Brazilian pulp and paper company Suzano (NYSE:SUZ) on Friday signed a definitive agreement to acquire Pactiv Evergreen’s (NASDAQ:PTVE) Pine Bluff, Arkansas, paper mill and Waynesville, North Carolina, extrusion facility for $110 million.
“The sale of Pine Bluff and Waynesville concludes the strategic alternatives review process,” said Michael King, president and CEO of Pactiv Evergreen.
The news about the deal was already in the market, as Bloomberg had earlier reported that the two parties were in talks over Pactiv’s Pine Bluff mill.
The news of the purchase comes weeks after Suzano dropped its $15 billion takeover pursuit of International Paper (IP).
Suzano (SUZ) was never able to draw International Paper(IP) into serious engagement and wasn’t willing to increase its offer, the company said in a statement.
Since the start of the year, Suzano shares have dropped about 15%, while International Paper shares have risen about 18% during that same period.