Packaging Corporation of America said it completed the acquisition of the containerboard business of Greif, Inc. on September 2, 2025 for $1.8 billion in cash. The business includes 2 containerboard mills with approximately 800,000 tons of production capacity and 8 sheet feeder and corrugated plants.

1. 01

   Packaging Corporation of America said it completed the acquisition of the containerboard business of Greif, Inc. on September 2, 2025 for $1.8 billion in cash. The business includes 2 containerboard mills with approximately 800,000 tons of production capacity and 8 sheet feeder and corrugated plants.

2. 02

   The company said net sales for Q3 2025 were $2.31 billion, compared to $2.18 billion in the prior year, and net income was $227 million, or $2.51 per diluted share, compared to $238 million, or $2.64 per diluted share, in the prior year, including special items expense of $20 million.

3. 03

   Excluding special items, net income for Q3 2025 was $247 million, or $2.73 per diluted share, compared to $239 million, or $2.65 per diluted share, in the prior year. The company said the loss for the first month of ownership of the Greif containerboard business was $0.11 per share.

4. 04

   Packaging Corporation of America said it financed the Greif Acquisition using net proceeds from a $500 million 3-year unsecured term loan facility and a $500 million 7-year unsecured term loan facility, both fully drawn on September 2, 2025, and net proceeds of $500 million from 5.20% senior notes due 2035 issued on August 11, 2025, for a total of $1,494 million.

Key figures

Quarter ended September 30, 2025

Revenue

$2.3B

Operating income

$325M

Net income

$227M

EPS

$2.51

Gross profit

$504M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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