Sonoco Completes Acquisition of TEQ

SEATTLE (Scrap Monster): Sonoco- the diversified packaging services provider announced major expansion to its footprints through acquisition of Huntley, Illinois-based healthcare packaging and medical device thermoformer.

The company press release stated that the company has completed acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ) from ESCO Technologies, Inc. in a cash deal worth $187 million, which was funded using short-term credit facilities.

TEQ operates three thermoforming and extrusion facilities in the United States. In addition to this, it also operates a thermoforming facility in the UK and a thermoforming and molded-fiber manufacturing facility in Poland. The company had reported total sales of $87 million in the previous fiscal year ended September 30, 2019. These state-of-the-art facilities produce high-quality packaging systems for pharmaceuticals and medical devices. Also, TEQ is a leading supplier of recyclable, molded-pulp-fiber packaging and thermoformed plastic packaging.

Henceforth, TEQ’s financial results will be reported along with Sonoco’s Consumer Packaging Segment.