Sonoco Products Company SON has inked an all-cash deal worth $230 million to acquire thermoformer Peninsula Packaging Company. This deal will nearly double Sonoco’s thermoforming business and comes at an opportune time when the perimeter of grocery stores, where fresh food is typically displayed is gaining consumer popularity. The transaction, subject to regulatory approvals, is expected to close by the second quarter of 2017.
Founded in 2001, Exeter, CA-based Peninsula Packaging is owned by a fund managed by Odyssey Investment Partners, LLC. It is a leading manufacturer of thermoformed packaging for fresh fruit and vegetables and operates five manufacturing facilities, four in the United States and one in Mexico. The markets it serves are produce, bakery, food processor, confectionary, convenience and deli. It is the largest single user of recycled washed bottle flake in North America which it converts into food-contact quality products for customer re-use. Moreover, the company operates one of the largest private solar panel farms in North America next to its Exeter location, producing up to 1 megawatt of power each day.
Sonoco Products Company Price
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