PTV

(NYSE: PTV)

Industry: Containers & Packaging
On the web: http://www.pactiv.com
Employees: 12,000

Pactiv Corporation was incorporated in the state of Delaware in 1965 under the name of Packaging Corporation of America, operating as a subsidiary of Tenneco Inc. In November 1995, the Company changed its name to Tenneco Packaging Inc. In November 1999, it was spun-off from Tenneco as an independent company, and changed its name to Pactiv Corporation. The Company is a producer of consumer and foodservice/food packaging products. It manufactures, markets and sells consumer products such as plastic storage bags for food and household items; plastic waste bags; aluminum cookware; and foam, pressed paperboard, plastic, and molded fiber tableware. These products are used by consumers in their homes and are sold through a variety of retailers, including supermarkets and mass merchandisers. The Company has three reporting segments: Consumer Products; Foodservice/Food Packaging; and Other. Consumer Products manufactures disposable plastic, foam, molded fiber, pressed paperboard, and aluminum packaging products, and sells them to customers such as grocery stores, mass merchandisers, and discount chains. Products include waste bags, food storage bags, and disposable tableware and cookware. It sells many of its consumer products under well-known trademarks, such as Hefty(r). Foodservice/Food Packaging manufactures foam, clear plastic, aluminum, pressed paperboard, and molded fiber packaging products, and sells them to customers in the food distribution channel, who prepare and process food for consumption. Customers include foodservice distributors, restaurants, other institutional foodservice outlets, food processors, and grocery chains. Other includes corporate and administrative service operations and retiree benefit income and expense. The Company's business operates 43 manufacturing facilities in North America, and 1 in Germany. It also has joint-venture interests in a corrugated-converting operation in Shaoxing, China and in a folding carton operation in Dongguan, China. Its consumer products are sold through a direct sales force and a national network of brokers and manufacturers' representatives. The raw materials the Company uses are plastic resins, aluminum, paperboard, and recycled paper. These raw materials are readily available from a variety of suppliers. The Company's businesses face competition in all of its product lines from numerous national and regional companies of various sizes. Many of its competitors, particularly in the foodservice industry, are significantly smaller and have lower fixed costs. Certain competitors offer a more specialized variety of packaging materials and concepts and might serve more geographic regions through various distribution channels. The Company is subject to a variety of environmental and pollution control laws and regulations.

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