<PAGE>   1


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-K

(X)      Annual Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the fiscal year ended December 31, 1997.

( )      Transition report pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

                           Commission file no. 1-7088

                        AMERICAN BUSINESS PRODUCTS, INC.
                        --------------------------------
             (Exact name of registrant as specified in its charter)

       Georgia                                            58-1030529
(State of Incorporation)                    (I.R.S. Employer Identification No.)

           2100 RiverEdge Parkway, Suite 1200, Atlanta, Georgia 30328
          (Address of principal executive offices, including zip code)

                                 (770) 953-8300
              (Registrant's telephone number , including area code)

                              ---------------------

           Securities registered pursuant to Section 12(b) of the Act:

<TABLE>
<CAPTION>
                                                  Name of each exchange
Title of each class                               on which registered
-------------------                               -------------------
<S>                                               <C>
Common Stock, $2 par value                        New York Stock Exchange

Common Stock Purchase Rights                      New York Stock Exchange
</TABLE>

           Securities registered pursuant to Section 12(g) of the Act:
                                      None

                                -----------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                   Yes X No 
                                       -    -

The aggregate market value of the registrant's outstanding Common Stock, $2.00
par value per share, held by non-affiliates of the registrant on March 2, 1998
was $305,016,887.

There were 16,162,521 shares of Common Stock outstanding on March 2, 1998.

                   DOCUMENTS INCORPORATED HEREIN BY REFERENCE

Portions of the registrant's 1997 Annual Report for the fiscal year ended
December 31, 1997, are incorporated by reference in Parts I and II hereof.
Portions of the registrant's Proxy Statement for the 1998 Annual Meeting of
Shareholders to be held on May 8, 1998, are incorporated by reference in Part
III hereof.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

<PAGE>   2






                                     PART I

ITEM 1 - BUSINESS

General


         American Business Products, Inc. was incorporated under the laws of
Delaware in December 1967 to acquire the stock of Curtis 1000 Inc., a producer
of envelopes and forms which has operated since 1882. Hereinafter, American
Business Products, Inc. and its subsidiaries are collectively referred to as the
"Company." In April 1986, American Business Products, Inc. was reincorporated
under the laws of Georgia. The Company markets envelope products, business
forms, labels and other supplies for business and industry and except for
business forms, manufactures such supplies; manufactures and distributes
hardcover and softcover books for the publishing industry; and provides
extrusion coating and laminating of papers, films, and nonwoven fabrics for use
in medical, industrial and consumer packaging. The markets for these products
are located principally throughout the continental United States.

Sale of Subsidiary Assets

         Effective on December 31, 1996, Vanier Graphics Corporation ("Vanier"),
a wholly owned subsidiary of American Business Products, Inc. sold substantially
all its assets to The Reynolds and Reynolds Company (the "Vanier Sale"). Vanier
was a manufacturer of business forms and a provider of forms management and
work-flow analysis.

Restructuring Program

         In December 1997, the Company announced a profit improvement plan
focused primarily on a series of actions at Curtis 1000 Inc., the Company's
largest business supplies subsidiary and included management changes and
reorganization. Additionally, the Company will cease manufacturing at a Company
facility. In 1996 the Company announced a restructuring plan intended to reduce
operating costs by closing generally smaller plants and transferring their
production to larger, more efficient facilities. The Company planned to close 14
plants and transfer production to larger facilities. As of December 31, 1997 the
Company had closed all 14 of these plants.

Business Segments

         The Company's product line is composed of three business segments:
business supplies printing, books manufacturing and extrusion of polyethylene
onto lightweight papers and non-wovens.

         Business supplies printing consists principally of the distribution,
printing and manufacturing of a wide variety of stationary, envelopes, labels,
files and lightweight packaging, and other related products and services
including digital imaging or on-demand printing of various documents and
materials for businesses. The manufacture and distribution of customized
specialty labels is a rapidly growing part of this segment. The Company produces
a complete line of standard and specialized types and sizes of envelopes. Prior
to the Vanier Sale the Company also manufactured business forms. Business
supplies printing accounted for 66.7% of the Company's sales in 1997, 74.1% in
1996, and 75.2% in 1995.

         Book manufacturing consists of the printing and binding of both hard
cover and soft cover books for the publishing industry. In addition, the Company
provides storage and order fulfillment services by shipping orders to
publishers' customers from two large distribution centers. This business segment
accounted for 9.8% of the Company's sales in 1997, 8.6% in 1996, and 9.2% in
1995.

         Specialty extrusion coating and laminating consist of applying plastic
coatings in varying degrees of thickness to rolls of paper, film or fabric. The
Company also prints and metalizes certain of these products for customers. The
materials produced by this segment are used primarily for packaging


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consumer products such as individual servings of sugar, salt and pepper, sugar
substitutes, and candy and ice cream bars, as well as medical and pharmaceutical
products. These materials also are used for composite can liners and release
liner papers for pressure sensitive products such as labels and postage stamps.
This business segment accounted for 23.5% of the Company's sales in 1997, 17.3%
in 1996, and 15.6% in 1995.

         Financial information regarding the Company's three business segments
is presented in the Notes to Consolidated Financial Statements under the heading
"Business Segment Information" of the Company's 1997 Annual Report, which
information is incorporated herein by reference. Portions of the 1997 Annual
Report are filed as Exhibit 13 to this Annual Report on Form 10-K.

Production

         Substantially all of the Company's products, except business forms, are
manufactured by wholly owned subsidiaries of the Company in 14 manufacturing
facilities located throughout the United States. (See "Item 2 - Properties") The
principal raw materials used by the Company in the manufacture of its products
are paper, carbon, ink and poly-resins. All purchases of such materials are made
at competitive prices negotiated with suppliers. The Company believes that there
are sufficient alternative sources of supply to provide its raw material
requirements if for any reason its present suppliers are unable to do so.

Trademarks

         The Company holds trademarks which management believes are sufficient
for the operation of its business without any substantial restrictions and
adequate for the operation of each business segment.

Backlog

         As of January 31, 1998, the Company had backlogs believed to be firm of
approximately $27.8 million for business supplies printing, approximately $5.3
million for book manufacturing and approximately $14.6 million for extrusion
coating and laminating. Comparable backlogs as of January 31, 1997 were
approximately $30.4 million for business supplies printing, approximately $5.2
million for book manufacturing, and approximately $16.4 million for extrusion
coating and laminating. All present backlogs are expected to be filled during
1998.

Distribution and Customers

         The Company's products are sold throughout the United States, and less
than 1% of the Company's sales in any year have been outside of the United
States. The Company's products are sold principally through approximately 400
sales representatives. No customer or related group of customers in 1997
accounted for 10% or more of the sales of the Company. Demand for the Company's
business supplies printing, book manufacturing and extrusion coating and
laminating generally is not seasonal.

Competition

         Business supplies printing, book manufacturing, and specialty extrusion
coating are highly competitive industries. Principal methods of competition are
pricing and service.

         The business supplies industry generally falls within the commercial
printing industry, which had estimated 1997 sales of $74 billion with projected
growth before inflation of 5.4% for 1998, according to the U.S. Department of
Commerce. Printed business supplies, such as envelopes, labels, forms and
document printing which the Company provides, are produced by an estimated
40,000 commercial printing enterprises, ranging from small family operations to
large multinational corporations. In an effort to improve its competitive
position, the Company's business supplies operations began a process in 1996 to
reconfigure production facilities with the objective of achieving greater
efficiency. This process was completed in early 1997. In marketing many of its
products, the Company competes with some larger


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nationwide firms with greater resources than the Company as well as the numerous
local and regional businesses, most of which are smaller than the Company. ABP
seeks to increase market share by (1) using to advantage its large direct-sales
force, (2) utilizing its ability to process numerous small orders efficiently,
(3) creating new products and modifying existing ones to meet market needs, and
(4) improving the processing and delivery of customer orders. Based on annual
revenues attributable to production of business supplies, the Company is a
significant U.S. producer of printed business supplies.

         In the envelope industry, which had 1997 sales of approximately $4.3
billion in the United States, according to the U.S. Department of Commerce, the
Company's largest subsidiary, Curtis 1000 Inc., is believed to be the leading
direct-to-user marketer of business envelopes in the United States based on
annual revenues, yet has only a small share of the total market. ABP also holds
a strong competitive position in the sale of specialty envelopes, including
product lines manufactured from paper and a synthetic olefin, Tyvek(R), which
offers superior quality, lighter weight and postage savings to customers in
comparison with kraft paper envelopes of the same size. Specialty envelopes
comprise the strongest sector of this industry and continue to offer the most
favorable growth outlook compared to other envelope products.

         Labels, a sector of the commercial printing industry, is grouped with
wrappers by the industry and this segment had 1997 sales of approximately $5.1
billion, the Department of Commerce estimates. This was an increase of
approximately 8% over 1996, and for 1998 the department has projected a growth
rate of 2% to 4%. Based on the annual revenues of its subsidiary, Discount
Labels, Inc., ABP believes that its subsidiary is the leading producer of
short-run custom labels in the United States. There is competition from numerous
commercial printers and label printers, but ABP has gained market share through
its subsidiary's fast turnaround of orders and highly efficient automated order
processing system.

         In the business forms industry, strong pricing competition in recent
years has created essentially a commodity market for these products and
competition from electronic communications has contributed to a decline or
flattening of total industry sales. These were estimated at $8.5 billion for
1997 by the U.S. Department of Commerce. The Company's major business supplies
subsidiary, Curtis 1000 Inc., provides customized forms for its customers, and
this represents a substantial portion of its revenues. However, these products
are marketed as value-added products, usually as part of a total "business
solutions" plan, including other products such as envelopes and on-demand
printing, and are not positioned as a low-priced commodity. By using this
approach, the Company seeks competitive advantages, utilizing its large
direct-sales force and relationship selling.

         Book printing, which had industry sales exceeding $6 billion in 1997,
according to the Department of Commerce, is also highly competitive. The Company
competes with numerous other book manufacturers, many of which are larger and
have substantially greater resources than the Company and therefore possible
advantages in production and marketing, economies of scale and efficiencies. The
Company has focused on providing complete order fulfillment services for the
customers of publishers and targeting certain segments of the industry with a
higher rate of growth than the industry in general. These include university
presses and publishers of religious books. The Company also seeks to gain
competitive advantage by specializing in short to medium runs of book printing
and utilizing advanced technology to provide high quality service and broaden
the product line.

         Competitors are relatively few in the extrusion coating and laminating
business segment, which nationally had estimated 1997 sales of approximately $4
billion, according to industry sources. The Company's largest competitors
include Thilmany (division of International Paper), Rexam Coated Products,
Schoeller Technical Papers, Inc., Amgraph, Inc. and Twin Pack (Canada).
Management believes none of these competitors is superior to the Company's
subsidiary, Jen-Coat, Inc., in terms of quality and service, which together with
price form the basis of competition in this business segment. An advantage is
considered to be the entry barriers to the industry, including a significant
capital investment, which may deter smaller companies, and highly individual
market niches with relatively low sales volume, which generally deters larger
companies from entry into this industry.


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<PAGE>   5

         Within the combined markets of the Company, the Company's total share
of sales is relatively small, offering opportunities to increase market share
through innovative and creative products and effective marketing, which are
major elements of the Company's growth strategy.

Employees

         At December 31, 1997, the Company had approximately 3,202 full time
employees. No significant number of employees is covered by any collective
bargaining agreement.

Federal, State or Local Regulations Regarding Environment

         Federal, state, and local regulations relating to protection of the
environment have not had and are not expected to have a material adverse effect
upon the Company's capital expenditures, liquidity, earnings, or competitive
position. The Company's various operating units are subject to EPA, state and
local standards for air emissions, industrial storm water discharges, generation
of hazardous waste, heating oil underground storage tanks, release response,
hazardous chemicals use reporting, sewer use, and the like, and the Company
believes that it is in substantial compliance with the applicable standards.
None of these environmental standards has had or is expected to have a material
adverse effect upon the Company.

         Soil and groundwater contamination has been detected at a discontinued
manufacturing facility of one of the Company's subsidiaries. The Company intends
to address the contamination in conformity with the requirements established by
the North Carolina Department of Environment, Health, and Natural Resources. The
Company currently cannot estimate the costs that it may incur investigating
and/or remediating the contamination, but the Company does not believe that such
costs will have a material adverse effect on the Company. The Company knows of
no significant environmental liabilities involving its operations.

International Operations

         The Company has a European joint venture, Curtis 1000 Europe GmbH
("Curtis 1000 Europe"), which is 50% owned by the Company and has plants in four
countries: Germany, England, Luxembourg and Poland (See Part I - Item 2). Curtis
1000 Europe manufactures and sells envelopes of all kinds. The Company's share
of net income of Curtis 1000 Europe, which is not significant, is translated at
average exchange rates prevailing during the year, and is included in the
Consolidated Financial Statements of the Company and Notes to Consolidated
Financial Statements which are incorporated herein by reference. (See Part II,
Item 8 - Financial Statements and Supplementary Data.")

Year 2000 Compliance

         The Company has reviewed all significant financial and manufacturing
systems to determine compliance with the Year 2000 and has developed a plan of
action intended to correct or replace those systems not in compliance. The cost
associated with correcting systems not in compliance has not been determined,
although based on preliminary management estimates the Company does not believe
these costs will have a material impact on the Company's financial position. The
Company plans to have all corrective action necessary completed by June 30,
1999. The Company is currently contacting external parties with which it
interacts to determine any Year 2000 compliance issues.


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<PAGE>   6


ITEM 2 - PROPERTIES

PROPERTIES

         The Company's executive offices are located in approximately 15,200
square feet of space at 2100 RiverEdge Parkway, Suite 1200, Atlanta, Georgia.
The offices are leased from an unrelated party under a lease expiring in 2003
which has a renewal option and annual cost of $252,000.

         In addition to the executive offices, the Company owns 12 production
and distribution/warehouse facilities in the United States encompassing
approximately 1,216,000 square feet. The Company leases a production facility of
approximately 85,000 square feet in Houston, Texas with a lease expiration of
2000 and includes a renewal option and annual cost of $335,000. The Company
leases a production facility of approximately 150,000 square feet in Exton,
Pennsylvania with a lease expiration of 2007 and annual cost of $832,000. The
Company leases a production facility of approximately 65,000 square feet in
Santa Fe Springs, California with a lease expiration of 1999 and includes a
renewal option and annual cost of $340,000. The Company also leases a production
facility of approximately 38,000 square feet in Ontario, California with a lease
expiration of 2001 and includes a renewal option and annual cost of $170,500.

         The Company's business supplies printing business and book
manufacturing business have nine other property leases, primarily sales and
administrative offices, with a total of approximately 51,000 square feet with
various maturities from 1998 to 2003. Management believes that suitable
replacement facilities can be obtained on comparable terms if lease extensions
are not negotiated.

         The Company's joint venture, Curtis 1000 Europe, operates five
production facilities. Two of the facilities in Germany and one in Poland are
owned and one each in England and Luxembourg are leased.

         Certain properties owned by the Company are held subject to mortgages.
See the information set forth under the heading "Long Term Debt" in the Notes to
Consolidated Financial Statements in the Company's 1997 Annual Report, which is
incorporated herein by reference.

          All operating properties and equipment are believed to be in good
condition, adequately utilized and suitable for the purposes for which they are
used. As of March 1, 1998 the Company owned five properties which had been
rendered redundant to operating needs due to the Vanier Sale, the Curtis 1000
plant consolidation program and otherwise. The Company intends to sell all of
these properties.

ITEM 3 - LEGAL PROCEEDINGS

         As of March 16, 1998, there were no material pending legal proceedings,
other than routine litigation incidental to the business, to which the Company
was a party or of which any of its properties were the subject, and none are
expected by management to materially affect the Company's financial position and
results of operations.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matter was submitted to a vote of the shareholders of the Company
during the fourth quarter of 1997.

ITEM 4 (A) - EXECUTIVE OFFICERS OF THE REGISTRANT

         Set forth below is information as of March 16, 1998 regarding the
executive officers of the Company:

THOMAS R. CARMODY, 64, has served as Chairman of the Board of Directors since
April 1994 and has served as interim President and Chief Executive Officer of
the Company since November 7, 1997. He previously served as Chief Executive
Officer of the Company from 1988 until December 31, 1995. He


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<PAGE>   7

previously served as President of the Company from 1985 until April 1994, as
Executive Vice President of the Company from 1982 until 1985 and as Chief
Operating Officer of the Company from 1982 until 1988. Mr. Carmody was employed
by the Company or Curtis 1000 Inc., a wholly-owned subsidiary of the Company,
from 1955 until his retirement on June 30, 1996 and has served in his interim
capacity since November 7, 1997. He has been a director of the Company since
1983 and has served with the Company or its subsidiaries for over 42 years.

HENRY CURTIS, VII, 49, has been Vice President of the Company since April 1995.
He previously served as Vice President of Administration and Sales Support of
Curtis 1000 Inc., a subsidiary of the Company from 1992 to March 1995. He
previously served as Director of Administration and Sales Support of Curtis 1000
Inc. from 1990 to 1992. He served as Director of Employee Benefits of the
Company from 1983 to 1990 and held various positions with the Company and its
wholly-owned subsidiaries, Curtis 1000 Inc. and Vanier Graphics Corporation
since 1971. He has been a director of the Company since 1989 and has served with
the Company or its subsidiaries for over 27 years.

LARRY L. GELLERSTEDT, III, 41, will become President and Chief Executive Officer
of the Company on March 30, 1998. He was previously employed at Beers
Construction Company ("Beers") in Atlanta, Georgia from 1978 to 1997. He is
currently a non-employee Chairman of the Board of Beers. From November 1990
through December 1997, Mr. Gellerstedt served as Chairman, Chief Executive
Officer and President of Beers. Beers ranks among the top ten construction
companies in the nation operating in fourteen states with over $1 billion in
annual revenues. Mr. Gellerstedt is a Director of AGL Resources, Inc., ALLTEL
Corporation, Beers Construction Company, Rock Tenn Corporation and SunTrust
Bank, Atlanta.

DAWN M. GRAY, 53, has served as Secretary of the Company since July 1989. She
served as Assistant Secretary from October 1976 to June 1989. She has served
with the Company or Curtis 1000 Inc., a wholly-owned subsidiary of the Company,
for over 31 years.

JOHN H. KARR, 47, has served as Treasurer of the Company since July 23, 1997. He
was employed by Burnham Service Corporation, a $200 million provider of
transportation, distribution and logistics services to the technology industry,
from 1977 to 1996. From 1989 to 1996, he served as Secretary and Treasurer of
Burnham Service Corporation with responsibilities including capital structure,
risk management, employee benefit programs, acquisitions and divestitures and
general financial management.  He has been employed by the Company since 
June 30, 1997.

RICHARD G. SMITH, 49, has served as Vice President - Finance and Chief Financial
Officer of the Company since January 1996. He joined the Company as Vice
President - Corporate Development in September 1995. From August 1994 to August
1995, Mr. Smith was Senior Vice President of Brambles USA, Inc., the major U. S.
subsidiary of Brambles Industries Limited, an Australian based specialized
industrial services provider with annual revenues of approximately $2 billion.
From September 1992 to July 1994, he was Vice President and Chief Financial
Officer of Brambles Acquisition, Inc., the largest subsidiary of Brambles USA,
Inc. He was Vice President and Chief Financial Officer of Environmental Systems
Company, a New York Stock Exchange-listed hazardous waste company from June 1991
to August 1992. Environmental Systems Company was acquired by Brambles in March
1992. Prior to 1991 he served as Vice President of Corporate Development for
Laidlaw, Inc.

RAYMOND J. WILSON, 39, has served as Corporate Controller of the Company since
July 23, 1997. Prior to becoming an employee of the Company he was employed from
February 1997 to June 1997 as Vice President-Finance and Chief Financial Officer
for MEHL/Biophile International Corporation, a publicly held technology transfer
company recently concentrating on patented hair removal and cosmetic
dermatological products. From September 1985 to February 1997 he was employed at
Engraph, Inc., a $300 million international manufacturer of packaging and other
identification material for many of the world's most successful consumer
products companies. Engraph was a publicly traded company prior to being
purchased by Sonoco Products Company in October 1993. At Engraph, he served as
Vice President-


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Finance from April 1995 to February 1997; corporate Controller and Chief
Accounting Officer from August 1994 to April 1995; Corporate Controller from May
1992 to August 1994; Manager of Accounting and Control from April 1990 to May
1992; Internal Control Manager from September 1985 to April 1990. From June 1980
to September 1985 he was employed at Deloitte & Touche, formerly Touche Ross &
Company. He has been employed by the Company since June 30, 1997.

         The Board of Directors elects officers at their annual meeting for
one-year terms or until their successors are elected and qualified. Officers are
subject to removal by the Board of Directors at any time.

                                     PART II

ITEM 5 -   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         Information relating to the market for, holders of and dividends paid
on the Company's Common Stock is set forth under the captions "1997 Quarterly
Data (Unaudited)" and "1996 Quarterly Data (Unaudited)," "Stock Exchange
Listing," and "Shareholders of Record," in the Company's 1997 Annual Report,
which information is incorporated herein by reference.

ITEM 6 - SELECTED FINANCIAL DATA

         Selected consolidated financial data for the Company for each year of
the five year period ended December 31, 1997 is set forth under the caption
"Eleven Year Financial Review" in the Company's 1997 Annual Report, which
information is incorporated herein by reference.

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS

         A discussion of the Company's financial condition and results of
operations at and for the dates and periods covered by the consolidated
financial statements set forth in the Company's 1997 Annual Report is set forth
under the caption "Management's Discussion and Analysis" in the Company's 1997
Annual Report. Such discussion is incorporated herein by reference.

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         The following Consolidated Financial Statements of the Company and its
subsidiaries, together with the Independent Auditors' Report, which are set
forth in the Company's 1997 Annual Report, are incorporated herein by reference:

                  Consolidated Statements of Income for each of the three years
                  in the period ended December 31, 1997

                  Consolidated Balance Sheets as of December 31, 1997 and 1996

                  Consolidated Statements of Stockholders' Equity for each of
                  the three years in the period ended December 31, 1997

                  Consolidated Statements of Cash Flows for each of the three
                  years in the period ended December 31, 1997

                  Notes to Consolidated Financial Statements

                                       8

<PAGE>   9

         The supplementary consolidated financial information regarding the
Company which is required by Item 302 of Regulation S-K is set forth under the
caption "1997 Quarterly Data (Unaudited)" and "1996 Quarterly Data (Unaudited),"
in the Company's 1997 Annual Report. Such information is incorporated herein by
reference.

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE

         There has been no change of or disagreements with independent
accountants by the Company in the past two fiscal years or subsequently.

                                    PART III

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         Information relating to the directors of the Company is set forth in
"Proposal 1 - Election of Directors" under the captions "Nominees," "Information
Regarding Nominees and Directors" and "Meetings and Committees of the Board of
Directors" in the Company's definitive Proxy Statement for its 1998 Annual
Meeting of Shareholders to be held on May 8, 1998 (the "Proxy Statement"). Such
information is incorporated herein by reference. Pursuant to Instruction 3 of
Item 401(b) of Regulation S-K and General Instruction G(3) of Form 10-K,
information relating to the executive officers of the Company is set forth in
Part I, Item 4(A) of this Report under the caption "Executive Officers of the
Registrant." Information regarding compliance by directors and executive
officers of the Company and owners of more than ten percent of the Company's
Common Stock with the reporting requirements of Section 16(a) of the Securities
Exchange Act of 1934, as amended, is set forth in the Proxy Statement under the
caption "Section 16(a) of the Securities Exchange Act of 1934 Beneficial
Ownership Reporting." Such information is incorporated herein by reference.

ITEM 11 - EXECUTIVE COMPENSATION

         Information relating to compensation of the executive officers and
directors of the Company is set forth in "Proposal 1 - Election of Directors"
under the caption "Director Compensation" and in "Executive Compensation" in the
Proxy Statement. Such information is incorporated herein by reference.

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

          Information regarding ownership of the Company's $2.00 par value
Common Stock by certain persons is set forth in "Voting" under the caption
"Principal Shareholders" and in "Proposal 1 Election of Directors" under the
caption "Information Regarding Nominees and Directors" and under the caption
"Executive Compensation" in the Proxy Statement. Such information is
incorporated herein by reference.

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Information regarding relationships or transactions between the Company
and affiliates of the Company is set forth under the caption "Executive
Compensation - Certain Relationships and Related Transactions" in the Proxy
Statement referred to in Item 10 above. Such information is incorporated herein
by reference.


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<PAGE>   10


                                     PART IV


ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)      Documents filed as part of this Report:

         1.       Financial Statements

                  The Consolidated Financial Statements and the Independent
                  Auditors' Report thereon which are required to be filed as
                  part of this Report are included in the Company's 1997 Annual
                  Report and are set forth in and incorporated by reference in
                  Part II, Item 8 hereof. These Consolidated Financial
                  Statements are as follows:

                           Consolidated Statements of Income for each of the
                           three years in the period ended December 31, 1997

                           Consolidated Balance Sheets as of December 31, 1997
                           and 1996

                           Consolidated Statements of Stockholders' Equity for
                           each of the three years in the period ended December
                           31, 1997

                           Consolidated Statements of Cash Flows for each of the
                           three years in the period ended December 31, 1997

                           Notes to Consolidated Financial Statements

         2.       Financial Statement Schedule

                  The financial statement schedule filed as part of this Report
                  pursuant to Article 12 of Regulation S-X and the Independent
                  Auditors' Report in connection therewith are contained in the
                  Index of Financial Statement Schedule on page S-1 of this
                  Report. All other schedules for which provision is made in the
                  applicable accounting regulations of the Securities and
                  Exchange Commission have been omitted because such schedules
                  are not required under the related instructions or are
                  inapplicable or because the information required is included
                  in the Consolidated Financial Statements or notes thereto.

         3.       Exhibits

                  The exhibits required to be filed as part of this Report are
                  set forth in the Index of Exhibits on page E-1 of this Report.

(b)      Reports on Form 8-K:

         On November 12, 1997, the Company filed a Current Report on Form 8-K to
         report the resignation of Robert W. Gundeck.

(c)      The exhibits required to be filed as part of this Report are set forth
         in the Index of Exhibits on page E-1 of this report

(d)      The financial statement schedule required to be filed as part of this
         Report is set forth in the Index of Financial Statement Schedule on
         page S-1 of this Report.


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                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                        AMERICAN BUSINESS PRODUCTS, INC.
                                  (Registrant)


Date: March 18, 1998                        BY:  /S/ Thomas R. Carmody
                                                 -------------------------------
                                                     Thomas R. Carmody
                                                     Chief Executive Officer,
                                                     President, Director and
                                                     Chairman of the Board

Date: March 18, 1998                             /S/ Richard G. Smith
                                                 -------------------------------
                                                     Richard G. Smith
                                                     Vice President-Finance
                                                     and Chief Financial Officer

Date:  March 18, 1998                            /S/ Raymond J. Wilson
                                                 -------------------------------
                                                     Raymond J. Wilson
                                                     Controller


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<PAGE>   12



Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the date indicated.

Date: March 18, 1998                           */s/ F. Duane Ackerman
                                               ---------------------------------
                                               F. Duane Ackerman, Director


Date: March 18, 1998                           */s/ W. J. Biggers
                                               ---------------------------------
                                               W. J. Biggers, Director


Date: March 18, 1998                           */s/ Henry Curtis VII
                                               ---------------------------------
                                               Henry Curtis VII, Director


Date: March 18, 1998                           */s/ Hollis L. Harris
                                               ---------------------------------
                                               Hollis L. Harris, Director


Date: March 18, 1998                           */s/ W. Stell Huie
                                               ---------------------------------
                                               W. Stell Huie, Director


Date: March 18, 1998                           */s/ Thomas F. Keller,
                                               ---------------------------------
                                               Thomas F. Keller, Director


Date: March 18, 1998                           */s/ James F. McDonald
                                               ---------------------------------
                                               James F. McDonald, Director


Date: March 18, 1998                           */s/ Daniel W. McGlaughlin
                                               ---------------------------------
                                               Daniel W. McGlaughlin, Director


Date: March 18, 1998                           */s/ C. Douglas Miller
                                               ---------------------------------
                                               C. Douglas Miller, Director


Date: March 18, 1998                           */s/ G. Harold Northrop
                                               ---------------------------------
                                               G. Harold Northrop, Director


Date: March 18, 1998                           */s/ William B. Stokely, III
                                               ---------------------------------
                                               William B. Stokely, III, Director


* By: /s/ Dawn M. Gray
      -----------------------
      Dawn M. Gray,
      Attorney-in-Fact


                                       12

<PAGE>   13






                        AMERICAN BUSINESS PRODUCTS, INC.

                      INDEX OF FINANCIAL STATEMENT SCHEDULE



<TABLE>
<CAPTION>
                                                       PAGE
                                                       ----
<S>                                                    <C>
Independent Auditors' Report                           S-2

Schedule of the Company and Subsidiaries

         II - Valuation Reserves                       S-3
</TABLE>


                                      S-1


<PAGE>   14



INDEPENDENT AUDITORS' REPORT




Board of Directors and Stockholders
American Business Products, Inc.:

We have audited the consolidated financial statements of American Business
Products, Inc. and subsidiaries (the "Company") as of December 31, 1997 and
1996, and for each of the three years in the period ended December 31, 1997, and
have issued our report thereon dated February 20, 1998; such financial
statements and report are included in your 1997 Annual Report to Shareholders
and are incorporated herein by reference. Our audits also included the
consolidated financial statement schedule of American Business Products, Inc.
and subsidiaries listed in Item 14 and on page S-1. This consolidated financial
statement schedule is the responsibility of the Company's management. Our
responsibility is to express an opinion based on our audits. In our opinion,
such consolidated financial statement schedule, when considered in relation to
the basic consolidated financial statements taken as a whole, presents fairly in
all material respects the information set forth therein.

/S/ DELOITTE & TOUCHE LLP

DELOITTE & TOUCHE LLP
Atlanta, Georgia
February  20, 1998


                                      S - 2


<PAGE>   15

                                                                     SCHEDULE II

                AMERICAN BUSINESS PRODUCTS, INC. AND SUBSIDIARIES
                               VALUATION RESERVES





<TABLE>
<CAPTION>
                                                             ADDITIONS
                                                             CHARGED TO   OTHER CHARGES
DESCRIPTION                                  BEGINNING       COSTS AND     ADD (DEDUCT)                       ENDING
                                              BALANCE         EXPENSES     DESCRIBE (1)    DEDUCTIONS(2)      BALANCE
                                              -------        ----------    ------------    -------------      -------
<S>                                          <C>             <C>          <C>              <C>                <C>
For the Year Ended December 31, 1995:
Allowance for doubtful accounts                $2,379          $1,211                         $  753          $2,837

For the Year Ended December 31, 1996:
Allowance for doubtful accounts                $2,837          $1,740          $(788)         $1,904          $1,885

For the Year Ended December 31, 1997:
Allowance for doubtful accounts                $1,885          $1,563                         $1,327          $2,121
</TABLE>


(1)  Sale of Vanier Graphics Corporation Assets on December 31, 1996.

(2)  Deductions represent uncollectible accounts charged off, less recoveries.




                                      S-3



<PAGE>   16



                        AMERICAN BUSINESS PRODUCTS, INC.
                                INDEX OF EXHIBITS


         Where an exhibit is filed by incorporation by reference to a previously
filed registration statement or report, such registration statement or report is
identified in parentheses.


<TABLE>
<CAPTION>
       EXHIBIT
       NUMBER     DESCRIPTION
       ------     -----------
       <S>        <C>
         3.1      Articles of Incorporation (Exhibit 3(a), Annual Report on Form
                  10-K for the fiscal year ended December 31, 1989).

         3.2      Restated Bylaws, as amended and restated on December 11, 1996
                  (Exhibit 3.2 Annual Report on Form 10-K for the Fiscal Year
                  ended December 31, 1996).

         4.1      Note Agreement dated as of October 1, 1990 among the Company
                  and the institutional investors listed on Schedule I thereto,
                  together with the form of 9.92% Senior Note to be used in
                  connection therewith (Exhibit 4, Annual Report on Form 10-K
                  for the fiscal year ended December 31, 1990).

         4.2      Note Agreement dated as of December 1, 1993 among the Company
                  and the institutional investors listed on Schedule I thereto,
                  together with the form of 5.77% Senior Note to be used in
                  connection therewith. (Exhibit 4.2 Annual Report on Form 10-K
                  for the fiscal year ended December 31, 1993).

         4.3      Form of Rights Agreement dated as of October 25, 1989 between
                  the Company and Citizens and Southern Trust Company (Georgia),
                  N.A. (Exhibit 4, Current Report on Form 8-K dated October 25,
                  1989).

         4.4      First Amendment to Rights Agreement dated as of August 10,
                  1992 between the Company and Wachovia Bank of North Carolina,
                  N.A., as successor Rights Agent (Exhibit 4(c), Annual Report
                  on Form 10-K for the fiscal year ended December 31, 1992).

         10.1     Executive Compensation Plans and Arrangements:

                  (a)      Supplemental Retirement Income Plan (Exhibit 10(a),
                           Annual Report on Form 10-K for the fiscal year ended
                           December 31, 1989).

                  (b)      Deferred Compensation Investment Plan (Directors)
                           (Exhibit 10(b), Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1989).

                  (c)      Deferred Compensation Investment Plan (Executives)
                           (Exhibit 10(c), Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1989).

                  (d)      1981 Stock Option Plan (Exhibit 10(d), Annual Report
                           on Form 10-K for the fiscal year ended December 31,
                           1989).

                  (e)      Deferred Compensation Plan for Directors (Exhibit
                           10(e), Annual Report on Form 10-K for the fiscal year
                           ended December 31, 1989).
</TABLE>

                                      E-1

<PAGE>   17

<TABLE>
                  <S>      <C>
                  (f)      American Business Products, Inc. Executive Retirement
                           Plan dated September 14, 1992 (Exhibit 10(h), Annual
                           Report on Form 10-K for the fiscal year ended
                           December 31, 1992).

                  (g)      1991 Stock Option Plan, and First Amendment thereto.
                           (Exhibit 10(g), Annual Report on Form 10-K for the
                           fiscal year ended December 31, 1993).

                  (h)      1993 Directors Stock Incentive Plan (Exhibit 10(h),
                           Annual Report on Form 10-K for the fiscal year ended
                           December 31, 1993).

                  (i)      Special Nonqualified Deferred Compensation Plan and
                           related Trust Agreement (Exhibit 10.1(a) Quarterly
                           Report on Form 10-Q for the quarter ended September
                           30, 1995).

                  (j)      Second Amendment to the 1991 Stock Option Plan
                           (Exhibit 10.1(a), Quarterly Report on Form 10-Q for
                           the quarter ended June 30, 1995).

                  (k)      First Amendment to the Deferred Compensation Plan for
                           Directors (Exhibit 10.1(a) Quarterly Report on Form
                           10-Q for the quarter ended March 31, 1996).

                  (l)      First Amendment to the 1993 Directors Stock Incentive
                           Plan (Exhibit 10.1(l) Annual Report on Form 10-K for
                           the Fiscal Year ended December 31, 1996).

                  (m)      Second Amendment to the American Business Products,
                           Inc. Supplemental Retirement Income Plan (Exhibit
                           10.1(a)) Quarterly Report on Form 10-Q for the
                           quarter ended September 30, 1997).

                  (n)      Second Amendment to the American Business Products,
                           Inc. Deferred Compensation Plan (Executives) (Exhibit
                           10.1(b) Quarterly Report on Form 10-Q for the quarter
                           ended September 30, 1997).

                  (o)      Agreement, dated May 8 1997, between American
                           Business Products, Inc. and Raymond J. Wilson, filed
                           herewith.

                  (p)      Agreement, dated June 26, 1997, between American
                           Business Products, Inc. and John H. Karr, filed
                           herewith.

                  (q)      Agreement, dated October 30, 1997, between American
                           Business Products, Inc. and Thomas R. Carmody, filed
                           herewith.

                  (r)      Separation Agreement, dated November 30, 1997,
                           between American Business Products, Inc. and Robert
                           W. Gundeck, filed herewith.

                  (s)      Agreement, dated February 14, 1998, between American
                           Business Products, Inc. and Richard G. Smith, filed
                           herewith.

                  (t)      Agreement, dated February 24, 1998, between American
                           Business Products, Inc. and Larry L. Gellerstedt,
                           III, filed herewith.
</TABLE>


                                      E-2


<PAGE>   18


<TABLE>
         <S>      <C>
         10.2     Agreement for the Purchase of Stock dated as of September 21,
                  1990 by and among the Company, Edward C. Leavy, Edward C.
                  Leavy, Executor under the will of Jean L. Leavy, and James B.
                  Kauffman relating to the purchase of Jen-Coat, Inc. (Exhibit
                  2, Current Report on Form 8-K, dated October 1, 1990).

         10.3     (a)      Stock Purchase Agreement dated September 1, 1993
                           among the Company, Home Safety Equipment Co., Inc.,
                           and William Frederick Conway, Sr., Betty Conway,
                           Allen C. Conway, Winifred Conway Arledge, William
                           Frederick Conway, Jr., Winifred B. Arledge, QSST
                           Trust #1, Winifred B. Arledge, QSST Trust #2, Allen
                           C. Conway, QSST Trust #1, Allen C. Conway, QSST Trust
                           #2, Allen C. Conway, QSST Trust #3, and William
                           Frederick Conway, Jr., QSST Trust #1, William
                           Frederick Conway, Jr., QSST Trust #2 (Exhibit 2,
                           Current Report on Form 8-K dated September 13, 1993).

                  (b)      Non-Competition Agreement dated as of August 10, 1993
                           by and among William Frederick Conway, Sr., Betty
                           Conway, Allen C. Conway, Winifred Conway Arledge, Sol
                           A. Arledge, and William Frederick Conway, Jr. and the
                           Company (Exhibit 99.1, Current Report on Form 8-K,
                           dated September 13, 1993).

         10.4     Revolving Credit Agreement dated as of April 22, 1996 by and
                  between American Business Products, Inc., and SunTrust Bank,
                  Atlanta, (Exhibit 10.4 Annual Report on Form 10-K for the
                  fiscal year ended December 31, 1996).

         10.5     First Amendment dated August 1, 1997 to Revolving Credit
                  Agreement dated April 22, 1997 by and between American
                  Business Products, Inc. and SunTrust Bank, Atlanta, filed
                  herewith.

         10.6     Second Amendment dated December 31, 1997 to Revolving Credit
                  Agreement dated April 22, 1997 by and between American
                  Business Products, Inc. and SunTrust Bank, Atlanta, filed
                  herewith.

         13       Pages 10 through 31 of the Company's 1997 Annual Report which
                  are incorporated herein by reference.

         21       Subsidiaries of the Registrant.

         23       Independent Auditors' Consent.

         24       Power of Attorney.

         27       Financial Data Schedules
</TABLE>


                                      E-3

<PAGE>   19




                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit
Number                              Description
------                              -----------
<S>            <C>
10.1(o)        Agreement, dated May 8, 1997, between American Business Products,
               Inc.and Raymond J. Wilson

10.1(p)        Agreement, dated June 26, 1997, between American Business
               Products, Inc.and John H. Karr

10.1(q)        Agreement, dated October 30, 1997, between American Business
               Products, Inc. and Thomas R. Carmody

10.1(r)        Separation Agreement, dated November 30, 1997, between American
               Business Products, Inc. and Robert W. Gundeck

10.1(s)        Agreement, dated February 14, 1998, between American Business
               Products, Inc. and Richard G. Smith

10.1(t)        Agreement, dated February 24, 1998, between American Business
               Products, Inc. and Larry L. Gellerstedt, III

10.5           First Amendment dated 8/1/97 to Revolving Credit Agreement

10.6           Second Amendment dated 12/31/97 to Revolving Credit agreement

13             Pages 10 through 31 of the 1997 Annual Report

21             Subsidiaries of the Registrant

23             Independent Auditors' Consent

24             Power of Attorney

27             Financial Data Schedules

Cover Letter
</TABLE>