Pactiv Evergreen Inc. reported a net revenue of $5.148 billion for the fiscal year ending December 31, 2024, a decrease of 7% from $5.510 billion in 2023. The decline was attributed primarily to the closure of the Canton Mill and the completion of the Pine Bluff Transaction, which impacted sales volume. The company also recorded a net loss from continuing operations of $133 million, an improvement from a loss of $222 million in the previous year, driven by higher gross profit and lower selling, general, and administrative expenses.
The company underwent significant restructuring during the year, including the Beverage Merchandising Restructuring, which involved the closure of the Canton Mill and the sale of the Pine Bluff facility to Suzano S.A. for $83 million. This transaction resulted in a $314 million impairment charge, reflecting the assets' reclassification as held for sale. Additionally, Pactiv Evergreen executed a Footprint Optimization plan aimed at improving operational efficiency, which is expected to incur capital expenditures of $40 million to $45 million in 2025.
Pactiv Evergreen's workforce consisted of approximately 14,000 employees as of December 31, 2024, with 19% represented by labor unions. The company has focused on maintaining strong relationships with its customers, with its ten largest customers accounting for about 44% of net revenues in 2024. The company also reported a decrease in capital expenditures to $232 million from $285 million in 2023, reflecting a strategic shift towards cost management amid challenging market conditions.
Looking ahead, Pactiv Evergreen is navigating a complex economic environment characterized by inflation and changing consumer preferences. The company has entered into a merger agreement with Novolex Holdings, LLC, which is expected to close in mid-2025, subject to regulatory approvals. Under the terms of the agreement, Novolex will acquire Pactiv Evergreen for $18.00 per share in an all-cash transaction, which will result in Pactiv Evergreen becoming a wholly-owned subsidiary of Novolex. The merger is anticipated to provide additional resources and strategic direction as the company continues to adapt to market dynamics.
About Pactiv Evergreen Inc.
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