Sonoco (SON) To Buy 70% Balance Stake In Conitex Sonoco JV
Zacks Investment Research | May 29, 2018 10:29PM ET
In order to boost its paper-based tube and core business, Sonoco Products Company (NYSE:SON) has signed a definitive agreement to acquire the remaining 70% interest in the Conitex Sonoco joint venture (JV), for approximately $133 million. The transaction is subject to regulatory reviews and expected to close in third-quarter 2018.
About Conitex Sonoco JV
The Conitex Sonoco JV was formed in 1998 between Texpack, Inc., a Spanish global provider of paperboard and paper-based packaging products, and Sonoco’s former North America textile cone business. With around 13 manufacturing locations in 10 countries, this JV produces paper-based cones and tubes used in the textile industry. It also makes adhesives, flexible intermediate bulk containers and corrugated pallets.
Moreover, the JV reported total sales of around $245 million and produced more than 300,000 tons of uncoated recycled paperboard in 2017.
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