Sonoco Products buying Florida-based thermoformer

摘要

Sonoco Products Co. is expanding its PET thermoforming business with the acquisition of a Florida-based packaging maker. The company struck a $150 million deal for Highland Packaging Solutions Inc. of Plant City, Florida. The purchase brings $90 million of annual business to Sonoco through one production facility and five warehouse locations in the Southeast and on the West Coast. Buying Highland gives Sonoco an entry into the egg packaging market, which the company says is growing. Global consumption of eggs was 170 per person in 2014 and is expected to increase to more than 200 per person by 2021, the company said.