Sonoco Completes Acquisition of Tegrant Corporation
Sonoco's Protective Packaging businesses operate nearly 40 manufacturing, design and testing facilities in the United States, Mexico, Puerto Rico and Ireland, with estimated annualized net sales of $540 million.
Nov 14 2011 --- Sonoco, one of the largest diversified global packaging companies, today announced that it has completed the acquisition of Tegrant Corporation, a leading provider of highly engineered protective, temperature-assured and retail security packaging solutions, from Metalmark Capital for $550 million.
According to Harris E. DeLoach, Jr., Sonoco chairman and chief executive officer, the acquisition of Tegrant has created a North American leader in multi-material protective packaging with more than 40 years of industry experience. Sonoco's Protective Packaging businesses operate nearly 40 manufacturing, design and testing facilities in the United States, Mexico, Puerto Rico and Ireland, with estimated annualized net sales of $540 million.
"We are pleased to welcome Tegrant's businesses and its more than 2,000 employees to the Sonoco family," said DeLoach. "Sonoco's new Protective Packaging segment combines our strong application engineering capabilities and problem-solving expertise to help deliver custom-engineered protective packaging solutions to a variety of growing consumer and industrial markets. Sonoco Protective Packaging now has leading positions in fast growing markets, including medical devices, pharmaceuticals, automotive components and health and beauty products, along with expanded access to a variety of industrial markets."
Sonoco's new Protective Packaging segment includes four businesses. Protexic Brands, the largest business, is North America's premier manufacturer of molded expanded foam. It serves a number of industries, including high technology, consumer electronics, automotive, appliances and medical devices. ThermoSafe Brands is the world's leading provider of temperature-assured solutions, primarily used in packaging temperature-sensitive pharmaceuticals and food. Alloyd Brands is a leading manufacturer and designer of high-visibility packaging, printed products and blister packaging machines for retail and medical markets. Sonoco's existing protective packaging business is a leading provider of custom-designed paper-based packaging solutions for household appliances, heating and air conditioning units, home and office furniture, lawn and garden equipment, and a variety of other consumer products.
