HARTSVILLE, S.C., October 3 /CNW/ - Sonoco (NYSE: SON), one of the
largest diversified global packaging companies, today completed the
acquisition of the fiber containers and industrial plastic carriers assets of
Caraustar Industries, Inc. (NASDAQ: CSAR). Terms of the transaction were not
disclosed. The acquisition is expected to be modestly accretive in the first
full year, and the operations are anticipated to generate approximately $50
million in annualized sales.
The acquisition includes six manufacturing facilities in the United
States that in the aggregate employ approximately 260 workers. The fiber
container operations produce a variety of spiral-wound recycled paperboard
containers used to package adhesives and sealants, lubricating grease and a
variety of food and non-food products. The plastics operations produce
injection-molded and extruded plastic converting cores, thread carriers, film
packaging, carpet carriers, and adhesive and sealant products.
"The addition of Caraustar's fiber containers and plastics operations are
a good strategic fit with Sonoco's global rigid paper and plastics
businesses," said Harris DeLoach, Jr., chairman, president and chief executive
officer. "The synergies that will come from our combined operations will
benefit our customers with greater flexibility, while maintaining the quality
and level of service that they have come to expect."
Sonoco's rigid paper and plastics operations include more than 60 plants
in North America, South America, Europe, Asia and Australia. The Company is
the world's largest manufacturer of rigid paperboard containers, producing a
variety of round and shaped spiral-wound, recycled paperboard cans, fiber
cartridges, single-wrap paperboard containers and large pails, serving a
variety of food and non-food markets. In addition, Sonoco is an innovative
solutions provider of rigid plastic containers and products using the latest
technology including blow-molding, extrusion, injection-molding and
Founded in 1899, Sonoco is a $3.7 billion global manufacturer of
industrial and consumer products and provider of packaging services, with
approximately 330 operations in 35 countries, serving customers in some 85
nations. For more information on the Company, visit our Web site at
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intended to be, and are hereby identified as "forward-looking statements" for
purposes of the safe harbor provided by Section 21E of the Securities and
Exchange Act of 1934, as amended. The words "estimate," "project," "intend,"
"expect," "believe," "consider," "plan," "anticipate," "objective," "goal,"
"guidance" and similar expressions identify forward-looking statements.
Forward-looking statements include, but are not limited to, statements
regarding adequacy of cash flows, anticipated amounts and uses of cash flows,
financial strategies and the results expected from them, continued payments of
dividends, stock repurchases and producing improvements in earnings.
These forward-looking statements are based on current expectations,
estimates and projections about our industry, management's beliefs and
assumptions made by management. Such information includes, without limitation,
discussions as to guidance and other estimates, expectations, beliefs, plans,
strategies and objectives concerning our future financial and operating
performance. These statements are not guarantees of future performance and are
subject to risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual results may differ materially from those expressed or
forecasted in such forward-looking statements.
The Company undertakes no obligation to publicly update or revise
forward-looking statements, whether as a result of new information, future
events or otherwise.
Additional information concerning some of the factors that could cause
materially different results is included in the Company's reports on forms
10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such
reports are available from the Securities and Exchange Commission's public
reference facilities and its Web site, http://www.sec.gov, the Company's
investor relations department and the Company's Web site,
For further information:
For further information: Sonoco Roger Schrum, +843-339-6018