03:34 AM EDT, 07/15/2024 (MT Newswires) -- Pactiv Evergreen ( PTVE ) said late Friday it has agreed to sell two of its facilities to paper and pulp producer Suzano for $110 million in cash.

The company will offload its paper mill in Arkansas and extrusion facility in North Carolina. The deal is expected to close in Q4, subject to foreign antitrust approval.

Pactiv Evergreen ( PTVE ) anticipates recording a non-cash impairment charge of about $320 million to $340 million in Q3, based on the transaction's estimated cash proceeds. The company said it plans to provide updated fiscal 2024 guidance when it releases Q2 results.

Following completion of the deal, Suzano will use the two facilities to supply liquid packaging board to Pactiv Evergreen's ( PTVE ) converting business. Suzano also agreed to offer employment to the facilities' current staff.