Pactiv Corporation said it has acquired disposable food container producer PWP Industries, for $200m.
The acquisition allows Pactiv entry into a multi-year contract with Coca-Cola Recycling, a part of Coca-Cola Enterprises, and a supply of bottles to make post-consumer recycled polyethylene terephthalate.
The consumer packaging maker expects the deal to complete this quarter.
Illinois-based Pactiv said that it has increased its share buyback authorisation by 10 million shares, which on top of a prior authorisation, brings the total that can be repurchased to 10.5 million.
PWP, which makes containers out of amorphous polyethylene terephthalate (APET) at three US sites had 2009 sales of $140m.
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