The packaging group Sonoco has signed a definitive agreement to acquire 100 % of the stock of Clear Lam Packaging, a manufacturer of flexible and forming plastic packaging films for approximately USD 170 m 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 $140 million and operates state-of-the-art manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 employees. Clear Lam is a technology leader in the development, production and conversion of 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.