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Novolex & Pactiv Evergreen to combine for F&B packaging
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Thursday, 16 January, 2025, 08 : 00 AM [IST]
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North Carolina, USA
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Novolex and Pactiv Evergreen Inc., announced that they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products.
The combination brings together two highly complementary businesses that will offer a broad product platform, establishing one of the most diverse substrate offerings in the packaging industry. The asset base will include an extensive manufacturing footprint and an expansive distribution network, enhancing the combined company’s ability to serve customers ranging from large, blue-chip brands to small businesses that serve millions of consumers every day.
Stan Bikulege, chairman and CEO of Novolex, said, “This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company. Pactiv Evergreen’s strong product portfolio, along with their talented team, will complement and add significant depth to Novolex’s diverse packaging solutions. Our companies share a dedication to customer success, a steadfast entrepreneurial spirit and have aligned values of integrity, collaboration and excellence. Our commitment to employees is unwavering in making this a best-in-class, high growth platform. We’re excited to continue our growth journey and are confident this combination will strengthen the future of food and beverage packaging.”
Michael King, president and chief executive officer of Pactiv Evergreen, said, “We are pleased to reach this agreement with Novolex, which shares our commitment to product quality and recognizes our potential for future growth. The Board and leadership team evaluated a range of opportunities and are confident this transaction maximizes shareholder value and is the best path forward for all stakeholders. This milestone is a testament to our talented employees, and Pactiv Evergreen’s inherent value. Over the past three years, we’ve made significant progress on our transformation, focusing on our core strengths while driving operational excellence and enhancing profitability. We look forward to this next exciting chapter.”
Rob Seminara and Peter Sinensky, partners at Apollo, said, “Novolex and Pactiv Evergreen serve attractive end markets, and both companies have made tremendous progress in recent years to enhance their operations and strengthen their focus on product innovation and sustainability leadership. As the packaging industry continues to evolve, bringing together these two talented teams will better position the combined company with enhanced and complementary capabilities to meet shifting consumer demands and provide the highest quality products and services to customers. We’re proud to support Novolex and Pactiv Evergreen and look forward to our continued partnership with Stan and the management team as they drive innovation and sustainable growth.”
Sam Blaichman, managing director, head of North America, direct private equity at CPP Investments, said, “We are pleased to support this transformative combination of Novolex and Pactiv Evergreen. We look forward to working alongside Apollo with Stan and the management team to realize the potential of the combined company.”
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