Pactive Evergreen To Sell Carton Packaging, Filling Machinery Businesses In China, Korea & Taiwan

Pactive Evergreen Inc (NASDAQ:PTVE) subsidiary, Evergreen Packaging International LLC, has agreed to sell its carton packaging and filling machinery businesses in China, Korea, and Taiwan to SIG Schweizerische Industrie-Gesellschaft GmbH for an enterprise value of $335 million.
Pactive Evergreen noted that the transaction completion would further its strategic focus in North America.
The company expects to close the deal in the second or third quarter of 2022.
Pactive Evergreen held $627 million in cash and equivalents as of September 30, 2021.
Price Action: PTVE shares closed higher by 2.14% at $12.86 on Tuesday.