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 – August 2026
Global Packaging M&A activity softened in August, totaling 16 transactions, down 11 deals compared to July, and the lowest monthly volume recorded since March 2023.
Plastics M&A Update – August 2026
Global Plastics M&A recorded 29 transactions in August, down from 37 in July but in line with the 28 deals announced in August 2025.
Packaging M&A Update – July 2026
Global Packaging M&A activity was unchanged in July with 27 transactions, matching June volume but 10 fewer than in July 2025.
Plastics M&A Update – July 2026
Global Plastics M&A recorded 37 transactions in July, down from 46 in June and 43 in July 2025.
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.