NOVOLEX
US packaging group completes acquisition of Pactiv Evergreen
— By Plasteurope.com staff —
 Stan Bikulege is set to head the merged group (Photo: Novolex) |
The multi-billion-dollar deal announced in December 2024 has gone through. Packaging group Novolex (Hartsville, South Carolina, USA; www.novolex.com) has acquired its competitor Pactiv Evergreen (Lake Forest, Illinois, USA) for approximately USD 6.7 mn (EUR 6.12 bn), the company announced.
According to the agreement, Pactiv Evergreen’s shares have been delisted from the Nasdaq stock exchange. Shareholders received USD 18.00 per share, representing a premium of 49% over the average share price for the two-month period up to 2 December 2024, the last trading day before initial media reports about a potential takeover.
Related: Novolex sold to investment company Apollo
The merged company, headquartered in Charlotte, North Carolina, will operate under the name Novolex and is now one of the largest providers of food packaging worldwide, the firm said. Led by Novolex CEO Stan Bikulege, the group has a pro forma turnover of just under USD 10 bn and employs around 20,000 people across more than 100 production facilities. While the main focus is on North America, numerous manufacturing sites are also located in Europe. The product range includes packaging made from plastic, cardboard, and paper fibres.
This is already the second multi-billion-dollar acquisition in the packaging sector within just a few months, following Amcor’s (Zurich, Switzerland; www.amcor.com) purchase of Berry Global (Evansville, Indiana, USA; www.berryglobal.com).
According to the agreement, Pactiv Evergreen’s shares have been delisted from the Nasdaq stock exchange. Shareholders received USD 18.00 per share, representing a premium of 49% over the average share price for the two-month period up to 2 December 2024, the last trading day before initial media reports about a potential takeover.
Related: Novolex sold to investment company Apollo
The merged company, headquartered in Charlotte, North Carolina, will operate under the name Novolex and is now one of the largest providers of food packaging worldwide, the firm said. Led by Novolex CEO Stan Bikulege, the group has a pro forma turnover of just under USD 10 bn and employs around 20,000 people across more than 100 production facilities. While the main focus is on North America, numerous manufacturing sites are also located in Europe. The product range includes packaging made from plastic, cardboard, and paper fibres.
This is already the second multi-billion-dollar acquisition in the packaging sector within just a few months, following Amcor’s (Zurich, Switzerland; www.amcor.com) purchase of Berry Global (Evansville, Indiana, USA; www.berryglobal.com).
15.04.2025 Plasteurope.com [257765-0]
Published on 15.04.2025
German version of this article...