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Packaging Corp. of America (NYSE: PKG), Lake Forest, IL, has agreed to acquire corrugated products manufacturer TimBar Corp., Hanover, PA, for $386 million. PCA will acquire five corrugated products plants, two fulfillment centers and four design centers located primarily in the eastern and southeastern U.S.
TimBar reported sales of $324 million in 2015. The acquisition will help PCA's containerboard integration level to increase by more than 200,000 tons, or 6 percent, from its current level of 87 percent, and will allow for further optimization and enhancement of mill capacity.