Pactiv Evergreen Announces Definitive Agreement To Sell Pine Bluff Paper Mill And Waynesville Extrusion Facility To Suzano SA For $110M In Cash

Pactiv Evergreen Inc. (NASDAQ:PTVE) ("Pactiv Evergreen" or the "Company") today announced that it has signed a definitive agreement (the "Agreement") to sell its Pine Bluff, Arkansas, paper mill ("Pine Bluff") and Waynesville, North Carolina, extrusion facility ("Waynesville"), to global paper and pulp producer Suzano S.A. ("Suzano") for $110 million in cash (the "Transaction"), subject to customary adjustments for closing amounts such as working capital. Suzano has agreed to offer employment to current employees at Pine Bluff and Waynesville.

 

Pine Bluff produces liquid packaging board and cupstock used to make fresh beverage cartons, paper cups and other fiber-based food and beverage packaging. Waynesville provides incremental extrusion capacity for the board produced at Pine Bluff. Pactiv Evergreen and Suzano have also agreed to enter into a long-term supply arrangement at the closing of the Transaction pursuant to which Suzano would use Pine Bluff and Waynesville to supply liquid packaging board to Pactiv Evergreen's converting business.