Pactiv Evergreen to Sell its Carton Packaging and Filling Machinery Businesses in China, Korea and Taiwan
January 05 2022 - 12:20AM
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
Patel732.501.9657dhaval.patel@pactivevergreen.com
Media:Beth
Kelly412.303.4771beth.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.
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