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January 21, 2020 01:30 PM

Hefty, Reynolds Wrap owner going public

Audrey LaForest
Plastics News Staff
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    Reynolds Consumer Products Inc.

    Reynolds Consumer Products Inc., the owner of Hefty, Presto and Slide-Rite brands in the plastics business, has set the terms for its initial public offering: a proposal that could raise up to an estimated $1.37 billion.

    Reynolds Consumer Products Inc., the owner of Hefty, Presto and Slide-Rite brands in the plastics business, has set the terms for its initial public offering: a proposal that could raise up to an estimated $1.37 billion, according to a Jan. 21 filing with the U.S. Securities and Exchange Commission.

    The Lake Forest, Ill.-based consumer household products giant said it plans to offer 47.2 million shares at $25-$28 each, according to the SEC filing.

    Reynolds' shares will trade on the Nasdaq stock exchange under the ticker symbol "REYN."

    Once the offer closes, about 77 percent of Reynolds will be owned by PFL, a subsidiary of Packaging Holdings Ltd. Packaging Holdings is owned by New Zealand billionaire and investor Graeme Hart, according to the filing. Hart is considered New Zealand's wealthiest person.

    In September 2019, Reynolds announced it had "confidentially submitted" paperwork with the SEC regarding a possible IPO.

    Reynolds, which also owns the Reynolds Wrap and Alcan brands for aluminum foil products in addition to the Geosystems brand of plastic mats and pavers, operates more than 17 manufacturing facilities across the United States and Canada. It has more than 5,000 employees.

    The company generated $3.1 billion in sales in 2018. For the first nine months of 2019, Reynolds' sales were $2.2 billion.

    Going forward, as part of its "Reyvolution" strategy — what the company calls a "cross-functional effort to drive growth" via collaborative partnerships across its business segments, monthly meetings with top executives and internal benchmarking — Reynolds is focusing on product innovation, process automation and cost reduction.

    The company's objective is "to generate 20 percent of our revenue each year from new products introduced within the prior three years," according to the filing. This includes "newly developed innovative products" across all of its key product lines such as Hefty Ultra Strong trash bags and Presto square-shaped snack bags, the company said.

    Reynolds said 21 percent of its sales for 2018 were generated from "products that were less than three years old."

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