In a deal expected to close this quarter, US packaging producer Pactiv (Lake Forest, Illinois; www.pactiv.com) has bought the HPC subsidiary PWP Industries (Vernon, California / USA; www.pwpindustries.com). The purchase comes at a price tag of USD 200m.
Pactiv CEO Richard Wambold said his company hopes the acquisition will help establishing a position in the consumer packaged goods market for manufacturers. As part of the deal, Pactiv inherits a multi-year contract with Coca-Cola Recycling, which supplies PWP with plastic bottles that it then turns into foodservice containers. PWP runs three manufacturing plants and a PET recycling facility in the US. The company generated USD 140m in sales last year.