TENNECO COMPLETES TAX-FREE SPIN-OFF OF TENNECO PACKAGING TO SHAREOWNERS – AUTOMOTIVE AND PACKAGING COMPANIES BEGIN TRADING SEPARATELY ON NYSE NOV. 5
GREENWICH, Conn.–(BUSINESS WIRE)–Nov. 4, 1999–Tenneco Inc. today said it has completed the tax-free spin-off of Tenneco Packaging to shareowners, effectively separating that company from Tenneco Automotive. The two companies will begin trading separately on the New York Stock Exchange (NYSE), Friday, Nov. 5, Tenneco Automotive as “TEN” and Tenneco Packaging under its new name, Pactiv Corporation, with the symbol “PTV.” Pactiv will be listed in the Standard & Poor’s 500 and Tenneco Automotive will be listed in the S&P Small Cap 600.
Tenneco Packaging has grown from a $600 million business in 1995 to nearly $3 billion in 1999, in large part through strategic acquisitions. These have included: the acquisition of Mobil Plastics with its Hefty(R) brand line of products, including OneZip(R), from Mobil Corporation for $1.27 billion in 1995; Hexacomb, the world’s largest supplier of paper honeycomb products for packaging, materials handling and structural uses, also in 1995; Amoco Foam Products, maker of foam packaging materials from Amoco Corporation in 1996; in 1997, Europe-based KNP BT, flexible and protective packaging operations; Richter Manufacturing, a leading producer of protective packaging for the western U.S., in 1998; and Champion International’s ovenable paperboard business also acquired that year. In addition, Tenneco Packaging formed a global joint venture focused on specialty foams with Sentinel Products Corp. in 1998.