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Pactiv Evergreen

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Pactiv Evergreen Inc.
Company typePublic
Nasdaq: PTVE
IndustryPackaging and Container Manufacturing
PredecessorReynolds Group Holdings
Founded2020; 4 years ago (2020)
HeadquartersLake Forest, Illinois, U.S.
Key people
Mike King (CEO)
ProductsCustom and stock foam, plastic, aluminum, pressed-paperboard, PE coated board, and molded-fiber packaging
RevenueIncrease $5.437 billion (2021)
Decrease $108 million (2021)
Increase $23 million (2021)
Total assetsIncrease $7.021 billion (2021)
Total equityIncrease $1.288 billion (2021)
Number of employees
16,500
SubsidiariesPactiv LLC
Evergreen Packaging
Fabri-Kal
Websitepactivevergreen.com

Pactiv Evergeen Inc. is a manufacturer and distributor of food packaging and foodservice products, supplying packers, processors, supermarkets, restaurants, institutions and foodservice outlets across North America.

Operations

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Pactiv Evergreen operations are divided into three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The company operates 53 manufacturing plants, 26 warehouses, and 8 distribution centers.

History

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Pactiv Evergreen was created in 2020 through the initial public offering of Reynolds Group Holdings Limited (RGHL).[1] Both Pactiv and Evergreen Packaging were predecessor companies previously acquired to become part of Reynolds Group Holdings.

Pactiv’s roots stretch back to 1959, when Central Fibre, American Boxboard, and Ohio Boxboard merged to form Packaging Corporation of America (PCA). Those companies bear little resemblance to the company today, as they operated paper mills that exclusively produced cardboard boxes.

Tenneco Inc. purchased PCA in 1965, and during the next 34 years the company undertook a number of acquisitions, including the acquisition of Mobil Plastics Company in 1995 and Amoco Foam Products Company in 1996, which formed the basis of the current Pactiv business. As a result, its product portfolio expanded to include aluminum, clear plastic, foam products, molded fiber and pressware. The company name changed numerous times, from PCA to Tenneco Packaging Inc. (1995) to Pactiv Corporation (1999), when it was spun off by Tenneco, becoming an independent company. Since 1999, the company pursued a number of strategic mergers and acquisitions, each with an eye toward strengthening its position in the foodservice packaging industry, including adding Jaguar (2002), Newspring (2005), Prairie Packaging (2007), and PWP Industries (2010).

In 2010, Pactiv was acquired by Rank Group Ltd, and became part of Reynolds Group Holdings Limited (RGHL), a global manufacturer and supplier of consumer food and beverage packaging and storage products.[2][3] Since the Rank acquisition, the company continued to grow, incorporating the legacy Reynolds Foodservice business to Pactiv, acquiring Dopaco in 2011,[4] adding International Tray Pads and Packaging,[5] Interplast Packaging in 2012,[6] and Spirit, a manufacturer of foodservice products including cups, cutlery, straws and stirrers, in 2013.[7]

Evergreen Packaging was formed in 2007 when Paper Beverage Packaging Division, Blue Ridge Paper Products, and Cherry-Burrell combined to form a single entity. Evergreen Packaging was acquired by Reynolds Group Holdings Limited in 2010.[8]

On September 8, 2021 it was announced the company will acquire, through its wholly-owned subsidiary Pactiv Evergreen Group Holdings, Fabri-Kal a manufacturer of foodservice and consumer brand packaging solutions[buzzword], for $380 million.[9]

On March 6, 2023, Pactiv Evergreen announced the Canton, North Carolina plant would close in the summer, affecting 1,100 workers,[10] and that 160 more employees would lose their jobs in Olmsted Falls, Ohio.[11]

On April 17, 2023, reporting from The New York Times alleged that migrant children were illegally working overnight shifts at a Pactiv Evergreen factory in Illinois.[12]

Charlotte, North Carolina-based Novolex announced the $6.7 billion purchase of Pactiv Evergreen on December 9, 2024. The deal is expected to close in mid 2025.[13]

References

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  1. ^ "Pactiv Evergreen Inc. (Currently Known as Reynolds Group Holdings Limited) Announces Launch of Initial Public Offering". www.businesswire.com. 2020-09-08. Archived from the original on 2023-01-09. Retrieved 2023-01-09.
  2. ^ Chon, Gina (2010-08-17). "New Zealand's Rank Group to Pay $4.4 Billion for Hefty-Bag Maker". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2021-07-09. Retrieved 2021-07-01.
  3. ^ reporter, Ameet Sachdev, Tribune (17 August 2010). "New Zealand company to buy Pactiv in $6 billion deal". chicagotribune.com. Archived from the original on 2024-06-04. Retrieved 2021-07-01.{{cite web}}: CS1 maint: multiple names: authors list (link)
  4. ^ "Reynolds Group Holdings Limited to acquire Dopaco from Cascades". www.businesswire.com. 2011-03-11. Archived from the original on 2021-07-09. Retrieved 2021-07-01.
  5. ^ "Pactiv Acquires International Tray Pads & Packaging, Inc". www.businesswire.com. 2012-09-17. Archived from the original on 2021-07-09. Retrieved 2021-07-01.
  6. ^ "Pactiv Canada Acquires Interplast Packaging, Inc". www.businesswire.com. 2012-09-25. Archived from the original on 2021-07-09. Retrieved 2021-07-01.
  7. ^ "Pactiv Acquires Spirit Foodservice Products | Mergr". mergr.com. Archived from the original on 2021-07-09. Retrieved 2021-07-01.
  8. ^ "Reynolds Group Holdings Aims to Acquire Evergreen Packaging and Whakatane Paper Mill". Global Paper Money. 2010-04-19. Archived from the original on 2023-01-09. Retrieved 2023-01-09.
  9. ^ "Pactiv Evergreen (PTVE) Acquires Leading Foodservice and Packaging Manufacturer; Shares Decline". Investorsobserver.com. 2021-09-08. Archived from the original on 2021-09-09. Retrieved 2021-09-09.
  10. ^ Burgess, Joel (March 9, 2023). "A 'regional crisis': Canton paper mill closing affects WNC, Asheville". Asheville Citizen-Times. Archived from the original on March 7, 2023. Retrieved March 10, 2023.
  11. ^ McSweeney, Megan (March 8, 2023). "Olmsted Falls company moving, leaving 160 without jobs". WOIO. Archived from the original on March 16, 2023. Retrieved March 16, 2023.
  12. ^ Dreier, Hannah (April 17, 2023). "U.S. Was Warned of Migrant Child Labor, but 'Didn't Want to Hear It'". New York Times. Archived from the original on June 4, 2024. Retrieved April 17, 2023.
  13. ^ Hofmann, Will (December 11, 2024). "Pactiv Evergreen sold for $6.7 billion; Prospective Canton mill buyer 'wants to close'". Asheville Citizen-Times. Retrieved December 12, 2024.
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