In a powerful move set to reshape the U.S. packaging landscape, Packaging Corporation of America (PCA) has inked a $1.8 billion all-cash agreement to acquire the containerboard division of Greif Inc., both companies revealed on Tuesday. Legal guidance for the deal comes from top firms Mayer Brown LLP and A&O Shearman, while financial firepower is provided by BofA Securities and Goldman Sachs.
The acquisition pushes PCA—already the third-largest containerboard producer in North America—deeper into an essential market that underpins everything from your morning cereal box to industrial shipping containers.
What’s in the Box: Assets and Ambitions
The soon-to-be-acquired Greif assets include two containerboard mills and eight corrugated and sheet feeder plants across the United States. This segment generated a whopping $1.2 billion in sales over the 12 months ending April 30, painting a picture of a high-value, high-impact acquisition.
For PCA, this isn’t just about scale—it’s a chess move. “This acquisition furthers PCA’s profitable growth strategy,” said CEO Mark Kowlzan, noting that the new mills “nicely complement PCA’s system” and will help fuel its corrugated products growth.
