Evergreen Packaging International LLC, a Wholly-Owned Subsidiary of Pactiv Evergreen Inc., Reaches Agreement to Divest Ownership Interest in Beverage Packaging Co Ltd Joint Venture
13 October 2021 - 11:14AM
Evergreen Packaging International LLC (Evergreen Packaging), a
wholly-owned subsidiary of Pactiv Evergreen Inc
.
(Pactiv Evergreen; NASDAQ: PTVE) today announced that it has
entered into a definitive agreement for the sale of its 50 percent
interest in Naturepak Beverage Packaging Co Ltd (Naturepak
Beverage) to Elopak ASA, a leading global supplier of carton
packaging and filling equipment.
Naturepak Beverage, a joint venture formed by Evergreen
Packaging and Gulf Industrial Group Company Plc, supplies customers
in the Middle East and Africa region from manufacturing plants in
Morocco and Saudi Arabia.
“Pactiv Evergreen is pleased to announce this agreement with our
valued partners at Elopak ASA,” said Michael King, Pactiv Evergreen
CEO. “The completion of this transaction will position Pactiv
Evergreen to focus on our growth 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.”
ApprovalsThe transaction is subject to
regulatory approvals and satisfaction of other customary closing
conditions.
AdvisorsWhite & Case acted as legal
advisors and deNovo Corporate Advisors served as the exclusive
financial advisor for Pactiv Evergreen Inc.
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 15,000 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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