Packaging Corporation of America

Packaging Corporation of America (PCA) stands as a leading force in the North American packaging industry, ranking as the third-largest containerboard and corrugated packaging manufacturer in the United States with a market capitalization of approximately $17 billion. Headquartered in Lake Forest, Illinois, approximately 30 miles north of downtown Chicago, PCA serves a diverse range of industries including food, beverages, industrial and consumer products, enabling them to transport manufactured goods, packaged meat, processed food, fresh fruit and vegetables.

Founded in 1959 through the merger of three established packaging companies—Central Fiber Products Company, American Box Board Company, and Ohio Boxboard Company—PCA's roots trace back even further to 1867 when Henry Weis founded the North Star Mill in Quincy, Illinois. After being acquired by Tenneco in 1965 and operating as a subsidiary for decades, PCA returned to the public markets in January 2000 when it listed on the New York Stock Exchange under the ticker symbol PKG, following its purchase by Madison Dearborn Partners Inc. in 1999.

PCA's business model demonstrates strong focus on containerboard and corrugated packaging, with net sales breaking down by product family as: corrugated board packaging (91.5%), papers (7.6%), and other products (0.9%). Holding roughly 10% of the domestic containerboard market, the company produces over 4.5 million tons of containerboard annually. PCA differentiates itself by focusing on smaller customers and maintaining operational flexibility, which has proven to be a successful strategy in the competitive packaging landscape.

The company's financial performance has been consistently strong, with 2024 revenues of $8.4 billion representing a 7.45% increase from 2023. PCA reported net income of $221 million ($2.45 per share) in the fourth quarter of 2024, driven by excellent operations throughout its mill containerboard system and record-setting shipment volumes. The corrugated products plants delivered record fourth quarter total shipments and an all-time record shipments per day, also setting new annual records for total shipments and shipments per day in 2024.

Looking forward, PCA made a transformative move in 2025 by completing the $1.8 billion acquisition of Greif's containerboard business in September 2025, which added two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants across the United States. This acquisition is expected to generate approximately $60 million in pre-tax synergies within two years and significantly expands PCA's manufacturing footprint and market reach.

PCA is also positioning itself as a leader in packaging sustainability, having introduced net-zero emissions targets by 2050 in 2022. The company is advancing plans for carbon capture and storage technology following a successful pilot project, with the first operational carbon capture facility potentially ready by 2028 and plans to expand to multiple sites by 2040. PCA has set ambitious goals to capture and permanently store 1.75 million metric tons of biogenic carbon dioxide per year by 2040, while achieving interim targets of 35% reduction in scope 1 and 2 emissions by 2030 and 60% reduction in scope 1, 2, and 3 emissions by 2040. With approximately 14,900 employees and a strong track record of operational excellence, PCA continues to strengthen its position as a premier provider of packaging solutions in North America.