PCA/Greif Deal Continues Industry Trend of Consolidation, Paper360º September/October 2025

Citing “significant synergies with minimal capital investment,” Packaging Corporation of America (PCA) announced in July that it has entered into a definitive agreement to purchase the containerboard business of Greif, Inc. Greif will divest its containerboard business, including its CorrChoice sheet feeder network, in an all-cash transaction for US$1.8 billion in cash. Subject to the customary conditions and regulatory approvals, the deal is expected to close by the end of PCA’s third quarter (or the end of Greif’s 2025 fiscal year, which is September 30).

“The sale of our containerboard business is fully aligned with our Build to Last strategy and unlocks immediate value for our shareholders,” says Greif’s President and Chief Executive Officer Ole Rosgaard. “It represents a pivotal step in our work to sharpen our portfolio, enhance our capital efficiency, and advance our growth priorities.”

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