Nip Impressions logo
Fri, Mar 29, 2024 02:54
Visitor
Home
Click here for Pulp & Paper Radio International
Subscription Central
Must reads for pulp and paper industry professionals
Search
My Profile
Login
Logout
Management Side
Pactiv Evergreen to Acquire Fabri-Kal

LAKE FOREST, Ill. (News release) -- Pactiv Evergreen Inc. announced that its wholly-owned subsidiary, Pactiv Evergreen Group Holdings Inc. has reached a definitive agreement to acquire Fabri-Kal, a leading manufacturer of foodservice and consumer brand packaging solutions. The transaction, valued at approximately $380 million, subject to adjustments for cash, working capital and indebtedness, is expected to close late in the third quarter or early in the fourth quarter of this year, subject to regulatory approvals and satisfaction of other customary closing conditions.

"Combining these two complementary companies will further expand Pactiv Evergreen's position in the Foodservice segment, broaden our sustainable packaging product offerings and customer base, and increase our manufacturing capacity and distribution capabilities," said Mike King, Pactiv Evergreen CEO. "Fabri-Kal is well known for its high-quality products, longstanding customer relationships and sustainable packaging solutions. We look forward to the Fabri-Kal team joining Pactiv Evergreen and working together to drive increased value for our shareholders, customers and employees."

About Fabri-Kal
Fabri-Kal Corporation is a U.S. manufacturer of foodservice and custom thermoformed plastic packaging solutions, with approximately 72% of its sales attributable to foodservice products. Fabri-Kal's products include portion cups, lids, clamshells, drink cups and yogurt containers for the consumer packaged goods and industrial food markets. Fabri-Kal specializes in a variety of materials including renewable agricultural fiber. Approximately half of Fabri-Kal's sales are generated from fully compostable packaging products or fully recyclable packaging products. Fabri-Kal's remaining sales are attributable to its stock foodservice customers and consumer packaged goods customers. Headquartered in Kalamazoo, Michigan, and in continuous operation since 1950, Fabri-Kal employs approximately 1,000 people and operates four manufacturing plants in the U.S.

Readers, please tell your suppliers that you read Paperitalo Publications


Printer-friendly format

 





Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: