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Sonoco completes USD230 mln acquisition of Peninsula Packaging

March 16/2017

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. Peninsulas financial results will be added to Sonocos Consumer Packaging segment and the business will operate as the Peninsula brand of thermoformed packaging products within Sonoco Plastics divisions 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. Peninsulas 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.


mrcplast.com
Author:Margaret Volkova
Tags:PP, packaging, thermoformed containes, Sonoco Plastics, Germany, Mexico, USA.
Category:General News
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