Pactiv Evergreen Inc.: restructuring charge — Pactiv Evergreen signs $110M asset sale of Pine Bluff and Waynesville to Suzano, expects $320M-$340M impairment

Pactiv Evergreen Inc.

Sale price of $110 million in cash for Pine Bluff paper mill and Waynesville extrusion facility to Suzano S.A., closing expected Q4 2024.
Non-cash impairment charge of approximately $320 million to $340 million to be recorded in Q3 2024.
Suzano will offer employment to current employees at both facilities; long-term supply agreement for liquid packaging board to Pactiv Evergreen.
Restructuring total charges revised to $810M-$830M ($650M-$670M non-cash) as part of Beverage Merchandising Restructuring.
Agreement approved by Board on July 12, 2024; concludes strategic alternatives review for these facilities.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Pactiv Evergreen Inc. announced a impairment with charges of approximately $320 million to $340 million affecting Relevant Facilities (Pine Bluff, Arkansas mill and Waynesville, North Carolina extrusion facility).

Type: impairment
Charge: approximately $320 million to $340 million
Affected area: Relevant Facilities (Pine Bluff, Arkansas mill and Waynesville, North Carolina extrusion facility)

Exact text from the filing

Based on the estimated cash proceeds the Company expects to receive in connection with the Transaction, the Company currently expects that it will record a non-cash impairment charge of approximately $320 million to $340 million in the third quarter of 2024

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Source: SEC EDGAR

accession 0000950170-24-083268

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