08:49 AM EDT, 10/01/2024 (MT Newswires) -- Pactiv Evergreen ( PTVE ) said Tuesday it has completed the $110 million sale of its Pine Bluff, Ark., paper mill and Waynesville, N.C., extrusion facility to Brazilian paper producer Suzano.

Pactiv President and Chief Executive Michael King said the sale will smooth the company's "transition to a capital-light business model" and is expected to "improve our profitability and cash flows and strengthen our balance sheet."