What is going on with PTVE?
Pactiv Evergreen Inc. (PTVE) today announced that its wholly-owned subsidiary, Pactiv Evergreen Group Holdings, has reached a definitive agreement to acquire Fabri-Kal, a leading manufacturer of foodservice and consumer brand packaging solutions. The transaction is valued at approximately $380 million.
Fabri-Kal’s products include portion cups, lids, clamshells, drink cups and yogurt containers for the consumer packaged goods and industrial food markets.
Shares of PTVE declined 0.7% to $12.70 as of Wednesday at 10:59am.
What does this mean for Practiv Evergreen?
PTVE's acquisition will further expand its position in the foodservice segment, as well as broaden its sustainable packaging product offerings and customer base. The deal will also increase its manufacturing capacity and distribution capabilities.
Mike King, Pactiv Evergreen CEO, commented, “Fabri-Kal is well known for its high-quality products, longstanding customer relationships and sustainable packaging solutions. We look forward to the Fabri-Kal team joining Pactiv Evergreen and working together to drive increased value for our shareholders, customers and employees.”
The transaction is expected to close late in the third quarter or early in the fourth quarter of 2021.
PTVE has a Short-Term Technical Rank of 79. Find out what this means to you and get the rest of the rankings on PTVE!
Pactiv Evergreen Inc is engaged in the business of manufacturing and distributing fresh food service and food merchandising products and fresh beverage cartons. The products are supplied to food service distributors, supermarkets, grocery and healthy eating retailers, other food stores, food and beverage producers, food packers, and food processors. Its operating segment includes Foodservice; Food Merchandising and Beverage Merchandising. The company derives a majority of revenue from the Food Merchandising segment. Geographically, it derives a majority of revenue from the United States.
