Packaging Corporation of America

“We completed the acquisition of the Greif business and achieved significant progress on integration and improving the operations.”

PCA acquired Greif's containerboard business (Massillon and Riverville mills), which required a heavy reliability rebuild but is integrating on track and turning slightly accretive, implying the assets had been under-maintained under Greif.

“going into the acquisition, historical Greif performance, $240 million was about a good annual run rate for the EBITDA”

PCA cites the acquired Greif containerboard business's roughly $240 million annual EBITDA run rate plus targeted synergies as the basis for expected accretion.

“We completed the acquisition of the Greif Containerboard business on September 2.”

Packaging Corp closed its acquisition of Greif's containerboard business on September 2, adding two mills and CorrChoice converting operations.

“On the strategic front, we're very pleased to have announced our agreement to acquire the Greif containerboard business and look forward to working with our new colleagues in serving our new customers at the highest level. It is a well-capitalized business that complements us nicely, and we will provide -- and will provide us with a very good growth platform for both containerboard and corrugated products.”

PCA agreed to acquire Greif's containerboard business for $1.8 billion (800,000 tons of mill capacity, ~$212 million run-rate revenue, ~$60 million in targeted synergies), a well-capitalized, complementary platform expected to close by end of Q3 2025 pending regulatory approval.