Sonoco Announces Agreement for the Divestiture of its Protective Solutions Packaging Business as Part of Planned Portfolio Optimization Strategy
30 Janeiro 2024 - 11:15AM
Sonoco Products Company (“Sonoco” or the “Company”)(NYSE:
SON), one of the largest global sustainable packaging companies,
today announced that certain of its subsidiaries entered into a
definitive agreement to sell its Protective Solutions business to
Black Diamond Capital Management, LLC (“Black Diamond”) for an
estimated $80 million in cash. The transaction is subject to
customary closing conditions and is expected to be completed in the
first half of 2024. This sale is the result of Sonoco’s continuing
evaluation of its business portfolio and is consistent with its
strategic and investment priorities.
Sonoco’s Protective Solutions business is one of
North America’s premier manufacturers of molded expanded
polypropylene and expanded polystyrene foam components and
integrated material solutions serving the automotive, power sports,
impact surfaces, HVAC, electronics/technology, appliances, and
various other industrial end markets. The business operates nine
manufacturing facilities and has approximately 900 employees. Net
sales were approximately $170 million in 2023. Financial results
for Protective Solutions are reported in Sonoco’s All Other
Businesses reporting segment.
“We believe this divestiture builds on our
previously articulated strategy to divest non-core assets and to
refocus our efforts on core businesses to achieve greater scale,
profitability, and market leadership,” said Howard Coker, President
and CEO of Sonoco. “I personally would like to thank the entire
Protective Solutions team for their years of delivering quality
products and outstanding customer service on behalf of Sonoco. We
know their knowledge, experience, and leadership will be greatly
valued by their new owner and wish the entire team much continued
success in the future.”
Raymond James is acting as the exclusive financial
adviser and Jones Day is acting as legal advisor to Sonoco in
connection with this transaction.
Greenberg Traurig, LLP is acting as the legal
advisor to Black Diamond in connection with this transaction.
Contact Information: Lisa Weeks
Vice President of Investor Relations & Communications
lisa.weeks@sonoco.com 843-383-7524
About Sonoco Founded in
1899, Sonoco (NYSE:SON) is a global provider of packaging
products. With net sales of approximately $7.3 billion in
2022, the Company has approximately 22,000 employees working in
more than 320 operations around the world, serving some of the
world’s best-known brands. With our corporate purpose
of Better Packaging. Better Life., Sonoco is
committed to creating sustainable products, and a better world, for
our customers, employees and communities. The Company ranked first
in the Packaging sector on Fortune’s World’s Most Admired Companies
for 2022 and was also included in Barron’s 100 Most Sustainable
Companies for the fourth consecutive year. For more information on
the Company, visit our website at www.sonoco.com.
About Black Diamond Black Diamond
is a leading privately held alternative asset management firm with
over $10 billion in assets under management across complimentary
private equity, hedge fund and CLO/structured strategies. Black
Diamond’s private equity platform focuses on partnering with middle
market companies in market leadership positions, often within
sectors characterized by material tangible assets. Black Diamond
has significant experience executing corporate carve out
transactions from public and private companies including
acquisitions of businesses from EBSCO Industries, Hexion Inc,
Georgia Pacific and Arcosa Inc, among others. Founded in 1995,
Black Diamond is headquartered in Stamford, CT.
Sonoco Products (NYSE:SON)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Sonoco Products (NYSE:SON)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024