Sonoco's Unit Buys Cold Chain Solutions Assets From AAR
Zacks Investment Research | Sep 06, 2016 09:23PM ET
Sonoco Products Co.’s (NYSE:SON) unit, Sonoco ThermoSafe has acquired the PharmaPort 360 assets, licenses, trademarks and manufacturing rights from AAR. This buyout will help Sonoco to enter the active temperature-controlled cargo containers market.
Per the deal, Sonoco ThermoSafe will own and lease the PharmaPort 360 containers globally. It also signed a multi-year agreement with AAR to make, repair and perform maintenance services.
The PharmaPort 360 is an innovative active container that uses regenerative heat exchangers to maintain stringent temperature control for high-value cargo. These containers are approved by the U.S. Federal Aviation Authority (“FAA”). The containers can also be utilized to safely ship temperature-sensitive pharmaceuticals, blood plasma and other biological cargo via air or ground transportation.
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