Pactiv Evergreen Sells Paper Mill, Extrusion Facility to Suzano for $110 Million
By Paul Ziobro
Pactiv Evergreen agreed to sell two facilities to the paper and pulp producer Suzano for $110 million, transactions that wrap up its strategic review process.
Pactiv Evergreen, which makes and distributes fresh foodservice and food merchandising products, is selling its paper mill in Pine Bluff, Ark., and an extrusion facility in Waynesville, N.C., to the Brazilian company, which has agreed to offer jobs to current employees at both facilities.
The deal is expected to close in the fourth quarter. Pactiv Evergreen expects to log a noncash impairment charge between $320 million and $340 million in the third quarter.
The Pine Bluff facility makes liquid packaging board and cupstock used in items such as fresh beverage cartons and paper cups, while the Waynesville facility provides incremental extrusion capacity for the board produced at Pine Bluff.
Pactiv Evergreen and Suzano have agreed to a long-term supply arrangement where Suzano would use both facilities to supply liquid packaging board to Pactiv Evergreen's converting business.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
July 12, 2024 18:05 ET (22:05 GMT)
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