Packaging Industry M&A Activity Tracking
Global Packaging M&A activity slowed slightly in December, with 25 deals announced — two below the monthly average for 2024. Despite a month-over-month decline in transaction volumes, several large and notable deals were announced, continuing a trend observed in November. In total, 322 transactions were recorded in 2024, making it one of the most active years since PMCF began tracking packaging M&A activity in 2013. Activity from foreign buyers and sellers which increased over 2023 volumes by 14%, coupled with strong deal flow in the second half of the year, contributed to the robust performance of packaging M&A in 2024.
- Paper packaging recorded the most activity of any subsector during December, with nine deals posted, which represented a two deal increase over 2024 monthly averages. Machinery & Distribution also accounted for five deals, which was two more than November. This subsector recorded 17 additional deals year-over-year, which was the largest increase of any subsector
- Both strategic and financial buyers were active during December, posting 13 and 12 deals, respectively. Add-on activity was slightly elevated from annual averages with 11 deals tallied during the month. Only one platform transaction was recorded in December, which matched April as the least active month for this transaction type in 2024
- Deals involving a foreign buyer and seller drove activity in the month with 15 transactions recorded, or 60% of the total volume. In 2024, foreign deals accounted for over half of all activity. Domestic M&A had a lackluster month with only four deals announced
- The Food & Beverage end market posted 10 deals during the month, which marked the third consecutive month with nine or more deals attributable to this end market
Sources: S&P Capital IQ, Company Websites, Pitchbook, Company Reports, PMCF
Major News
- Novolex Buying Pactiv Evergreen in $6.7B Deal (Plastics News)
https://www.plasticsnews.com/news/packaging-firms-novolex-pactiv-evergreen-67b-acquisition-deal - Toppan to Buy Sonoco’s Thermoformed and Flexibles Business for $1.8B (Packaging Dive)
https://www.packagingdive.com/news/sonoco-divest-sell-thermoform-flexibles-toppan/735989/ - Aluminum Can Recycling in US at Lowest Point in Decades: Report (Packaging Dive)
https://www.packagingdive.com/news/aluminum-beverage-cans-recycling-rate-cmi/734937/ - Global Plastic Pollution Treaty Talks Fail in Final Meeting of 2024 (Packaging Dive)
https://www.packagingdive.com/news/un-plastic-pollution-negotiations-inc5-no-final-agreement/734245/ - Breaking Down Trump’s Tariffs on China and the World, in Charts (The Wall Street Journal)
https://www.wsj.com/economy/trade/trump-tariff-rates-china-world-trade-charts-3d6aee09?mod=trade_more_article_pos35 - U.S. Economy Is Doing What Few Others Are: Getting More Productive (The Wall Street Journal)
https://www.wsj.com/economy/u-s-economy-is-doing-what-few-others-are-getting-more-productive-4c2116f5?mod=jobs_more_article_pos2
Download Packaging M&A Update – December 2024
Packaging M&A Update – June 2026
Global Packaging M&A held steady in June with 27 transactions, in line with May and three deals above June 2025.
Plastics M&A Update – June 2026
Global Plastics M&A accelerated in June, with 46 transactions announced, an increase of 10 from May and eight from June 2025.
Packaging M&A Update – May 2026
Global Packaging M&A activity slowed slightly in May, with 27 deals announced. While this reflected only a one-deal decrease compared to April, activity rebounded meaningfully from May 2025, with ten more transactions announced.
Plastics M&A Update – May 2026
Global Plastics M&A recorded 36 transactions in May, increasing by five deals from April and seven from May 2025, bringing year-to-date volume to 188 transactions.
Packaging M&A Update – April 2026
Global Packaging M&A activity remained stable in April, with 28 deals announced, one fewer than April 2025 and slightly above March levels. Through the first four months of 2026, 105 deals have been announced, a 27-deal decrease from the prior-year period.