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$PKG has completed its acquisition of the assets of Sacramento Container Corporation and 100% of the membership interests of Northern Sheets, LLC and Central California Sheets, LLC in a cash-free, debt-free transaction. Funding for the $265MM purchase price came from available cash on hand.
$PKG sealed a definitive agreement to acquire substantially all assets of Sacramento Container Corporation and 100% of the membership interests of Northern Sheets and Central California Sheets in a cash-free, debt-free transaction for $265MM. Available cash on hand will fund the deal, which will be accretive to earnings and closed in early 4Q17.
$PKG agreed to buy substantially all assets of Columbus Container. The transaction is structured as purchase of assets resulting in full step-up of assets to fair market value. The acquisition will be accretive to earnings immediately. The closing is expected in 4Q16. $PKG expects to finance the transaction with available cash on hand.
$PKG agreed to buy substantially all assets of Columbus Container, an independent corrugated products producer, in a cash-free, debt-free transaction for cash price of $100MM. $PKG will buy full-line corrugated products facility located in Columbus, Indiana, 5 warehousing facilities and other related operations located in Indiana and Illinois.
Containerboard and corrugated packaging products maker $PKG said it intends to raise its quarterly dividend by 15% to an annual payout of $2.52 per share from $2.20 per share. The new quarterly dividend of $0.63 per share will be paid on Oct. 14, 2016 to holders of record on Sept. 15, 2016.
$PKG said that the acquisition will be accretive to earnings immediately. Closing is subject to certain customary conditions and regulatory approval and is expected in 3Q16. The company expects to finance the transaction with a new term loan.
$PKG said the transaction is structured as a purchase of assets resulting in a full step-up of the assets to fair market value. The company's containerboard integration level is expected to increase by over 200,000 tons or 6% from its current level of 87% and will allow for further optimization & enhancement of mill capacity.
$PKG said it agreed to acquire substantially all of the assets of TimBar Corporation in a cash-free, debt-free transaction for a cash purchase price of $386MM. Under the terms of the agreement, the company will acquire 5 corrugated products plants, 2 fulfillment centers and 4 design centers located mainly in the eastern and southeastern US.
Maker of containerboard and corrugated packaging $PKG said its Board has approved a regular quarterly dividend of $0.55 per share on its common stock. The dividend will be paid to shareholders of record as of June 15, 2016 with a payment date of July 15, 2016.