Sonoco inks a deal to buy 100% of the stock of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately US$170 million in cash.
The transaction is subject to normal regulatory review and is expected to close in the third quarter of 2017.
Founded in 1969, the Elk Grove Village, Ill.-based company is projecting 2017 sales of approximately US$140 million and operates manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 employees.
Clear Lam develops, produces and converts high barrier flexible and forming films used to package a variety of products for consumer packaged goods companies, retailers and other industrial manufacturers, with a focus on structures used for perishable foods.
Clear Lam serves markets including condiments, dairy, meats and cheese, produce, confection, fresh and prepared foods, nuts and snacks, food service and personal care.
Jack Sanders, Sonoco president and CEO, says the acquisition help Sonoco expand its global flexible packaging and thermoforming plastics operations in grocery and retail food stores.
“As an example, Clear Lam complements our recent acquisition of Peninsula Packaging’s thermoforming operations by being able to produce barrier flexible film lidding that extends shelf life, is resealable and provides a complete packaging solution to our fresh fruit and vegetable customers,” said Sanders.
