Charlotte, N-based Novolex has completed its combination with Pactiv Evergreen™ Inc., creating a converting leader in food, beverage and specialty packaging products. The transaction is valued at approximately $6.7 billion, inclusive of Pactiv Evergreen’s net debt as of September 30, 2024.

“Today is an exciting chapter in the Novolex growth story as we officially welcome Pactiv Evergreen to our company and leverage our combined talents and capabilities to better meet our customers’ evolving needs,” says Stan Bikulege, Chairman and CEO of Novolex. “Together, we’ll continue to solidify our position and deliver in the markets we serve by optimizing operations, accelerating product innovation and driving commercial excellence while maintaining sustainable growth across the business. I look forward to working with our new, expanded Novolex family to achieve our shared mission of packaging a better future through choice, innovation and sustainability. Together, we will work to not only be a leading packaging company, but also to become a leading industrial company in all aspects of our business.”

Headquartered in Charlotte, the combined company will continue to operate under the Novolex name as one of the largest food packaging leaders with a broad manufacturing and distribution footprint across the US, Canada, Mexico, and Europe. The combination delivers greater choice to customers with more than 250 brands and 39,000 combined SKUs with one of the most diverse substrate sets in the packaging industry. 

The combined company’s executive leadership team will be led by Bikulege and include senior leaders from both Novolex and Pactiv Evergreen. Former Pactiv President/CEO Mike King will continue to serve as an advisor to Novolex.