Sonoco to acquire Highland Packaging Solutions
Headquartered in Plant City, Florida, Highland Packaging produces a range of thermoformed plastic packaging used for dairy products and fresh produce.
Global packaging company Sonoco is continuing its buying spree by acquiring U.S.-based Highland Packaging Solutions for US$150 million deal to acquire
Headquartered in Plant City, Florida, Highland Packaging Solutions produces a range of thermoformed plastic packaging used for dairy products and fresh produce.
This purchase represents the third major acquisition of a packaging company that Sonoco has made over the last 13 months. Sonoco bought Clear Lam for US$170 million in June 2017 and Peninsula Packaging Company for US$230 million in February 2017.
“Highland’s recognized best-in-class manufacturing and effectiveness in product integration with automated filling machines will add breadth to our growing produce customer mix through a dedicated manufacturing facility located in the important Florida produce market, while also providing us an important entry into egg packaging – a fast-growing protein source in North America,” Rob Tiede, Sonoco’s executive vice president and chief operating officer, said in a statement.
Highland’s current leadership, sales and operations teams will remain in place, the statement added.
Highland reported net sales in 2017 of approximately US$90 million. The company employs approximately 425 workers.
The transaction is subject to normal regulatory review and is expected to close in the second quarter of 2018.