Sonoco to Acquire Corrugated Construction Form Maker VoidForm® International |
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Press release date: January 22, 2008
Hartsville, S.C. - Sonoco (NYSE: SON), the market and technology leader in the manufacture of fiber-based concrete forms, today announced it has signed a letter of intent to acquire the assets of VoidForm International Ltd., a privately held maker of fiber-based concrete construction void forms. Terms of the pending transaction were not disclosed.
Founded in 1996, VoidForm International is based in Winnipeg, Manitoba, Canada. The company makes fiberbased void forms, used in the construction of cast-in-place concrete foundations where expansive soils are present.
While a concrete floor, beam or wall is being poured, a void form provides temporary support for the concrete until the concrete can support itself on caissons or drilled piles. As the concrete cures and gains its full strength, the void form is engineered to degrade as its structural integrity is no longer required, thereby allowing the soil to expand without causing damage to the foundation.
Environmentally sustainable VoidForm products are made entirely of fiber-based corrugated paper and finished with a thin wax coating, making them lightweight and biodegradable.
"VoidForm International's products are a natural complement to our existing Sonotube® product line offerings for the construction industry," said John Colyer, Sonoco's division vice president and general manager, Industrial Products division-North America. "For Sonoco customers, this addition means access to a wider range of concrete forming systems."
Sonoco will exhibit the VoidForm International product line, along with Sonoco's existing Sonotube® concrete forming product lines at this year's World of Concrete, in booth S11029 at the Las Vegas Convention Center, Jan. 22 - 24. Michael Rosenblat, chief executive officer of VoidForm International, will attend to introduce the new product line to Sonoco customers.
"World of Concrete is an ideal place to begin integrating the VoidForm International product line into Sonoco's construction products business," said Rosenblat. "Sonoco's global footprint, extensive distribution channels, and marketing capabilities will provide a way for more construction industry businesses to build quality foundations using our void forms, and offers the opportunity to reach customers in other geographies outside North America where expansive soil conditions exist."
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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