Packaging company Novolex has completed its $6.7bn acquisition of Pactiv Evergreen, to form a new player in the food, beverage, and speciality packaging sectors.
Under the terms of the all-cash deal, signed in December last year, Pactiv Evergreen’s stock was delisted from Nasdaq.
Pactiv Evergreen’s shareholders received $18 per share in cash, representing a 49% premium over its two-month unaffected trading average as of 2 December 2024.
The new combined company will operate under the Novolex name, with its headquarters in Charlotte, North Carolina, US.
The executive leadership team will be headed by Novolex chair and CEO Stan Bikulege, supported by senior leaders from both companies.
Pactiv Evergreen’s former president and CEO Michael King will continue to serve as an advisor to the combined company.
King said: “I’m excited to see Pactiv Evergreen join forces with Novolex as one company, unlocking opportunities for growth and expansion.
“I am confident in the future of the combined business and team under Stan’s leadership to become a stronger partner of choice for customers and deliver unmatched solutions that support their packaging needs and sustainability goals.”
The merger strengthens Novolex’s presence across the Americas and Europe, making it one of the largest food packaging companies.
The deal also expands Novolex’s range of substrates, positioning it as a leading player in the industry.
Bikulege said: “Today is an exciting chapter in the Novolex growth story as we officially welcome Pactiv Evergreen to our company and leverage our combined talents and capabilities to better meet our customers’ evolving needs.
“Together, we’ll continue to solidify our position and deliver in the markets we serve by optimising operations, accelerating product innovation and driving commercial excellence while maintaining sustainable growth across the business.”
