Sonoco completes purchase of thermoformer TEQ
The global packaging supplier's $187-million purchase of Thermoform Engineered Quality LLC and Plastique Holdings Ltd. was first announced in November 2019.
Global packaging company Sonoco has completed the acquisition of Thermoform Engineered Quality LLC and Plastique Holdings Ltd. (together TEQ), a global manufacturer of thermoformed packaging serving the medical device and consumer markets.
Sonoco acquired TEQ from ESCO Technologies Inc. for US$187 million in cash in the deal, which was first announced in November 2019.
TEQ, headquartered in Huntley, Ill., produced sales of US$87 million in the fiscal year ended Sept. 30, 2019, and operates three thermoforming and extrusion facilities in the U.S., along with a thermoforming operation in the United Kingdom, and thermoforming and molded-fibre manufacturing in Poland. Each facility has cleanroom capabilities enabling the production of sterile, barrier packaging systems for pharmaceuticals and medical devices. In addition, TEQ produces recyclable, molded-pulp-fibre packaging and thermoformed plastic packaging for multiple consumer products primarily in Europe.
The company has approximately 500 employees.
“The fast-growing healthcare packaging space is a key area of growth for Sonoco and with the addition of TEQ we now have a suite of products and services available to become a much larger supplier to healthcare and medical device manufacturers,” Rob Tiede, Sonoco president and CEO, said in a Jan. 2 statement. “Entering 2020, Sonoco Healthcare Packaging group now includes TEQ’s broad capabilities, along with our best-in-class ThermoSafe temperature-assured pharmaceutical packaging; injection-molded vials, multi-cell cuvettes and appliances; thermoformed trays for medical devices and OTC medical products; and our Alloyd heat-sealing equipment for commercial medical applications.”
TEQ president Randy Loga and his leadership team will remain with Sonoco and TEQ’s financial results will be reported within Sonoco’s Consumer Packaging segment.
Sonoco is headquartered in Hartsville, S.C.