Sonoco has completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ), a global manufacturer of thermoformed packaging serving healthcare, medical device and consumer markets, from ESCO Technologies, Inc. for $187 million in cash.
Sonoco funded the TEQ transaction using short-term credit facilities and it is expected to be accretive to Sonoco’s 2020 earnings. TEQ President Randy Loga and his leadership team will remain with Sonoco and TEQ’s financial results will be reported within Sonoco’s Consumer Packaging segment.
TEQ, headquartered in Huntley, IL, produced sales of $87 million in the fiscal year ended September 30, 2019, and operates three thermoforming and extrusion facilities in the United States along with a thermoforming operation in the United Kingdom, and thermoforming and molded-fiber manufacturing in Poland. Each facility has state-of-the-art cleanroom capabilities enabling the production of sterile, barrier packaging systems for pharmaceuticals and medical devices. In addition, TEQ produces recyclable, molded-pulp-fiber packaging and thermoformed plastic packaging for multiple consumer products primarily in Europe.
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.
