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MOSCOW (MRC) -- Sonoco, one of the
largest diversified global packaging companies, has announced it has
completed the acquisition of Peninsula Packaging Company, a leading manufacturer
of thermoformed packaging for fresh fruit and vegetables found in the
fast-growing perimeter of retail supermarkets, said the company in its press
release.
Sonoco acquired Peninsula Packaging for approximately USD230
million from funds managed by Odyssey Investment Partners, LLC and other
shareholders. Sonoco financed the transaction with a combination of cash and a
USD150 million three-year term loan. Peninsula’s financial results will be added
to Sonoco’s Consumer Packaging segment and the business will operate as the
Peninsula brand of thermoformed packaging products within Sonoco Plastics
division’s global operations.
Founded in 2001, Peninsula Packaging had
2016 proforma sales of approximately USD190 million and operates five
manufacturing facilities, four in the United States and one in Mexico. The
majority of its business is focused on packaging for a wide range of whole fresh
fruits, pre-cut fruits and produce and prepared salad mixes, as well as baked
goods. Peninsula’s customer base includes most of the leading household names
for fresh fruits and vegetables found at retail.
"We are extremely
pleased to have Peninsula joining the Sonoco family of leading consumer
packaging products. Peninsula significantly expands our thermoforming packaging
capabilities and we now occupy a strong packaging position serving the perimeter
of supermarkets in fresh food products, combined with our existing offerings in
the center of the store, including those serving a range of frozen and
shelf-stable foods," said Sonoco Executive Vice President and Chief Operating
Officer Rob Tiede.
As MRC reported earlier,
Sonoco Products Co.’s acquisition of Weidenhammer Packaging Group GmbH of
Germany in 2014 included plastic packaging technology that the company was
targeting for growth in the United States. The USD383 million deal, naturally,
featured plenty of talk about the paper packaging aspects of both companies.
That was the bulk of their respective businesses. But the move also
included Weidenhammer Plastic Packaging with a plant in Zwenkau, Germany, near
Leipzig, that includes production of cups, cans and containers with volumes of
at least 100 milliliters. Buckets made there range from 1 to 11.4
liters.
Sonoco Plastics is a leading manufacturer of mono-layer and
multi-layer blow-molded bottles and jars, thermoformed cups and trays and
engineered molded and extruded containers, spools and trays. The Company has 25
plastics operations in the United States, Canada, Mexico, Ireland, Netherlands
and Germany. In addition to the Beauty Park facility, Sonoco Plastics operates a
state-of-the-art food-grade, blow-molding and injection molding plant in
Columbus, Ohio. The Company is currently reviewing plans for additional
expansion of this facility as well. |
