Sonoco Declares Agreement to Acquire Highland Packaging Solutions

SEATTLE (Scrap Monster):  Hartsville-headquartered global packaging firm Sonoco has announced that it has signed a definitive agreement towards acquisition of Plant City, Fla-based Highland Packaging Solutions. The acquisition is through an all-cash deal worth $150 Million. The transaction is expected to close during the second quarter of this year, subject to normal regulatory review and subsequent approvals.

Rob C. Tiede, Sonoco’s executive vice president and chief operating officer noted that the company is greatly excited to have the committed Highland team join the Sonoco family. The acquisition will help Sonoco meet the growing demand for innovative plastic packaging solutions for fresh produce and dairy products. The presence of Highland’s dedicated manufacturing facility in the important Florida produce market will provide an entry for the company into egg packaging, Tiede added.

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The joining of two companies with similar passion will result in integration of the best of both companies, thereby offering enhanced services to their customers through diverse consumer packaging solutions, said Steve Maxwell, Chief Executive Officer, Highland Packaging Solutions.

The acquisition is not expected to bring in notable changes in customer relationships. Also, much of Highland’s leadership, sales and operations teams will remain. The acquired business will become part of Sonoco’s global plastics operations. Upon completion of the transaction, the financial results of Highland will be reported along with Sonoco’s Consumer Packaging segment. Earlier in 2017, Sonoco had acquired family-owned Clear Lam Packaging Inc. for a price of $170 Million.

Highland had reported net sales of approximately $90 million during the previous year. The company’s state-of-the-art production facility in Plant City employs nearly 425 people and produces total packaging solutions.