Global packaging firm Sonoco has completed the acquisition of US firm Highland Packaging Solutions for about $150m.
Highland Packaging, which is based in Plant City of Florida, provides thermoformed packaging for fresh fruits, vegetables and eggs.
Sonoco will include the acquired business in its global plastics division. The firm will add Highland’s financial results to its consumer packaging segment.
With net sales of around $90m in 2017, Highland has developed from a regional supplier of agriculture packaging products into a global packaging company.
Highland employs around 425 people, and operates an advanced production facility in Plant City that manufactures complete packaging solutions, including engineered containers and flexographic printed labels.
Highland offers 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.
The company is also engaged in the inventory management through distribution warehouses in the Southeast and West Coast of the US.
Sonoco president and CEO Rob Tiede said: “We are extremely pleased to have Highland joining the Sonoco family of leading consumer packaging products.
“Highland significantly expands our thermoforming packaging capabilities for fresh products, especially when you consider our addition of Peninsula Packaging last year.
“Combined with our acquisition of Clear Lam, also in 2017, we now occupy a strong packaging solutions position serving the perimeter of supermarkets in fresh food products.”
Sonoco provides various consumer packaging, protective packaging, and industrial products, as well as displays and packaging supply chain services.
In February this year, Sonoco reported a 13.7% increase in net sales to $1.30bn for the fourth quarter of 2017, compared to $1.14bn for the same period in 2016.
The company said the growth in net sales was supported by acquisitions, net of divestitures; higher selling prices, largely driven by increasing raw material prices; solid volume growth; and the positive impact of foreign exchange.
