Pactiv Corp. announced the sale of its single-faced corrugated business based in The Netherlands to Palm Industrie Beteiligungs GmbH Co. KG. The single-faced corrugated business had sales of about $20 million in 2000. The sale of the business is another step in the restructuring of the company's Protective and Flexible Packaging segment announced in early this year.
``We are pleased with the progress we are making with the restructuring of the Protective and Flexible segment. At this point we have completed about half of our improvement effort. As the industry recovers and volumes improve, we are confident this segment will meet its financial goals,'' said Richard Wambold, chairman and CEO of Pactiv.