Spin-off Complete — Tenneco Packaging Changes Name to Pactiv Corp.

Tenneco Packaging has successfully completed its spin-off from Tenneco Inc. and today becomes Pactiv Corporation, a "pure-play" specialty packaging company with approximately $3 billion in revenues.

"As an independent company, we look forward to being measured against the best competitors in the specialty packaging industry," said Richard Wambold, Pactiv's CEO.

On Oct. 12, 1999, Tenneco's board of directors approved the tax-free spin-off of Tenneco Packaging as an independent company separate from Tenneco and Tenneco Automotive. Shareholders of Tenneco Inc. will receive one share of Pactiv common stock for each share of Tenneco stock. These shares begin regular trading on the New York Stock Exchange Friday, Nov. 5, under the trading symbol PTV. In addition, Standard & Poor's has announced that Pactiv will be listed on the S&P500 index after market close Nov. 4.

"Our vision is to provide our customers with extraordinary solutions to everyday packaging needs," said Wambold. The new name, he said, symbolizes "an industry leader with an unmatched combination of size, breadth of product lines, reputation for innovation and commitment to customer service."

The Lake Forest-IL, company is positioned to excel in high-growth areas of the specialty packaging industry by leveraging its leading share positions and logistics strength. About 80% of Pactiv's revenue comes from products in which the company has a leading market position, and Pactiv ranks No. 1 in almost every one of its key product lines.

Pactiv plans to continue to use acquisitions as part of its growth strategy. "Pactiv's growth platform of bolt-on acquisitions and internal expansion initiatives, which have fueled its rapid revenue gains over the past few years, will continue to guide Pactiv's future expansion," added Wambold. "Today, we possess the critical mass to successfully absorb new businesses, reduce costs and deliver shareholder value."

Pactiv's acquisition of Mobil's Plastics division, Amoco's foam products unit, KNP BT's flexible packaging business and Hexacomb have contributed to the company's ability to offer a wider range of commercial and consumer packaging solutions.

Edited by Bill Noone