Novolex and Pactiv Evergreen Inc. Complete Combination

Novolex® announced today that is has completed its combination with Pactiv Evergreen™ Inc., creating a leader in food, beverage and specialty packaging products.

The transaction is valued at approximately $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. Under the terms of the agreement, Pactiv Evergreen’s stock has been delisted from Nasdaq and shareholders received $18.00 per share in cash, a 49% premium to the two-month unaffected volume weighted average trading price as of December 2, 2024, the last trading day prior to media reports regarding a potential transaction.

“Today is an exciting chapter in the Novolex growth story as we officially welcome Pactiv Evergreen to our company and leverage our combined talents and capabilities to better meet our customers’ evolving needs,” said Stan Bikulege, Chairman and CEO of Novolex. “Together, we’ll continue to solidify our position and deliver in the markets we serve by optimizing operations, accelerating product innovation and driving commercial excellence while maintaining sustainable growth across the business. I look forward to working with our new, expanded Novolex family to achieve our shared mission of packaging a better future through choice, innovation and sustainability. Together, we will work to not only be a leading packaging company, but also to become a leading industrial company in all aspects of our business. I am truly honored to be a part of our combined team.”

Headquartered in Charlotte, N.C., the combined company will continue to operate under the Novolex name as one of the largest food packaging leaders with a broad manufacturing and distribution footprint across the U.S., Canada, Mexico, and Europe. The combination delivers greater choice to customers with more than 250 brands and 39,000 combined SKUs with one of the most diverse substrate sets in the packaging industry.
more at: https://novolex.com/blog/novolex-and-pactiv-evergreen-inc-complete-combination-creating-a-leading-manufacturer-in-food-beverage-and-specialty-packaging/

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