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 3Q or early in the 4Q 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.”
Pactiv Evergreen Inc. is one of the largest manufacturers of fresh food and beverage packaging in North America.