Packaging Corporation of America (PCA), Atlanta, Ga., USA, announced this week that the company has completed its acquisition of TimBar Corp., a large independent corrugated products producer, in a cash-free, debt-free transaction. Funding for the acquisition came from a new $385 million five-year term loan facility.

"We are very pleased to complete this transaction and welcome our new employees to PCA. Integrating these new operations into PCA will quickly enhance our financial results while maintaining a strong balance sheet," said PCA Chairman and CEO Mark Kowlzan.

PCA is the fourth largest producer of containerboard and corrugated packaging products in the U.S. and the third largest producer of uncoated freesheet paper in North America. PCA operates eight mills and 95 corrugated products plants and related facilities.