Sonoco completes acquisition of Peninsula Packaging Company
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The US$230 million deal will almost double packaging supplier Sonoco's thermoforming business.
Sonoco Products Company, one of the largest diversified global packaging companies, announced it has completed the acquisition of Peninsula Packaging Company LLC, a manufacturer of thermoformed packaging for fresh fruit and vegetables.
The sale was first announced last month. Sonoco paid US$230 million for Exeter, Calif.-based Peninsula, which is owned by a fund managed by Odyssey Investment Partners LLC. The company operates five manufacturing plants – four in the U.S. and one in Mexico.
“Our goal has been to strategically expand our consumer packaging portfolio to grow our offerings in both the center of the store and the fast-growing perimeter,” said Sonoco president and CEO Jack Sanders in a statement. “With the addition of Peninsula, Sonoco will nearly double its thermoforming packaging capabilities and occupy a strong packaging position serving the perimeter in fresh food products, combined with our existing offerings in the center of the store, including those serving a range of frozen and shelf-stable foods.”
The statement describes Peninsula as the largest consumer of recycled drink bottles used for packing in the U.S., and also said that Peninsula used more than 3 billion recycled 20-ounce water bottles to produce its various food packaging products in 2012.
Sonoco is headquartered in Hartsville, S.C.