Pactiv, Reynolds proposed merger 'on track'
September 24, 2010
by Bryan Salvage
LAKE FOREST, Ill. – Pactiv Corporation and Reynolds Group Holdings Limited announced on Sept. 23 the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, relating to Reynolds Group’s proposed merger with Pactiv, has expired, which satisfies a condition to the closing of the transaction. Completion of the transaction remains subject to other customary closing conditions, including approval by Pactiv’s stockholders and foreign regulatory approvals.
The transaction is expected to close by the end of 2010.
Pactiv Corporation, based in Lake Forest, Ill., is a leader in the consumer and foodservice/food packaging markets it serves. With 2009 sales of $3.4 billion, Pactiv derives more than 80% of its sales from market sectors in which it holds the No. 1 or No. 2 market-share position.
Reynolds Group, based in Auckland, New Zealand, is a leading global manufacturer and supplier of consumer food and beverage packaging and storage products and operates through five primary segments: Reynolds Consumer, Reynolds Foodservice, SIG, Evergreen and Closures.