Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Packaging And Design

SIG Completes Acquisition Of Evergreen Asia

Packaging firm SIG has announced that it has completed the acquisition of Evergreen Asia, the Asia Pacific chilled carton operations of Pactiv Evergreen Inc.

SIG acquired Evergreen Asia for an enterprise value of $335 million (€328.7 million) and it expects to realise run-rate cost synergies of approximately €6 million.

The business will be fully consolidated from the beginning of August 2022, SIG added.

'An Exciting Addition To Our Business'

Lidong Fan, president and general manager of 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."

In January of this year, SIG agreed to acquire Evergreen Asia, which operates production facilities in mainland China, Taiwan and South Korea.

Evergreen Asia supplies filling machines, cartons, closures and after-sales service in the chilled segment, covering dairy and non-carbonated soft drinks.

In the 12 months ended 31 December 2021, revenue at Evergreen Asia amounted to approximately €135 million and adjusted EBITDA was around €24 million.

New Growth Opportunities

The acquisition will provide SIG new growth opportunities in Asia, where demand is growing strongly, especially for fresh milk in China.

Evergreen Asia will enable SIG to expand its existing customer relationship with national dairies and provide access to new customers at a regional and local level.

SIG added that it intends to leverage its R&D know-how, innovation capabilities and marketing expertise to introduce more innovative packaging formats in this market segment.

Read More: BillerudKorsnäs Sees Net Sales Up 75% In Second Quarter

© 2022 European Supermarket Magazine – your source for the latest packaging news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days