Takeout container/packaging and disposables maker Pactiv Corp. has agreed to acquire Prairie Packaging Inc., a maker of plastic cutlery, cups, straws and plates, in a $1 billion deal. Prairie, with annual sales of about $500 million, will augment Pactiv’s product offerings in both the consumer and commercial markets, the company says. Pactiv’s sales last year totaled $2.92 billion.
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