- September 25, 2002, PRESS RELEASE
LAKE FOREST, IL, USA—Pactiv announces an agreement to purchase 70 percent of Mexico-based Central de Bolsas, S.A. C.V. (Jaguar Corporation), a thermoformer of high-impact polystyrene (HIPS) for cold cups and plates as well as polystyrene foam for foodservice and food packaging. According to Pactiv, the $66 million (US) purchase price is approximately six times EBITDA, and Jaguar has a 12-month trailing sales of around $95 million (US).
Pactiv says the acquistion is to be accretive immediately and is slated to close in early October; it includes the right to purchase the remainder of Jaguar's business—possibly a state-of-the-art manufacturing facility in Guadalajara, Mexico. Co. says the buy is "consistent with [our] strategy to grow [our] core business through acquisitions." The packaging manufacturer adds, "The joint venture will result in long-term benefits in two key areas: it provides Pactiv an excellent [portal] into the fast-growing Mexican market for disposable packaging products and offers a solid base for sales growth of the company's US-manufactured products; it also provides Pactiv with a source for new products that can serve [our] US customer base."
Pactiv is provider of advanced packaging solutions for the consumer, including applications in foodservice packaging, food packaging, protective packaging, and flexible packaging. Learn more about Pactiv at pactiv.com.