Plastics Industry M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the Producer Price Index (PPI) for Plastics Material and Resin Manufacturing increased slightly to 0.38%, partly reflecting the impact of stabilizing economic conditions and lower interest rates.
• The median EV/EBITDA multiple for reported private equity deals increased to 10.4x in YTD 2025 from 2.5x in 2024 and increased for strategic deals to 12.9x from 8.9x in 2024.
• M&A deal volume in the sector increased 9.2% in Q3 to 131 deals from 120 in Q2 and increased 36.5% from 96 deals in Q3 of the prior year.
• North America was the second most active region, behind Europe, in Q3 with 48 deals. Most notably in North America was James Hardie Industries’ $9.1B acquisition of The Azek Company, a Chicago-based manufacturer of plastic outdoor building materials, in July 2025.
• Total capital invested in M&A transactions decreased 60.4% in Q3 to $11.2B from $28.3B in Q2 due primarily to Amcor’s $24.7 billion acquisition of Berry Global in April 2025. Whereas the largest transaction in Q3 was The Azek Company deal mentioned above.