Sonoco Closes Acquisition of Corenso Holdings America, Inc.

SEATTLE (Scrap Monster):  Hartsville, S.C.,-headquartered Sonoco announced that it has completed acquisition of Corenso Holdings America Inc. - a leading U.S. manufacturer of uncoated recycled paperboard (URB) and high-performance cores.

The value of the acquisition-an all-cash transaction-was $110 million. The transaction was funded with available cash and short-term borrowings.

According to Sonoco press release, the acquired facilities include a 108,000 per ton URB mill in Wisconsin Rapids, Wis. and two core converting facilities in Wisconsin Rapids and Richmond, Va. Corenso Holdings had recorded net sales of approximately $75 million during the previous year.

ALSO READ: Sonoco Delivers Solid Results Despite Slowdown in Market Demand

The financial results of the acquired entity will be reported within Sonoco’s Paper/Industrial Converted Products segment.

Rob Tiede, President and Chief Executive Officer, Sonoco welcomed Corenso Holdings America associates to the company. Corenso’s best-in-class URB mill, attractive core converting assets and long-term customer relationships will create long-term opportunity for Sonoco, he added.