Rank Group owns Pactiv, a Leading Hefty Bag Maker Company
The Hefty trash bag maker, Pactiv Corp. is learnt to have been acquired by New Zealand's Rank Group.
Rank group have scored over their Kansas based arch rival, Koch Industries Inc. and Apollo Global Management, a private firm.
On Monday, Pactiv shares closed at $30.92 per share, but as the news about Rank's leading the race for the purchase of Pactiv Corp. came in, the shares of Pactiv jumped to $33 a share. Pactiv is having market capitalization of around $4.1 billion with net debt of $1.5 billion. The market value of the Company is $3.2billion.
The previous deal of Pactiv and Apollo failed to mature due to shortage of finances.
In 1999, Pactiv emerged from Tenneco Inc. and is having 12,000 employees with sales of $3.4 billion for the year 2009. The Company is famous for its wide range of Hefty brand products starting from Zip storage bags to Easy Grip party cups.
New Zealand based Rank Group is owned by Graeme Hart. In 2007, the Company purchased Blue Ridge Paper Products based in North Carolina for $450 million and in 2008; the Company paid $2.7 billion for buying Alcoa Packaging & Consumer Group.
Pactiv generated revenues of $75 million for the quarter ended June 30 as compared to $81 million for the same period previous year, though sales increased by 8% from $901million in 2009 to $973 million for the current year.
Koch industries comprises of the world's largest tissue-products manufacturer, Georgia-Pacific, an Atlanta based Company.
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