Packaging Corporation of America (NYSE:PKG) today announced that it has completed its acquisition of TimBar Corporation, a large independent corrugated products producer, in a cash-free, debt-free transaction. Funding for the acquisition came from a new $385 million five-year term loan facility.
PCA Chairman and CEO Mark Kowlzan said, “We are very pleased to complete this transaction and welcome our new employees to PCA. Integrating these new operations into PCA will quickly enhance our financial results while maintaining a strong balance sheet.”
PCA is the fourth largest producer of containerboard and corrugated packaging products in the United States and the third largest producer of uncoated freesheet paper in North America. PCA operates eight mills and 95 corrugated products plants and related facilities.