By P&PC Staff
Jul. 6, 2017 - Global packaging company Sonoco says it has signed a definitive agreement to acquire Clear Lam Packaging, a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately $170 million in cash.
By P&PC Staff
The transaction is subject to normal regulatory review and is expected to close in the third quarter of 2017.
Founded in 1969, Clear Lam projects approximately $140 million of sales this year and operates manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 employees. It describes itself as a technology leader in the development, production and conversion of high barrier flexible and forming films used to package a range of products for consumer packaged goods companies, retailers and other industrial manufacturers, with a focus on structures used for perishable foods.
According to Jack Sanders, Sonoco president and chief executive officer, the acquisition of Clear Lam will further build on Sonoco’s strategy of expanding its global flexible packaging and thermoforming plastics operations to provide offerings for grocery and retail food stores.
“We are excited to become part of the Sonoco family. I see the two companies with similar cultures, focused on building strong relationships with employees, customers and suppliers. Innovation has always been a driving force within Clear Lam and Sonoco, and it will continue to be a foundation for further growth,” added Clear Lam Packaging president James Sanfilippo.