Novolex and Pactiv Evergreen have completed their merger to form one of the largest suppliers of packaging solutions for food, beverage and speciality applications.
Novolex has completed the acquisition of Pactiv Evergreen, positioning itself as a leading manufacturer in the food, beverage and speciality packaging sector. The total value of the transaction is approximately USD 6.7 billion, including Pactiv Evergreen's net debt. As part of the acquisition, Pactiv Evergreen's shares were delisted from the Nasdaq stock exchange. The shareholders received a cash settlement of USD 18.00 per share, according to reports.
Strategic goals: Innovation, sustainability and growth
Stan Bikulege, Chairman and CEO of Novolex, sees the transaction as a milestone for the company: „Together we will strengthen our position, accelerate innovation and drive sustainable growth.“ The aim is not only to remain a leader in the packaging industry, but also to set standards as an industrial company.
Michael King, former President and CEO of Pactiv Evergreen, also welcomes the merger: „The combination offers new opportunities for growth and expansion. Under Stan's leadership, the company will continue to expand its role as a preferred partner for customers.“
King will remain with the new company as a consultant.
Strong portfolio and global presence
The combined organisation will continue to operate under the Novolex name and will remain headquartered in Charlotte, North Carolina. With more than 250 brands and 39,000 different products, the company claims to be one of the most versatile suppliers in the packaging industry. The manufacturing and sales locations extend across the USA, Canada, Mexico and Europe.
Source: Novolex
