Packaging firm Sonoco has agreed to acquire US-based Highland Packaging Solutions for about $150m in cash.
Based in Plant City of Florida, Highland Packaging manufactures thermoformed plastic packaging solutions for fresh produce and dairy products.
The company, which reported net sales of around $90m in 2017, started as a regional supplier of agriculture packaging products and turned into a global packaging company.
Highland Packaging, which employs about 425 people, operates a production facility in Plant City.
Highland CEO Steve Maxwell said: "Joining our two companies together will enable the best of both companies to be integrated and serve our customers, and will enable Highland to further enhance our speed to service and our ability to offer customers the most diverse consumer packaging formats and solutions in the industry.”
The facility produces various packaging solutions such as advanced engineered containers and flexographic printed labels.
Highland provides berry packaging for strawberry, blueberry, blackberry and raspberry, as well as custom labels and stock labels.
The company also provides packaging solutions for tomatoes, table grape, kumquat, potato and egg.
Inventory management services are also offered to the customers through distribution warehouses in the Southeast and West Coast of the US.
Subject to normal regulatory review, the deal is expected to be completed in the second quarter of this year.
Sonoco executive vice president, COO and CEO-elect Rob Tiede said: “Highland’s recognized best-in-class manufacturing and effectiveness in product integration with automated filling machines will add breadth to our growing produce customer mix through a dedicated manufacturing facility located in the important Florida produce market, while also providing us an important entry into egg packaging – a fast-growing protein source in North America.”
Established in 1899, Sonoco provides various consumer packaging, protective packaging, and industrial products, as well as displays and packaging supply chain services.
With annualized net sales of around $5bn, the company employed 21,000 people in more than 300 operations in 33 countries.
Image: Sonoco to acquire US-based Highland Packaging Solutions. Photo: courtesy of scottchan / FreeDigitalPhotos.net.