Novolex® and Pactiv Evergreen Inc. announced they have entered into a definitive agreement to combine, creating a leading manufacturer in food, beverage and specialty packaging products. The combination brings together two highly complementary businesses that will offer a broad product platform, establishing one of the most diverse substrate offerings in the packaging industry. The asset base will include an extensive manufacturing footprint and an expansive distribution network, enhancing the combined company’s ability to serve customers ranging from large, blue-chip brands to small businesses that serve millions of consumers every day. “This transaction reflects the continuation of our long-term growth strategy to create the industry’s most innovative, sustainable and customer-focused company,” said Stan Bikulege, Chairman and CEO of Novolex. Michael King, President and Chief Executive Officer of Pactiv Evergreen, said, “We are pleased to reach this agreement with Novolex, which shares our commitment to product quality and recognizes our potential for future growth."

Net Income was $190 million. This compares to second quarter 2023 Net Income of $150 million. The second quarter of 2024 was impacted by a net gain from special items of $22 million and the second quarter of 2023 was impacted by a net charge from special items of $37 million. Michael Doss, the Company's President and CEO said, "Second quarter played out largely as expected, with continued strength in Foodservice and Beverage results, and strong execution driving solid Adjusted EBITDA. Consumers are responding to higher prices by shifting their purchasing patterns, and our portfolio, designed to move with the consumer, is doing just that. Graphic Packaging's innovation leadership was on full display in the quarter with a big win for Paperseal™ Shape at one of the UK's largest food retailers. We are delivering the sustainable packaging solutions consumers prefer and are on track to reach $200 million in Innovation Sales Growth during 2024.

Greif’s Paper Packaging and Services (PPS) business has announced two significant investments in its recycling operations to support its growth strategy in sustainable paper packaging solutions. A new 81,000-square-foot paper recycling facility for collecting, processing, and baling has opened in Florence, Kentucky, bringing Greif’s total number of recycling facilities across North America to 19. In addition, Greif has more than doubled the size of its paper fiber recycling plant in Nashville, Tennessee, to enhance efficiency and support accelerated growth. The expanded facility covers a floor space of 72,000 square feet. Both plants are located in areas where demand for a collection of waste fiber and the supply of recycled paper and board is experiencing continued growth.