Pretium completes merger with Novapak
Business set to generate $240m in blow moulded and injection moulded sales
Custom blow moulded packaging specialist Pretium Packaging LLC has completed its merger with Novapak Corporation, first announced in January. The new business, which will retain the name Pretium Packaging and be managed by the current Pretium management team, is expected to generate more than $240m in blow moulded bottle and injection moulded pre-form sales.
“Much of both companies’ recent growth has come in PET bottes,” commented Pretium president and ceo George Abd. “The advantage for both companies’ customers is that while Pretium has invested significantly in one-step, wide mouth PET technology and assets, Novapak has made significant investment in two-step, narrow neck PET and pre-form manufacturing. The combination of these world class assets and capabilities will allow the merged company to offer our customers a full range of one-step and two-step PET bottles as well as extrusion blow moulding and injection blow moulding alternatives in HDPE and PP.”
The transaction is returning $8,572.42 per share in cash to holders of common stock in Novapak’s parent company PVC Container Corporation.