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Article | May 31, 2005
Pactiv to sell protective and flexible packaging businesses
Pactiv Corp. has agreed to sell substantially all of its North American and European protective and flexible packaging businesses to an affiliate of AEA Investors LLC, an international private equity firm, for approximately $530 million and the assumption of certain liabilities.
Product lines in these businesses include air cushioning, air padded mailers, foam, Hexacomb kraft honeycomb, flexible packaging, and hospital supplies. Pactiv is retaining its European molded fiber business and Asian operations.
“The sale of these businesses represents an important step in Pactiv’s strategy to grow its higher return consumer, foodservice, and food packaging businesses. We believe Pactiv will be a stronger, more focused company with increased financial flexibility and better growth prospects as a result of this divestiture,” said Richard L. Wambold, chairman and chief executive officer of Pactiv Corp.
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