PACTIV EVERGREEN
Former Reynolds Group sees sharp drop in foodservice packaging sales / Michael King new CEO
Packaging group Pactiv Evergreen (Lake Forest, Illinois / USA; www.pactivevergreen.com) has reported a drop in sales of around 10% to USD 4.69 bn (EUR 3.87 bn) for the 2020 financial year. Adjusted EBITDA plummeted some 11% year-on-year to USD 615m. The group, which produces food service packaging made of plastic and cardboard at 53 production sites worldwide, was said to be particularly affected by the coronavirus-related lockdown phases, the sharp rise in raw material prices, and unfavourable exchange rate effects.

After a difficult first half of 2021, which included the temporary shutdown of eight production facilities due to severe winter storms in the US, Pactiv Evergreen said it expects a strong second half. When the number of vaccinated people worldwide reaches a “critical mass”, the group said it anticipates demand for take-away packaging to increase noticeably as well.

The group, which until 2020 operated as Reynolds Group Holdings (RGHL, Auckland / New Zealand – see Plasteurope.com of 28.08.2020), announced a change at the helm of the company in early 2021, when Michael King replaced previous CEO John McGrath, who is retiring. King, who is also on the board of directors at Pactiv Evergreen, had served as CEO at Reynolds packaging subsidiary Graham Packaging (York, Pennsylvania / USA; www.grahampackaging.com) since 2018.
22.06.2021 Plasteurope.com [247848-0]
Published on 22.06.2021
Pactiv Evergreen: Herber Umsatzeinbruch bei FoodserviceverpackungenGerman version of this article...

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