Can Packaging is expected to complement Sonoco’s portfolio of sustainable packaging solutions
Sonoco acquires French packaging firm for $49m. (Credit: Yuri_B from Pixabay)
US-based diversified packaging firm Sonoco has closed the acquisition of Can Packaging, a French manufacturer of sustainable paper packaging and related manufacturing equipment, for approximately $49m.
Established in 1989, Can Packaging operates two manufacturing facilities in France for paper can production.
Employing approximately 60 people, the firm also operates a research and development centre, which helps in designing and building patented packaging machines and sealing equipment.
Can Packaging aims to produce $27m sales in 2020
This year, Can Packaging expects to produce approximately $27m sales and provide sustainable paperboard packaging to a number of large European consumer food brands.
Sonoco president and CEO Howard Coker said Can Packaging joins Sonoco’s growing portfolio of sustainable packaging solutions.
Coker added: “This strategic acquisition provides us many new innovations, including patented technology to produce a recyclable, high performance all-paper package, that can be made round, square, rectangular, oval, oblong or triangular.
“These innovations will complement our global Rigid Paperboard Container franchise and add to our EnviroSense sustainable packaging portfolio.”
Sonoco European Consumer Products Division, division vice president and general manager Sean Cairns said that the addition of Can Packaging’s innovation centre, intellectual property and proprietary manufacturing capabilities would allow Sonoco to leverage and enhance strong material science and engineering capabilities to develop more recyclable, mono-material paper packaging solutions.
“We also see using Can Packaging’s unique, low-cost machine technology to expand our consumer products offering into growth markets,” Cairns noted.
Can Packaging founder George Sireix will remain as a consultant to Sonoco while his son, Guillaume, who leads Can Packaging’s technology and engineering, will remain as the company’s European Consumer Products Division innovation leader.
Earlier this year, Sonoco acquired Thermoform Engineered Quality and Plastique Holdings (together TEQ) from ESCO Technologies for $187m in cash.