Sonoco closes USD120m buy of Associated Packaging Technologies
Jun 30, 2010 (M&A Navigator via COMTEX) --
(C)2010 M&A Navigator
US packaging group Sonoco (NYSE:SON) said Wednesday it has closed the
acquisition of Associated Packaging Technologies (APT), a producer of
crystallized polyethylene terepthalate (CPET) containers for the frozen
food industry, in a USD120m (EUR98m) all-cash deal, including debt
assumption.
Sonoco expects the acquisition to be slightly accretive in 2010 and to
boost its annual sales to USD150m.
With the move, Sonoco hopes to bolster its thermoforming plastic
container capabilities, Harris DeLoach, chairman and chief executive of
APT, said.
APT was previously controlled by private equity firm Castle Harlan.
Country: USA;
Sector: Paper/Packaging/Office Supplies
Target: Associated Packaging Technologies Inc
Buyer: Sonoco Products Company
Vendor: Castle Harlan Inc
Deal size in USD: 120m
Type: Corporate acquisition
Status: Closed
Comment: Deal size includes debt
((Distributed via M2 Communications - http://www.m2.com))
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