Pactiv Corp. has agreed to acquire PWP Industries, a manufacturer of plastic disposable products. The transaction is expected to close in the first quarter and is subject to normal regulatory approvals and certain conditions to closing.
PWP primarily manufactures a range of APET foodservice containers for several channels, including packer processor bakeries, supermarkets, and quick service restaurants. PWP operates three manufacturing facilities in the U.S., as well as a facility that processes post consumer PET. The company employs about 600 people.
“The company has a solid track record of sales growth, high margins, and cash flow generation. This acquisition represents an opportunity for Pactiv to expand our position in APET, which is a fast growing material in the foodservice market due to its outstanding functionality, particularly its freezing capability, as well as its recyclability,” says Richard Wambold, chairman and CEO of Pactiv.
“In addition, this acquisition allows Pactiv entry into a multi-year contract with Coca-Cola Recycling LLC for supply of plastic bottles to make post consumer recycled PET for containers,” Wambold concluded.
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