Sonoco Acquires Caraustar's Fiber Containers and Plastics Assets |
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Press release date: October 3, 2007
HARTSVILLE, S.C., October 03, 2007 - Sonoco (NYSE: SON), one of the largest diversified global packaging companies, today completed the acquisition of the fiber containers and industrial plastic carriers assets of Caraustar Industries, Inc. (NASDAQ: CSAR). Terms of the transaction were not disclosed. The acquisition is expected to be modestly accretive in the first full year, and the operations are anticipated to generate approximately $50 million in annualized sales.
The acquisition includes six manufacturing facilities in the United States that in the aggregate employ approximately 260 workers. The fiber container operations produce a variety of spiral-wound recycled paperboard containers used to package adhesives and sealants, lubricating grease and a variety of food and non-food products. The plastics operations produce injection-molded and extruded plastic converting cores, thread carriers, film packaging, carpet carriers, and adhesive and sealant products.
"The addition of Caraustar's fiber containers and plastics operations are a good strategic fit with Sonoco's global rigid paper and plastics businesses," said Harris DeLoach, Jr., chairman, president and chief executive officer. "The synergies that will come from our combined operations will benefit our customers with greater flexibility, while maintaining the quality and level of service that they have come to expect."
Sonoco's rigid paper and plastics operations include more than 60 plants in North America, South America, Europe, Asia and Australia. The Company is the world's largest manufacturer of rigid paperboard containers, producing a variety of round and shaped spiral-wound, recycled paperboard cans, fiber cartridges, single-wrap paperboard containers and large pails, serving a variety of food and non-food markets. In addition, Sonoco is an innovative solutions provider of rigid plastic containers and products using the latest technology including blow-molding, extrusion, injection-molding and thermoforming. About Sonoco
Founded in 1899, Sonoco is a $3.7 billion global manufacturer of industrial and consumer products and provider of packaging services, with approximately 330 operations in 35 countries, serving customers in some 85 nations.
For more information on the Company, visit our Web site at http://sonoco.com/.
Contact: Ginny Jones 843-339-6048 ginny.jones@sonoco.com
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