TEQ operates three thermoforming and extrusion facilities in the US along with a thermoforming facility in the UK, and thermoforming and moulded-fibre manufacturing facility in Poland
Image: Sonoco to acquire Thermoform Engineered Quality and Plastique Holdings from ESCO Technologies. Photo: courtesy of Sonoco Products Company.
US-based diversified packaging firm Sonoco has agreed to acquire Thermoform Engineered Quality and Plastique Holdings (together TEQ) from ESCO Technologies for around $187m in cash.
Headquartered in Huntley, Illinois, TEQ is a manufacturer of thermoformed packaging serving healthcare, medical device and consumer markets.
TEQ operates three thermoforming and extrusion facilities in the US along with a thermoforming facility in the UK, and thermoforming and moulded-fibre manufacturing facility in Poland.
The facilities are equipped with advanced cleanroom capabilities, facilitating the production of sterile along with barrier packaging systems for pharmaceuticals and medical devices.
Additionally, TEQ produces recyclable, moulded-pulp-fibre based packaging and thermoformed plastic packaging for multiple consumer products mainly in Europe.
The acquisition will be completed by the end of this year
Subjected to normal regulatory review, the acquisition is expected to be completed by the end of this year.
Sonoco president and CEO Rob Tiede said: “Recent studies value the global healthcare packaging market at approximately $33 billion, with healthy growth expected for the future.
“Increased life expectancy, the steady introduction of new products from medical device manufacturers and pharmaceutical companies, combined with requirements for improved safety and compliance, are driving market growth.
“TEQ provides a strong platform to further expand Sonoco’s growing healthcare packaging business, which includes our best-in-class ThermoSafe temperature-assured pharmaceutical packaging; injection-moulded vials, multi-cell cuvettes and appliances; thermoformed trays for medical devices and OTC medical products, along with our Alloyd heat-sealing equipment for commercial medical applications.”
TEQ president Randy Loga said: “Surgical operations are also increasing due to a growing ageing population, and with that comes the demand for more medical devices, which should strengthen the segment for the foreseeable future.”
In September this year, Sonoco launched EnviroFlex PE recyclable polyethylene flexible packaging to expand its sustainable packaging portfolio.
Sonoco provides a wide range of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services.