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.