Packaging Corporation completes TimBar acquisition
Packaging Corporation of America has completed its acquisition of TimBar Corporation, an independent corrugated products producer, in a cash-free, debt-free transaction. Funding for the acquisition came from a new $385 million five-year term loan facility.
Under the terms of the agreement, PCA will acquire five corrugated products plants, two fulfillment centers and four design centers located primarily in the eastern and southeastern U.S. The transaction is structured as a purchase of assets resulting in a full step-up of the assets to fair market value.
PCA is the fourth largest producer of containerboard and corrugated packaging products in the United States and the third largest producer of uncoated freesheet paper in North America. PCA operates eight mills and 95 corrugated products plants and related facilities.
