PACTIV
Stockholders sign off on Reynolds takeover / New management in place
After the board already had given its blessing in August – see Plasteurope.com of 25.08.2010 – the stockholders of packaging company Pactiv Corporation (Lake Forest, Illinois / USA; www.pactiv.com) on 15 November okayed the takeover by Reynolds Group Holding (Chicago, Illinois / USA; www.reynoldspkg.com). The deal came at a cost of USD 4.6 bn, equal to a transaction of USD 33.25 per share.
Under the terms of the agreement, Reynold’s “Foodservice” division on 16 November was integrated into Pactiv, which in turn became a subsidiary of Reynolds, itself part of New Zealand’s Rank Group.
A mere day after the agreement had been announced, the Pactiv Foodservice/Food Packaging Group communicated a management change. Following Pete Lazaredes’ announcement of his intent to retire, John McGrath has been appointed new head of the USD 2.5 bn business unit. McGrath had previously served as vice president sales and marketing for the division and will report to Richard Wambold, CEO of Reynolds/Pactiv Foodservice and Consumer Products.
Under the terms of the agreement, Reynold’s “Foodservice” division on 16 November was integrated into Pactiv, which in turn became a subsidiary of Reynolds, itself part of New Zealand’s Rank Group.
A mere day after the agreement had been announced, the Pactiv Foodservice/Food Packaging Group communicated a management change. Following Pete Lazaredes’ announcement of his intent to retire, John McGrath has been appointed new head of the USD 2.5 bn business unit. McGrath had previously served as vice president sales and marketing for the division and will report to Richard Wambold, CEO of Reynolds/Pactiv Foodservice and Consumer Products.
22.11.2010 Plasteurope.com [217849-0]
Published on 22.11.2010
German version of this article...