Packaging Corp. of America (NYSE: PKG), the fourth-largest producer of containerboard and corrugated packaging in the U.S., is acquiring TimBar Corp. and its five corrugated products plants.

Besides the corrugated products plants, Packaging Corp. is buying TimBar’s two fulfillment centers and four design centers, most of which are in the Eastern and Southeastern U.S. The company will pay $386 million, with plans to finance the transaction with a new term loan, and the deal is expected to close by the end of August.

Packaging Corp., based in Lake Forest, Illinois, operates eight mills and 97 corrugated products plants and related facilities. The company is also the third-largest maker of uncoated free sheet paper in North America, producing paper for copiers and computer printers, converting papers used in envelopes and labels, and paper used in packaging. Packaging Corp. acquired Boise Inc. (NYSE:BZ) in 2013.

TimBar designs and manufactures corrugated shipping containers, protective inserts, retail packaging and point of purchase displays. The company had sales of $324 million in 2015, targeting customers in retail, industrial packaging and display and fulfillment markets. TimBar was founded in 1955 and has about 900 employees.

Recent packaging related deals have included Packager Novolex, backed by Wind Point Partners and TPG Growth, purchasing Heritage Bag Company; the announced purchase of SteriPack Goup’s medical packaging division by Bemis Co. Inc. (NYSE: BMS); labeling and packaging company CCL Industries Inc. announcing that it would buy Checkpoint Systems Inc. (NYSE: CKP), a retail security tag maker; the Quad-C private equity firm announcing its investment in Inmark Packaging; and Pamplona Capital Management’s Charter Nex Films Inc. acquiring Optimum Plastics Inc., a plastic-film maker, from Huron Capital Partners LLC.

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