Packaging company Sonoco has agreed a $150 million deal to acquire US-based Highland Packaging Solutions.
Florida-based Highland Packaging Solutions produces a range of thermoformed plastic packaging used for dairy products and fresh produce.
This purchase represents the third major acquisition of a packaging company that Sonoco has made over the last 13 months, as the brand also recently acquired Clear Lam for $170 million in June 2017 and Peninsula Packaging Company for $230 million in February 2017.
Rob C. Tiede, Sonoco’s executive vice-president and chief operating officer said: “We are extremely excited to have Highland join the Sonoco family as it significantly strengthens our Perimeter of the Store strategy, serving consumers’ growing demand for fresh and natural foods.
“Highland’s recognised 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.”
Highland’s CEO Steve Maxwell added: “Highland and Sonoco each have their own strengths, with a similar passion for crusading for our customers.
“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.”
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