Thursday, September 1, 2016 11:00 am

LAKE FOREST, Illinois -- Packaging Corporation of America has completed its acquisition of TimBar Corporation, a large independent corrugated products producer, in a cash-free, debt-free transaction. Funding for the acquisition came from a new $385 million five-year term loan facility.

PCA is the fourth largest producer of containerboard and corrugated packaging products in the United States and the third largest producer of uncoated free sheet paper in North America. PCA operates eight mills and 95 corrugated products plants and related facilities.

"We are very pleased to complete this transaction and welcome our new employees to PCA. Integrating these new operations into PCA will quickly enhance our financial results while maintaining a strong balance sheet," PCA Chairman and CEO Mark Kowlzan said.