Benzinga | Jan 5, 2022 08:06AM EST

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.