Sonoco buying Clear Lam Packaging for $170 million
In a bid to expand its global flexible packaging and thermoforming plastics operations, Sonoco Products Co. is acquiring Clear Lam Packaging for US$170 million.
Founded in 1969, Clear Lam develops and manufactures flexible and rigid packaging materials – including multi-layer printed films and rigid roll-stock products – for food and non-food applications. The company, which employs about 400 people, has manufacturing plants in Elk Grove Village, Ill., and Nanjing, China.
“The addition of Clear Lam will significantly expand our flexible packaging and thermoforming plastics operations as we will be able to develop, produce, and convert high barrier flexible and forming film structures to package fresh and prepared food products purchased in the growing store perimeter,” said Sonoco president and CEO Jack Sanders. “As an example, Clear Lam complements our recent acquisition of Peninsula Packaging’s thermoforming operations by being able to produce barrier flexible film lidding that extends shelf life, is resealable and provides a complete packaging solution to our fresh fruit and vegetable customers.”
Sales at Clear Lam are expected to be about US$140 million this year, and the deal is expected to close in the third quarter.
Headquartered in Hartsville, S.C., Sonoco provides several consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. The company employs approximately 20,000 workers in over 300 operations in 33 countries.