Pregis has acquired Technical Machinery Solutions (TMS), Elk Grove Village, Illinois from its privately-held owners. The acquisition also includes the Graphic Innovators business. Most recently, the company has gained attention for the equipment it has engineered which is thought to be the first used to produce a lightweight, curbside recyclable all-paper mailer. Branded the TMS Eco Mailer™, these cushioned mailers provide great protection with circularity in mind and can be recycled in all-paper recovery systems. As a result, they are the ideal solution for both consumers and brand owners seeking to meet environmental objectives.
Pactiv Evergreen Inc. (NASDAQ: PTVE) today announced that its wholly-owned subsidiary, Pactiv Evergreen Group Holdings Inc. has reached a definitive agreement to acquire Fabri-Kal, a leading manufacturer of foodservice and consumer brand packaging solutions. The transaction, valued at approximately $380 million, subject to adjustments for cash, working capital and indebtedness, is expected to close late in the third quarter or early in the fourth quarter of this year, subject to regulatory approvals and satisfaction of other customary closing conditions.
“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. We look forward to the Fabri-Kal team joining Pactiv Evergreen and working together to drive increased value for our shareholders, customers and employees.”