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.
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
CONTACT: Roger Schrum, Sonoco, +1-843-339-6018, or
roger.schrum@sonoco.com
Web site: http://www.sonoco.com
(SON)