This story has been updated with additional information.
An Illinois-based packaging company is purchasing the containerboard operation at Greif Inc. for $1.8 billion in a deal that includes a pair of production centers in Massillon.
Part of the sale has Packaging Corporation of America acquiring two Greif facilities in Massillon — one being the corrugated sheets and paper coatings complex at 777 Third St. NW, as well as the containerboard mill at 787 Warmington Road SW, according to a Packaging Corporation of America statement to The Independent.
It does not appear that business operations in Massillon will change via the sale.
“Both (of) these operations will be strategically important to us and will contribute to the success of the … company,” Prafulla D’Souza, vice president of marketing and communications for Packaging Corporation of America, said in the statement. “We plan to invest in these (two) facilities to maximize their potential, ensuring we continue to provide excellent service to their customers with enhanced resources and a broader operational footprint.”
The containerboard mill produces paperboard material mainly used to manufacture corrugated boxes.
The deal announced July 1 by Packaging Corporation of America also has the company obtaining eight Greif paper sheet feeder and corrugated plants across the U.S. All acquisitions are to be finalized later this year.
“PCA looks forward to collaborating with our new (Greif) colleagues once the transaction is completed,” said D’Souza, adding that a Greif facility in Cincinnati was the third Ohio location in the $1.8 billion deal.
Greif is headquartered in Delaware, Ohio.
There are approximately 220 employees combined at both Massillon facilities.
A Greif worker in Massillon told The Independent July 2 that operations and workforce numbers are likely to remain consistent via the sale.
“It looks like a pretty good deal for us (employees),” he said, adding that Packaging Corporation of America may expand facilities in Massillon down the road.
The company is a major national producer of containerboard products and a leading producer of uncoated freesheet paper in North America, according to its website. The company operates eight mills and 86 corrugated product plants and related facilities.
Ted Herncane, the city’s economic development director, is encouraged that Packaging Corporation of America will continue to flourish in Massillon.
“Companies buy and sell all the time,” said Herncane. “We hope under new ownership that … business operations and employees are protected or grow.”
Reach Steven Grazier at steven.grazier@indeonline.com. On X (formerly Twitter): @sgrazierINDE
This article originally appeared on The Independent: Packaging Corp. of America to acquire two Greif production centers in Massillon
Reporting by Steven M. Grazier, Massillon Independent / The Independent
USA TODAY Network via Reuters Connect
