Welcome to our dedicated page for Pactiv Evergreen news (Ticker: PTVE), a resource for investors and traders seeking the latest updates and insights on Pactiv Evergreen stock.
Pactiv Evergreen Inc. (NASDAQ: PTVE) is a prominent player in the manufacturing and distribution of fresh foodservice and food merchandising products, as well as fresh beverage cartons, across North America. With a robust operational framework, the company operates through two primary segments: Foodservice and Food and Beverage Merchandising.
The Foodservice segment is dedicated to producing a wide array of products including food containers, drinkware, tableware, service ware, and ready-to-eat food containers. Meanwhile, the Food and Beverage Merchandising segment focuses on manufacturing clear rigid-display containers, meat and poultry trays, molded fiber egg cartons, printed cartons, as well as spouts and filling machines. This segment drives the majority of the company's revenue.
Pactiv Evergreen's operations are geographically segmented into the United States, the Rest of North America, and other regions, with the bulk of its revenue being generated from the U.S. market. The company's extensive product portfolio, many of which incorporate recycled, recyclable, or renewable materials, caters to a diverse customer base including restaurants, foodservice distributors, retailers, and food and beverage producers.
Recent news highlights the company's collaborative efforts to support the circular economy for plastics. In partnership with industry leaders like ExxonMobil, Pactiv Evergreen aims to address consumer demand for more sustainable and high-performance products within the foodservice industry. Despite macroeconomic challenges, the company has consistently delivered solid financial performance and met or exceeded its guidance.
For more information, visit www.pactivevergreen.com or contact their media representative, Beth Kelly, at beth.kelly@pactivevergreen.com.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has announced a quarterly dividend of $0.10 per share, which will be distributed on December 15, 2021. Shareholders must be on record by the close of business on December 1, 2021 to receive this dividend. Pactiv Evergreen is a leading manufacturer of fresh food and beverage packaging in North America, employing nearly 16,000 individuals and producing products from recycled materials for a diverse clientele, including restaurants and food service distributors.
Pactiv Evergreen (NASDAQ: PTVE) will release its third quarter 2021 earnings on November 3, 2021, after market close. A teleconference will follow on November 4, 2021, at 8:00 a.m. ET, featuring CEO Michael King, CFO Michael Ragen, and SVP Dhaval Patel. Investors can access the live webcast through the Investor Relations website. Pactiv Evergreen is a major manufacturer of food and beverage packaging in North America, emphasizing sustainability with products made from recycled materials.
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.
Pactiv Evergreen Inc. (NASDAQ: PTVE) has successfully completed the acquisition of Fabri-Kal, a prominent manufacturer of foodservice and consumer packaging solutions. This strategic move is expected to bolster Pactiv's position in the packaging market, particularly in the foodservice and consumer packaged goods sectors. Fabri-Kal, known for its compostable and recyclable products, operates four manufacturing facilities, enhancing Pactiv's distribution capabilities. CEO Michael King highlighted the transformational nature of this acquisition in driving future growth and value for stakeholders.
Pactiv Evergreen (NASDAQ: PTVE) has revised its fiscal year 2021 Adjusted EBITDA guidance to $550 million due to several external challenges affecting profitability. While the company observes a recovery in volume across all segments, rising raw material and transportation costs, labor shortages, and operational disruptions from recent weather events, notably Tropical Storm Fred, are expected to hinder profit recovery into 2022. The company is focused on improving production and service levels while addressing cost recovery through pricing initiatives.
Pactiv Evergreen Inc. (NASDAQ: PTVE) announced a definitive agreement to acquire Fabri-Kal for approximately $380 million, enhancing its foodservice segment and strengthening sustainable packaging offerings. The acquisition, expected to finalize by late Q3 or early Q4 2021, aims to expand manufacturing capacity and customer base. Fabri-Kal, known for its high-quality, sustainable products, contributes significantly to the foodservice market. The deal is subject to regulatory approvals and standard closing conditions, with Pactiv’s CEO expressing optimism about driving increased value for stakeholders.
Pactiv Evergreen has appointed Douglas Owenby as Chief Operations Officer, effective September 13. Owenby, with over 30 years of experience, previously served as COO at Graham Packaging. He will oversee global operating functions, taking over responsibilities from CFO Mike Ragen, who managed operations since 2018. The company aims to centralize operations into a Center of Excellence to enhance efficiency, resource utilization, and quality production. Pactiv Evergreen is a leading manufacturer of food and beverage packaging in North America, employing nearly 15,000 people.
Pactiv Evergreen reported a strong Q2 2021 with net revenues of $1,352 million, up 22% year-over-year, driven by volume recovery in the Foodservice and Beverage Merchandising segments, achieving 33% and 13% growth, respectively. However, the company faced inflationary pressures on raw materials and labor, leading to higher costs. Although the net income improved to $8 million from a loss of $18 million, higher material and logistics costs impacted Adjusted EBITDA, which was $130 million. Looking ahead, Pactiv Evergreen anticipates continued volume recovery but remains cautious due to ongoing cost pressures.
Pactiv Evergreen has announced its decision to exit the coated groundwood paper business, ceasing production at its Pine Bluff, AR location by October 31, 2021. This strategic shift aims to redirect resources towards more profitable segments, particularly liquid packaging board. Despite this transition, the Pine Bluff mill will remain a key facility, continuing to employ over 650 employees and supporting the beverage packaging market. The company is committed to assisting affected customers and employees during this change.
Pactiv Evergreen (NASDAQ: PTVE) will release its second quarter 2021 earnings on August 4, 2021, after market close. A teleconference will be held on August 5, 2021, at 8:30 a.m. ET. Investors can access the live webcast on the company's Investor Relations website. Key participants from Pactiv Evergreen include CEO Michael King, CFO/COO Michael Ragen, and SVP of Investor Relations Dhaval Patel. The company is a major North American producer of fresh food and beverage packaging, with a focus on sustainable materials.
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