HARTSVILLE, S.C., Nov. 30 /PRNewswire-FirstCall/ -- Sonoco (NYSE: SON),
the global packaging company, today announced that it has signed an
agreement to acquire Clear Pack Company, a privately held vertically
integrated manufacturer of thermoformed and extruded plastic materials and
containers, based in Franklin Park, Ill. Terms of the transaction were not
disclosed. The transaction is expected to close in the fourth quarter of
2006, pending regulatory approval, and is expected to be slightly accretive
to earnings in 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO)
Clear Pack was founded in 1968 and has annual sales of approximately
$45 million. The company operates a 240,000 square foot manufacturing and
warehouse facility in Franklin Park that produces commercial roll stock and
thermoformed products. Clear Pack has 14 high-speed, roll-fed thermoformers
capable of running high-impact polystyrene (HIPS), polypropylene (PP),
high- density polyethylene (HDPE) and oriented polystyrene (OPS). The
company has five extrusion lines capable of extruding a variety of
high-impact polystyrene and polypropylene blends. The company also has
co-extrusion capabilities as well as in-line lamination for application of
multilayer laminates to meet chemical resistant and barrier requirements.
In commenting on the acquisition, Charles Sullivan, executive vice
president, said, "This strategic acquisition significantly expands Sonoco's
rigid plastic capabilities and allows us to further provide our customers
with an even broader range of plastic packaging and closure solutions."
Clear Pack produces plastic containers for several consumer product and
food service companies, including packaging for single-serve condiments,
fresh produce and other food service needs.
"Clear Pack is a market leader with more than 35 years of experience in
thermoforming," said Rodger Fuller, vice president and general manager of
Sonoco's Rigid Paper and Plastics division, North America. "Clear Pack's
dedicated employees have built an excellent reputation with their customers
for producing high-quality, custom-designed products that utilize their
proprietary technology."
Sonoco's rigid plastic operations are an innovative solutions provider
of blow molded, thermoformed, extruded and injection-molded plastic
containers, closures and other products for the food and nonfood markets,
including containers for liquid beverages, processed foods, sauces, pet
foods, powdered beverages and snacks, as well as household chemicals,
industrial chemicals, adhesives and sealants, and personal care.
About Sonoco
Founded in 1899, Sonoco is a $3.5 billion global manufacturer of
industrial and consumer packaging 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
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CONTACT:
Roger Schrum, Sonoco, +1-843-339-6018, or
roger.schrum@sonoco.com
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