SIG has announced the completion of its acquisition of Pactiv Evergreen Inc.’s Asia Pacific chilled carton operations (“Evergreen Asia”). The business will be fully consolidated from the beginning of August 2022.
On 5 January 2022, SIG announced that it had entered into an agreement to acquire Evergreen Asia, a leading system supplier of filling machines, cartons, closures and after-sales service in the chilled segment, covering dairy and non-carbonated soft drinks, with production facilities in mainland China, Taiwan and South Korea.
For the twelve months ended 31 December 2021, Evergreen Asia generated revenue of approximately €135 million and adjusted EBITDA of approximately €24 million1. It was acquired for an enterprise value of $335 million and SIG expects to realise run-rate cost synergies of approximately €6 million.
The acquisition provides new growth opportunities in Asia, where demand is growing strongly especially for fresh milk in China. Evergreen Asia enables SIG to further expand its existing customer relationships with national dairies and provides access to new customers at a regional and local level. SIG intends to leverage its R&D know-how, innovation capabilities and its marketing expertise to introduce more innovative packaging formats in this market segment.
Lidong Fan, President & General Manager Asia Pacific North, said: “Evergreen Asia is an exciting addition to our business. With chilled carton packaging, we can offer our customers an even more comprehensive range of products. Together, we will also continue to innovate and provide safe and sustainable packaging that consumers expect today and in the future.”
SIG is a leading packaging solutions provider for a more sustainable world. With our unique portfolio of aseptic carton, bag-in-box, and spouted pouch we work in partnership with our customers to bring food and beverage products to consumers around the world in a safe, sustainable and affordable way.