Sonoco has signed a definitive agreement to acquire 100% of the stock of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately $170 million in cash. The transaction is subject to normal regulatory review and is expected to close in the 3Q 2017.

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Sonoco to acquire Clear Lam Packaging, Inc.

Sonoco has signed a definitive agreement to acquire 100% of the stock of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately $170 million in cash. The transaction is subject to normal regulatory review and is expected to close in the 3Q 2017, as the company says in the press release received by Lesprom Network.

According to Jack Sanders, Sonoco president and CEO, the acquisition of Clear Lam will further build on Sonoco’s strategy of expanding its global Flexible Packaging and Thermoforming Plastics operations to provide offerings serving the fast-growing perimeter of grocery and retail food stores.

“The addition of Clear Lam will significantly expand our Flexible Packaging and Thermoforming Plastics operations as we will be able to develop, produce and convert high barrier flexible and forming film structures to package fresh and prepared food products purchased in the growing store perimeter,” said Sanders.

Rothschild & Co. acted as exclusive financial advisor to Clear Lam on this transaction.

Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.