; 14,000 employees and annual revenues of nearly $5.5 billion.

The releases states that, "In order to accommodate the headquarters consolidation in Memphis, the company plans on adding additional square footage to its current facility." The lease has not yet been executed, according to a representative of Cushman & Wakefield/Commercial Advisors.

At the March EDGE meeting, Evergreen said the PILOT was a major consideration in deciding to locate to Memphis. The company was also considering moving the headquarters to York, Pa.; Lake Forest, Ill.; Charlotte, N.C.; or Indianapolis.