Sonoco plans to grow Mississauga, Ont.-based Matrix: report
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Packaging giant Sonoco Products Co. has announced that it plans to grow its recently acquired business, Mississauga...
According to a Reuters report, the company plans on announcing a new Matrix plant within the fiscal year.
“I would expect, in the late third quarter of this year or early fourth quarter, we will announce a new Matrix plant,” said Sonoco CEO Harris DeLoach.
Matrix currently has six facilities in the U.S. and Canada. The three Canadian facilities are all located in the Greater Toronto Area, and the company’s U.S. operations are based out of Addison, Ill., Chatsworth, Calif. and Jefferson City, Miss. Matrix employs approximately 860 people at its operations.
Sonoco completed its purchase of Matrix in May of this year, paying a price of approximately US$210 million. According to the company, the acquisition is expected to be modestly accretive in 2007 and generate annual sales of approximately US$140 million.