SIG has recently announced the completion of its acquisition of Pactiv Evergreen Inc.’s Asia Pacific chilled carton operations (Evergreen Asia).
Earlier in January 2022, SIG announced that it had entered into an agreement to acquire Evergreen Asia, a leading system supplier of filling machines, cartons, closures and after-sales service in the chilled segment, covering dairy and non-carbonated soft drinks with production facilities in mainland China, Taiwan and South Korea.
The acquisition provides new growth opportunities for SIG in Asia, where demand is growing strongly especially for fresh milk in China. Evergreen Asia enables SIG to further expand its existing customer relationships with national dairies and provides access to new customers at a regional and local level. SIG intends to leverage its R&D know-how, innovation capabilities and marketing expertise to introduce more innovative packaging formats in this market segment.
Lidong Fan, President & General Manager of SIG Asia Pacific North said, “Evergreen Asia is an exciting addition to our business. With chilled carton packaging, we can offer our customers an even more comprehensive range of products. Together, we will also continue to innovate and provide safe and sustainable packaging that consumers expect today and in the future.”
Michael King, Pactiv Evergreen’s CEO said, “With most of our assets being in North America, we provide an extensive offering of North American-manufactured products to our customers. This transaction positions Pactiv Evergreen to further focus on our growth in North America where we are established as a leading manufacturer of fresh food and beverage packaging, servicing many of the world’s most beloved brands.”
For the financial year ended 31 December 2021, Evergreen Asia generated revenue of approximately €135 million (US$134.6 million). It was acquired by SIG for an enterprise value of US$335 million.
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