Evergreen Packaging International LLC, a Wholly-Owned Subsidiary of Pactiv Evergreen Inc., Reaches Agreement to Divest Ownership Interest in Beverage Packaging Co Ltd Joint Venture

Rhea-AI Summary

Pactiv Evergreen (NASDAQ: PTVE) announced a definitive agreement to sell its 50% stake in Naturepak Beverage Packaging to Elopak ASA. This joint venture, serving the Middle East and Africa from plants in Morocco and Saudi Arabia, allows Pactiv Evergreen to concentrate on growth in North America, where it is a leading manufacturer of food and beverage packaging. The transaction requires regulatory approvals and customary closing conditions. The company aims to service many beloved brands in this sector.

Positive

• Focus on growth in North America post-sale.
• Strengthened positioning as a leading manufacturer of food and beverage packaging.

Negative

• None.

LAKE FOREST, Ill., Oct. 12, 2021 (GLOBE NEWSWIRE) -- Evergreen Packaging International LLC (Evergreen Packaging), a wholly-owned subsidiary of Pactiv Evergreen Inc. (Pactiv Evergreen; NASDAQ: PTVE) today announced that it has entered into a definitive agreement for the sale of its 50 percent interest in Naturepak Beverage Packaging Co Ltd (Naturepak Beverage) to Elopak ASA, a leading global supplier of carton packaging and filling equipment.

Naturepak Beverage, a joint venture formed by Evergreen Packaging and Gulf Industrial Group Company Plc, supplies customers in the Middle East and Africa region from manufacturing plants in Morocco and Saudi Arabia.

“Pactiv Evergreen is pleased to announce this agreement with our valued partners at Elopak ASA,” said Michael King, Pactiv Evergreen CEO. “The completion of this transaction will position Pactiv Evergreen to focus on our growth in North America where we are established as a leading manufacturer of fresh food and beverage packaging, servicing many of the world’s most beloved brands.”

Approvals
The transaction is subject to regulatory approvals and satisfaction of other customary closing conditions.

Advisors
White & Case acted as legal advisors and deNovo Corporate Advisors served as the exclusive financial advisor for Pactiv Evergreen Inc.

Contacts:

Investors:
Dhaval Patel
732.501.9657
dhaval.patel@pactivevergreen.com

Media:
Beth Kelly
412.303.4771
beth.kelly@pactivevergreen.com

About Pactiv Evergreen Inc. Pactiv Evergreen Inc. (NASDAQ: PTVE) is one of the largest manufacturers of fresh food and beverage packaging in North America. With a team of nearly 15,000 employees, the Company produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com.

FAQ

What did Pactiv Evergreen announce on October 12, 2021?

Pactiv Evergreen announced the sale of its 50% interest in Naturepak Beverage Packaging to Elopak ASA.

What is Naturepak Beverage Packaging?

Naturepak Beverage is a joint venture supplying customers in the Middle East and Africa, formed by Evergreen Packaging and Gulf Industrial Group.

What will Pactiv Evergreen focus on after the sale?

Pactiv Evergreen will focus on growth in North America in the food and beverage packaging sector.

What are the conditions for the sale of Naturepak Beverage?

The sale is subject to regulatory approvals and customary closing conditions.

How does Pactiv Evergreen position itself in the market?

Pactiv Evergreen is positioned as a leading manufacturer of fresh food and beverage packaging, servicing many well-known brands.