Novolex completes US$6.7B merger with manufacturer of fresh F&B packaging

Novolex has completed its combination with Pactiv Evergreen in a transaction valued at approximately US$6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024. The combined company, headquartered in North Carolina, US, will retain the Novolex name.

Under the agreement, Pactiv Evergreen’s stock has been delisted from Nasdaq, with shareholders receiving US$18 per share in cash — a 49% premium to the two-month unaffected volume-weighted average trading price as of December 2, 2024, the last trading day before media reports regarding a potential transaction.

Stan Bikulege, chairman and CEO of Novolex, says: “Together, we’ll continue to solidify our position and deliver in the markets we serve by optimizing operations, accelerating product innovation, and driving commercial excellence while maintaining sustainable growth across the business. I look forward to working with our new, expanded Novolex family to achieve our shared mission of packaging a better future through choice, innovation, and sustainability.”

“Together, we will work to not only be a leading packaging company but also to become a leading industrial company in all aspects of our business. I am truly honored to be a part of our combined team.”

With operations spanning the US, Canada, Mexico, and Europe, the combined company has a broad manufacturing and distribution footprint, offering more than 250 brands and 39,000 combined stock-keeping units across diverse packaging materials.

Novolex CEO Stan Bikulege will lead the executive team, which includes senior leaders from both companies. Mike King, former CEO of Pactiv Evergreen, will continue serving as an advisor to Novolex.

“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,” says King.