Pactiv Evergreen makes food and beverage packaging for the North American market, serving customers across the full food supply chain — from quick service restaurants and foodservice distributors to grocery retailers and food producers. The company operates two roughly equal-sized segments: Foodservice, which makes containers, cups, lids, and tableware for on-the-go eating; and Food and Beverage Merchandising, which makes rigid containers for fresh food, meat and poultry trays, egg cartons, and fresh beverage cartons for dairy and juice. Pactiv Evergreen sells business-to-business using a direct sales model, with a single point of contact per account. The company argues it differentiates through a nationwide hub-and-spoke distribution network in Foodservice, broad product breadth, and manufacturing proximity to customers. Revenue is driven by unit volume — which tracks roughly with GDP — and pricing tied to raw material cost pass-through mechanisms for plastic resins, paperboard, and fiber, with a roughly three-month lag. The company operates approximately 50 manufacturing plants. Pactiv Evergreen recently completed a transformation away from vertically integrated paper mill operations, divesting its mills to become a pure-play converting business. Alongside this, the company has been rationalizing its footprint and exiting lower-margin customer relationships to improve earnings quality. In December 2024, Novolex agreed to acquire Pactiv Evergreen for $18.00 per share in cash; upon closing, Pactiv Evergreen will become a wholly-owned Novolex subsidiary and delist.