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Novolex has finalised its merger with Pactiv Evergreen in a $6.7 billion transaction, creating a major player in food, beverage and speciality packaging products.
The combined company will focus on optimising operations, accelerating product innovation and expanding its market reach while maintaining a strong commitment to sustainability.
Under the terms of the agreement, Pactiv Evergreen’s stock has been delisted from Nasdaq, with shareholders receiving $18.00 per share in cash – a 49% premium based on the two-month average trading price before reports of the merger surfaced in December 2024. The transaction value includes Pactiv Evergreen’s net debt as of 30 September 2024.
Now operating under the Novolex name, the company is headquartered in Charlotte, North Carolina, US, and has an expanded portfolio of over 250 brands and 39,000 SKUs. Its manufacturing and distribution footprint spans the US, Canada, Mexico and Europe.
Stan Bikulege, chairman and CEO of Novolex, will lead the merged company, integrating senior leaders from both organisations. Michael King, former CEO of Pactiv Evergreen, will serve as an advisor.
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."
"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.”
King added: “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.”
Top image: © Novolex
