Novolex has finalized its merger with Pactiv Evergreen Inc., establishing one of the largest players in the global packaging industry. The $6.7 billion deal—accounting for Pactiv Evergreen’s net debt as of September 30, 2024—unites two major names in food, beverage, and specialty packaging under the Novolex brand, with a shared focus on innovation, operational efficiency, and sustainability.
The merger follows a rising trend in the packaging industry, where consolidation is driven by the need to streamline operations, expand market presence, and increase product diversity. Novolex's acquisition of Pactiv Evergreen positions the newly combined entity as a formidable force with over 250 brands and 39,000 SKUs, supported by a robust manufacturing and distribution network across the U.S., Canada, Mexico, and Europe.
Stan Bikulege, Chairman and CEO of Novolex, who will continue to lead the combined entity, stated:
“This is an exciting chapter in the Novolex growth story. Together, we’ll continue to solidify our position by optimizing operations, accelerating product innovation, and driving commercial excellence while maintaining sustainable growth across the business.”
Pactiv Evergreen shareholders received $18.00 per share in cash, reflecting a 49% premium over the company’s two-month volume-weighted average share price as of December 2, 2024—the last trading day before reports of the potential transaction surfaced. Following the deal’s closure, Pactiv Evergreen's stock has been officially delisted from Nasdaq.
Michael King, former President and CEO of Pactiv Evergreen, expressed confidence in the new direction:
“I’m excited to see Pactiv Evergreen join forces with Novolex, unlocking opportunities for growth and expansion. I am confident in the future of the combined business and team under Stan’s leadership.”
King will remain on as an advisor, supporting the transition and integration of leadership teams from both companies.
Novolex has consistently emphasized sustainability and material innovation, a commitment that is expected to strengthen with the integration of Pactiv Evergreen’s product lines and infrastructure. The merger provides expanded access to diverse substrates and solutions, aligning with growing demand for more environmentally responsible packaging options.
The packaging sector is under increasing pressure to reduce environmental impact and meet evolving regulatory standards. Companies like Novolex are responding by advancing closed-loop systems, investing in recycled and compostable materials, and partnering with customers to align packaging strategies with ESG goals.
Headquartered in Charlotte, North Carolina, the combined company aims to redefine what’s possible in food and beverage packaging by scaling innovation and sustainability initiatives. With an expanded portfolio and a strengthened supply chain, Novolex is positioning itself not just as a packaging leader—but as a transformative industrial player in a rapidly evolving global market.
