Pactiv Evergreen acquiring thermoformer Fabri-Kal for $380 million
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Kalamazoo, Mich.-based Fabri-Kal specializes in foodservice packaging.
Food and beverage packaging supplier Pactiv Evergreen Inc. is acquiring consumer brand packaging maker Fabri-Kal Corp. for US$380 million.
“Combining these two complementary companies will further expand Pactiv Evergreen’s position in the foodservice segment, broaden our sustainable packaging product offerings and customer base, and increase our manufacturing capacity and distribution capabilities,” said Mike King, Pactiv Evergreen CEO. “Fabri-Kal is well known for its high-quality products, longstanding customer relationships and sustainable packaging solutions.”
Headquartered in Kalamazoo, Mich., Fabri-Kal makes foodservice and custom thermoformed plastic packaging solutions, with approximately 72 per cent of its sales attributable to foodservice products and the rest to consumer products. The company’s products include portion cups, lids, clamshells, drink cups and yogurt containers for the consumer packaged goods and industrial food markets. Fabri-Kal employs approximately 1,000 people and operates four manufacturing plants in the U.S.
The transaction is expected to close late in the third quarter or early in the fourth quarter of this year, Pactiv Evergreen officials said.
Pactiv Evergreen is headquartered in Lake Forest, Ill.