Pactiv Corp., a manufacturer of consumer and foodservice/food packaging announced Thursday its acquisition of Prairie Packaging, Inc., a supplier of disposable tableware products for $1 billion.
The transaction is expected to be completed in the second quarter of this year.
Prairie, whose sales for 2007 are forecasted to be about $500 million, manufactures tableware and foodservice products, including drink cups, portion cups, containers, cutlery, plates, and bowls. The company, based in Bedford Park, Ill., has five manufacturing facilities in the U.S., with about 1,200 employees.
According to Richard L. Wambold, chairman and CEO of Pactiv, the acquisition of Prairie Packagaing will extend the Pactiv's product offering and will fit well with its foodservice and consumer market segments.
Pactiv, headquartered in Lake Forest, Ill., had sales of $2.9 billion in 2006.