Jan. 24 at 9:22 a.m.
Filed under:
M&A
By Mary Ellen Podmolik
Though the company moved its headquarters to 222 N. LaSalle St. in 2009, this iconic structure is still known as the Smurfit-Stone Building. (Tribune/Lane Christiansen)
Smurfit-Stone Container Corp., whose local roots trace back to 1926, will leave Chicago behind as a headquarters now that the company has announced plans to be acquired by RockTenn Co. in a $3.5 billion cash and stock deal.
While specific plans for each of Smurfit-Stone’s Chicago-area plants are unclear, those facilities that remain are likely to receive additional technology investment, RockTenn executives indicated Monday. However, Smurfit-Stone’s dual headquarters concept in downtown Chicago and Creve Coeur, Mo., will end and the combined company will be based in RockTenn’s Norcross, Ga., hometown. Get the full story »
Sep. 15, 2010 at 7:34 a.m.
Filed under:
Bankruptcy,
Jobs/employment,
Layoffs
By McClatchy Tribune Newspapers
Smurfit-Stone Container Corp. is planning to close and consolidate several eastern Henrico County, Va. plants within two months. The Chicago-based paper products company will close two Virginia container plants it owns. According to a notice the company filed with state officials, the closures would result in 229 job cuts by Oct. 31. Get the full story »
Aug. 17, 2010 at 10:20 a.m.
Filed under:
M&A,
Updated
By Ameet Sachdev
Pactiv's new owner, Rank Group, sells products like Reynolds Wrap foil. (Bill Hogan/Chicago Tribune)
Pactiv Corp., the Lake Forest maker of Hefty trash bags, announced an agreement Tuesday to be acquired by New Zealand’s Rank Group Ltd. in a transaction valued at about $6 billion.
Privately-held Rank Group will pay $33.25 in cash for each Pactiv share, or about $4.6 billion. The sale price represents a premium of about 39 percent over Pactiv’s closing price of $23.97 on May 14, the day prior to published reports regarding a potential transaction.
Rank Group also will assume Pactiv’s $1.5 billion debt. Pactiv said the deal is targeted to close by the end of the year. Get the full story »
July 19, 2010 at 2:15 p.m.
Filed under:
Manufacturing
Lake Forest-based Pactiv Corp. said Monday it will spend $14.5 million to expand a plant near Moorehead, Minn. that makes egg cartons and carryout containers for restaurants. Pactiv said it will add three new manufacturing lines, allowing it to make molded-fiber carryout containers.
