Pactiv Evergreen Sells 50% Stake In Naturepak Beverage Packaging

Pactiv Evergreen Inc PTVE subsidiary, Evergreen Packaging International LLC, has sold its 50% interest in Naturepak Beverage Packaging Co Ltd to affiliates of Elopak ASA. The financial terms of the deal were not disclosed.
Naturepak Beverage Packaging supplies customers in the Middle East and Africa region from manufacturing plants in Morocco and Saudi Arabia.
"The completion of this transaction positions Pactiv Evergreen to 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," said CEO Michael King.
Price Action: PTVE shares closed higher by 5.19% at $10.33 on Tuesday.