|Sonoco Products to Buy Clear Pack|
Thursday November 30, 8:36 am ET
Sonoco Products to Acquire Clear Pack to Expand Rigid Plastic Container Operations
HARTSVILLE, S.C. (AP) -- Sonoco Products Co., an industrial and consumer packaging company, Thursday said it agreed to acquire Clear Pack Co., a privately held maker of extruded plastic materials and containers, for undisclosed terms.
Clear Pack, with annual sales of about $45 million, operates a 240,000-square-foot manufacturing and warehouse facility in Franklin Park, Ill. It produces plastic containers for several consumer product and food service companies, including packaging for single-serve condiments and fresh produce.
"This strategic acquisition significantly expands Sonoco's rigid plastic capabilities," said Charles Sullivan, executive vice president, in a statement.
The transaction is expected to close in the fourth quarter, pending regulatory approval, and is expected to add slightly to earnings in 2007.
Sonoco Products has about $3.5 billion in annual sales.