Reynolds Group Holdings to acquire Pactiv Corp. for $6 billion
The Chicago-based global packaging converter enters a definitive merger agreement today to purchase the Lake Forest, IL-based consumer and foodservice packaging manufacturer in a deal valued at approximately $6 billion. Reynolds is a wholly owned subsidiary of Rank Group Ltd. (New Zealand). Reynolds will finance the transaction through a combination of equity from Reynolds and Rank Group and committed debt financing via Credit Suisse, HSBC and Australia New Zealand Bank. The deal is expected to conclude by the end of 2010.
Pactiv had 2009 sales of $3.4 billion. Its Hefty® brand products include waste bags, slider storage bags, disposable tableware, and disposable cookware. Pactiv’s foodservice/food packaging offerings include both custom and stock products in a variety of materials.
Reynolds Group Holdings operates through four primary segments: SIG, Evergreen, Reynolds Consumer, and Closure Systems Intl. More info
Sun Chemical to raise ink prices 4-14%
Faced with continued increases in raw-material costs, the supplier will raise prices in the US by 4% for packaging solvent-based inks, 8% for packaging water-based inks, 6% for UV-flexo inks, and 14% for commercial and packaging energy-curable (EC) paste inks and EC coatings, effective Sept. 15. More info
Cereplast Q2 2010 profits, shipments rise significantly
The El Segundo, CA-based supplier of sustainable biopolymer plastics saw its Q2 2010 gross profit climb 157.3% to $199,211. The firm successfully raised approximately $7.5 million in registered direct financing; introduced 11 new grades of bioplastic resins; agreed to ship 16 million lbs of bioplastic resins in 2010, which represents a 400% increase over 2009; and expanded distribution agreements in Southeast Asia, southern China, South America, Europe and the US with Ashland Distribution. More info
Bobst Group plans strong showing at 2011 IADD·FSEA Odyssey
Attendees will get to see the Bobst EXPERTCUT 106 PER platen diecutter and EXPERTFOLD 110 A-2 C folder/gluer run live in technical sessions at May 4-6, 2011, event in Nashville. Among several pieces of state-of-the-art machinery showcased in educational sessions on the Techshop™ floor, Bobst will also feature its add-on/retrofit ACCUBRAILLE for Braille characters or simple embossing and the new HANDYFEEDER pick-and-place feeder for difficult blanks.