Brazilian pulp and paper company Suzano signed a definitive agreement to acquire Pactiv Evergreen’s Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility for $110 million.
“The sale of Pine Bluff and Waynesville concludes the strategic alternatives review process,” said Michael King, president and CEO of Pactiv Evergreen.
Suzano, the world's largest pulp producer and a global benchmark in the manufacture of bioproducts developed from eucalyptus, is the first Brazilian company.
The news about the deal was already in the market, as Bloomberg had earlier reported that the two parties were in talks over Pactiv's Pine Bluff mill. The news of the purchase comes weeks after Suzano dropped its $15 billion takeover pursuit of International Paper (IP).
Suzano is the largest pulp producer in the world, the largest paper manufacturer in Latin America and the leader in the toilet paper market in Brazil.
Source: Suzano