Sonoco, one of the largest global diversified packaging companies, announced it has acquired Can Packaging, a privately owned designer and manufacturer of sustainable paper packaging and related manufacturing equipment, based in Habsheim/France, for total consideration of EUR 41.7 m. There will be no changes to operations or customer relationships.
Founded in 1989, Can Packaging operates two paper can manufacturing facilities in France along with a research and development centre where it designs and builds patented packaging machines and sealing equipment. The company is projected to produce sales of approximately EUR 23 m and provides sustainable paperboard packaging to a number of large consumer food brands distributed across Europe. The business has approximately 60 associates.
Howard Coker, President and CEO, said: “This strategic acquisition provides us many new innovations, including patented technology to produce a recyclable, high performance all-paper package, that can be made round, square, rectangular, oval, oblong or triangular.”
Sean Cairns, Division Vice President and General Manager of Sonoco’s European Consumer Products Division, explained: “Adding Can Packaging’s innovation centre, intellectual property and proprietary manufacturing capabilities will allow Sonoco to leverage and enhance our strong material science and engineering capabilities to develop more recyclable, mono-material paper packaging solutions that will have a wide range of food barrier properties for our customers in Europe. We also see using Can Packaging’s unique, low-cost machine technology to expand our consumer products offering into growth markets.”