SIG completes the acquisition of Evergreen Asia
SIG today announces the completion of its acquisition of Pactiv Evergreen Inc.’s Asia Pacific chilled carton operations (“Evergreen Asia”). The business will be fully consolidated from the beginning of August 2022.
On 5 January 2022, SIG announced that it had entered into an agreement to acquire Evergreen Asia, a leading system supplier of filling machines, cartons, closures and after-sales service in the chilled segment, covering dairy and non-carbonated soft drinks, with production facilities in mainland China, Taiwan and South Korea.
For the twelve months ended 31 December 2021, Evergreen Asia generated revenue of approximately €135 million and adjusted EBITDA of approximately €24 million1. It was acquired for an enterprise value of $335 million and SIG expects to realise run-rate cost synergies of approximately €6 million.
The acquisition provides new growth opportunities in Asia, where demand is growing strongly especially for fresh milk in China. Evergreen Asia enables SIG to further expand its existing customer relationships with national dairies and provides access to new customers at a regional and local level. SIG intends to leverage its R&D know-how, innovation capabilities and its marketing expertise to introduce more innovative packaging formats in this market segment.
Lidong Fan, President & General Manager Asia Pacific North, said: “Evergreen Asia is an exciting addition to our business. With chilled carton packaging, we can offer our customers an even more comprehensive range of products. Together, we will also continue to innovate and provide safe and sustainable packaging that consumers expect today and in the future.”
1 Unaudited
Investor contact:
Ingrid McMahon
+41 52 543 1224
Director Investor Relations
SIG Group AG
Neuhausen am Rheinfall, Switzerland
Ingrid.mcmahon@sig.biz
Media contact:
Lemongrass Communications
Andreas Hildenbrand
+41 44 202 5238
andreas.hildenbrand@lemongrass.agency
About SIG
SIG is a leading packaging solutions provider for a more sustainable world. With our unique portfolio of aseptic carton, bag-in-box, and spouted pouch we work in partnership with our customers to bring food and beverage products to consumers around the world in a safe, sustainable and affordable way. Our technology and outstanding innovation capabilities enable us to provide our customers with end-to-end solutions for differentiated products, smarter factories and connected packs, all to address the ever-changing needs of consumers. Sustainability is integral to our business and we are going Way Beyond Good to create a net positive food packaging system.
Founded in 1853, SIG is headquartered in Neuhausen, Switzerland. The skills and experience of our approximately 8,400 employees worldwide enable us to respond quickly and effectively to the needs of our customers in over 100 countries. In 2021, SIG produced 48 billion packs and generated €2.7 billion in revenue (incl. Scholle IPN and Evergreen Asia unaudited revenue). SIG has an AA ESG rating by MSCI, a 13.4 (low risk) score by Sustainalytics and a Platinum CSR rating by EcoVadis. For more information, visit www.sig.biz
For insights into trends that drive the food and beverage industry, visit our SIGnals blog: https://www.sig.biz/signals/en
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