Swiss aseptic packaging supplier SIG has completed its acquisition of Evergreen Asia, the Asia-Pacific chilled carton operations of Pactiv Evergreen, for an enterprise value of $335m.

The closure comes after SIG signed an agreement to acquire Evergreen Asia in January this year.

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Evergreen Asia is a system supplier of filling machines, cartons, closures and after-sales service in the chilled segment, which includes dairy and non-carbonated soft drinks.

The business has production facilities in mainland China, Taiwan and South Korea.

For the twelve months to 31 December 2021, it generated revenue of around €135m and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of around €24m.

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SIG expects to realise run-rate cost synergies of around €6m from the deal.

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Evergreen Asia will be fully consolidated from this month.

Pactiv Evergreen CEO Michael King said: “With most of our assets being in North America, we provide an extensive offering of North American-manufactured products to our customers.

“This transaction positions Pactiv Evergreen to further focus on our growth in North America, where we are established as a leading manufacturer of fresh food and beverage packaging, servicing many of the world’s most beloved brands.”

SIG said that Evergreen Asia will provide it with new growth opportunities in the Asian market driven by rising demand, especially for fresh milk in China.

The company also expects to improve its customer relationships with national dairies and gain access to new customers on both regional and local levels.

SIG Asia Pacific North president and general manager Lidong Fan said: “Evergreen Asia is an exciting addition to our business.

“With chilled carton packaging, we can offer our customers an even more comprehensive range of products.

“Together, we will also continue to innovate and provide safe and sustainable packaging that consumers expect today and in the future.”