PKG · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

PACKAGING CORP OF AMERICA · 2026-11-05 · Importance 71 · Surprise 60

PCA completed its $1.8 billion cash acquisition of Greif’s containerboard business on September 2, 2025; the acquired operations include two mills with approximately 800,000 tons of annual capacity and eight sheet feeder and corrugated plants across the United States. Greif’s results are included in the Packaging segment from the acquisition date. In the third quarter of 2026, acquired Greif volume contributed $175 million to Packaging sales and $41 million to Packaging operating income excluding special items. For the first nine months of 2026, acquired operations contributed $658 million to Packaging sales and $89 million to Packaging operating income excluding special items; additional Packaging acquisitions during the period cost $21 million, including working-capital adjustments.

Key facts

• On September 2, 2025, PCA completed the acquisition of Greif’s containerboard business for $1.8 billion in cash; the business included two mills with approximately 800,000 tons of capacity and eight sheet feeder and corrugated plants across the United States. source
• PCA borrowed $500 million under each of two unsecured term loan facilities and issued $500 million of 5.20% Senior Notes due 2035 in 2025 to finance the Greif Acquisition; net proceeds from these financing activities were $1,494 million. source
• PACKAGING CORP OF AMERICA faces risks and uncertainties regarding the operation, expected benefits, and integration of acquired businesses. source