Pactiv Evergreen to Acquire Fabri-Kal

Pactiv Evergreen, a global manufacturer of aluminum, paperboard and plastic packaging, has agreed to acquire Fabri-Kal, a well-known thermoformer of foodservice and custom packaging. Based in Kalamazoo, Mich., Fabri-Kal was co-founded by Bob Kittredge in 1950 and now has four U.S. manufacturing plants and around 1000 employees. A second-generation family-owned operation with $334 million in annual sales, Fabri-Kal (fabri-kal.com) specializes in fully recyclable or compostable products (including PLA biopolymer), which generate half of its sales. The opportunity to broaden its range of sustainable packaging products was a key attraction for Pactiv Evergreen, the company said. The transaction, valued at about $380 million, is due to close before the end of the year.

With 2020 net revenues of $4.689 billion, Pactiv Evergreen (pactivevergreen.com) employs around 15,000 people and makes 13,000 products ranging from bags, film and foil to tableware, trays, cups, lids, and berry boxes. It has 53 manufacturing plants in 10 countries and headquarters in Lake Forest, Ill. The company pledged last year that by 2030, 100% of its products will be made of recycled, recyclable or renewable materials.