Pactiv Evergreen Inc. Completes Divestiture of Ownership Interest in Naturepak Beverage Packaging Co Ltd Joint Venture

Rhea-AI Summary

Pactiv Evergreen announced the completion of the sale of its 50% stake in Naturepak Beverage Packaging Co Ltd to Elopak ASA affiliates. This strategic move allows Pactiv Evergreen to concentrate on growth in North America, where it stands as a prominent manufacturer of food and beverage packaging. CEO Michael King stated that the transaction enhances the company's focus on serving renowned brands in the region. Financial details of the sale were not disclosed.

Positive

• Completion of stake sale in Naturepak Beverage Packaging enables focus on North American growth.
• Strategic positioning to serve leading brands in the food and beverage sector.

Negative

• None.

LAKE FOREST, Ill., March 29, 2022 (GLOBE NEWSWIRE) -- Pactiv Evergreen Inc. (NASDAQ: PTVE) announced today that its wholly-owned subsidiary, Evergreen Packaging International LLC, completed the previously announced sale of its 50 percent interest in Naturepak Beverage Packaging Co Ltd to affiliates of Elopak ASA. Naturepak Beverage Packaging Co Ltd supplies customers in the Middle East and Africa region from manufacturing plants in Morocco and Saudi Arabia. Financial terms were not disclosed.

“The completion of this transaction positions 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,” said Michael King, Pactiv Evergreen CEO.

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. is one of the largest manufacturers of fresh food and beverage packaging in North America. With a team of approximately 16,000 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 recent transaction did Pactiv Evergreen announce regarding Naturepak Beverage Packaging?

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

How does the sale of Naturepak Beverage Packaging impact Pactiv Evergreen?

The sale allows Pactiv Evergreen to focus more on its growth in North America, enhancing its service to major food and beverage brands.

When was the sale of Naturepak Beverage Packaging completed?

The sale was completed on March 29, 2022.

What is the significance of the Naturepak Beverage Packaging sale for Pactiv Evergreen's business?

It positions Pactiv Evergreen to concentrate on its core operations in North America, where it is a leading manufacturer.

Did Pactiv Evergreen disclose financial terms for the Naturepak sale?

No, financial terms for the sale of Naturepak Beverage Packaging were not disclosed.