GlobeNewswire Inc | Jan 5, 2022 01:20AM EST

January 05, 2022

LAKE FOREST, Ill., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Pactiv Evergreen Inc. (Pactiv Evergreen; NASDAQ: PTVE) today announced that it has entered into a definitive agreement by its wholly-owned subsidiary, Evergreen Packaging International LLC (Evergreen Packaging), to sell its carton packaging and filling machinery businesses in China, Korea and Taiwan to SIG Schweizerische Industrie-Gesellschaft GmbH, a subsidiary of SIG Combibloc Group Ltd, for an enterprise value of approximately $335 million.

The transaction is subject to regulatory approvals and satisfaction of other customary closing conditions and is expected to close in the second or third quarter of 2022.

Todays announcement represents another strategic step in Pactiv Evergreens overall transformation, said Michael King, Pactiv Evergreen Chief Executive Officer. The completion of this transaction will position Pactiv Evergreen to further our strategic focus in North America, where we are established as a leading manufacturer of fresh food and beverage packaging, servicing many of the worlds most beloved brands.

Contacts:

Investors:Dhaval Patel732.501.9657dhaval.patel@pactivevergreen.com

Media:Beth Kelly412.303.4771beth.kelly@pactivevergreen.com

About Pactiv Evergreen Inc.Pactiv Evergreen Inc. (NASDAQ: PTVE) is one of the largest manufacturers of fresh food and beverage packaging in North America. With a team of nearly 16,000 employees, the Company produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for todays consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com.