Sonoco Acquires Associated Packaging Technologies

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Sonoco, Hartsville, S.C., USA, this week completed its acquisition of Associated Packaging Technologies Inc. (APT), North America's largest manufacturer and supplier of Crystallized Polyethylene Terepthalate (CPET) containers to the frozen food industry. The all-cash purchase price, including the cost of paying off various obligations of APT, was approximately $120 million, subject to certain possible adjustments. The acquisition is expected to be modestly accretive in 2010 and is expected to generate annualized sales of approximately $150 million.

APT was previously majority owned by investment funds controlled by Castle Harlan Inc. It operates four state-of-the-art CPET thermoforming facilities in, Chillicothe, Mo., and Waynesville, N.C., in the U.S., Cambridge, Ont., in Canada, and Carrickmacross in Ireland, employing more than 400 workers.