HARTSVILLE, S.C., Jan. 6 /PRNewswire-FirstCall/ -- Sonoco (NYSE: SON), the
global packaging company, today announced that it has completed the sale of
its folding cartons business to Caraustar Industries, Inc. (Nasdaq: CSAR), it
was announced today by Harris E. DeLoach, Jr., chairman, president and chief
executive officer. The purchase price was not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO)
Sonoco's folding carton business produces a variety of paperboard cartons
and packaging from its single manufacturing facility at 8800 South Boulevard
in Charlotte, N.C. The facility has approximately 130 employees.
"Our small folding cartons business is no longer core to our growth
strategy and supporting portfolio of products and services," said DeLoach.
"Proceeds from the sale will be used to reduce debt." Sonoco acquired the
folding carton operation as part of its acquisition of Engraph, Inc. in 1993.
Sonoco, founded in 1899, is a global manufacturer of industrial and
consumer products and provider of packaging services, with more than 300
operations in 35 countries serving customers in 85 nations. Additional
information about Sonoco is available at http://www.sonoco.com.
SOURCE Sonoco
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Related links:
http://www.sonoco.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Allan V. Cecil, Vice President, Sonoco,
+1-843-383-7524, or allan.cecil@sonoco.com
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