Pactiv Evergreen to Sell its Carton Packaging and Filling Machinery Businesses in China, Korea and Taiwan

Rhea-AI Summary

Pactiv Evergreen has announced the sale of its carton packaging and filling machinery businesses in China, Korea, and Taiwan to SIG Combibloc for an enterprise value of approximately $335 million. This deal is a strategic move to enhance Pactiv Evergreen's focus on its core North American operations, where it is a leading manufacturer of fresh food and beverage packaging. The transaction is pending regulatory approvals and is expected to close in the second or third quarter of 2022.

Positive

• Agreement to sell carton packaging and filling machinery businesses for $335 million enhances focus on North American operations.
• Strengthens position as a leading manufacturer in the North American fresh food and beverage packaging market.

Negative

• None.

LAKE FOREST, Ill., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Pactiv Evergreen Inc. (Pactiv Evergreen; NASDAQ: PTVE) today announced that it has entered into a definitive agreement by its wholly-owned subsidiary, Evergreen Packaging International LLC (Evergreen Packaging), to sell its carton packaging and filling machinery businesses in China, Korea and Taiwan to SIG Schweizerische Industrie-Gesellschaft GmbH, a subsidiary of SIG Combibloc Group Ltd, for an enterprise value of approximately $335 million.

The transaction is subject to regulatory approvals and satisfaction of other customary closing conditions and is expected to close in the second or third quarter of 2022.

“Today’s announcement represents another strategic step in Pactiv Evergreen’s overall transformation,” said Michael King, Pactiv Evergreen Chief Executive Officer. “The completion of this transaction will position Pactiv Evergreen to further our strategic focus 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.”

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 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 is the value of the Pactiv Evergreen sale to SIG Combibloc?

The sale of Pactiv Evergreen's carton packaging and filling machinery businesses is valued at approximately $335 million.

When is the expected closing date for the Pactiv Evergreen transaction?

The transaction is expected to close in the second or third quarter of 2022.

What businesses is Pactiv Evergreen selling to SIG Combibloc?

Pactiv Evergreen is selling its carton packaging and filling machinery businesses in China, Korea, and Taiwan.

What is the strategic focus of Pactiv Evergreen after the sale?

Post-sale, Pactiv Evergreen aims to enhance its strategic focus on its North American operations, where it is a leading packaging manufacturer.