Sonoco Products wraps up US$210M acquisition of Canada’s Matrix Packaging.
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Hey there, time traveller!
This article was published 17/05/2007 (7004 days ago), so information in it may no longer be current.
MISSISSAUGA, Ont. (CP) – Matrix Packaging Inc. of Mississauga is being taken over by American global packaging maker Sonoco Products Co. for US$210 million in cash.
Sonoco, which has annual sales of US$3.7 billion, said Thursday that the addition of privately held Matrix will increase sales by $140 million and will add modestly to this year’s profits.
Matrix has 860 workers at six factories in the United States and Canada, specializing in rigid plastic packaging and injection-moulded products.
The takeover by Sonoco, subject to regulatory approval, is expected to close by the end of June.
“The addition of Matrix will transform our current rigid plastic container business, both in size and in scope, as we will have a better balance in serving both the food-and-drink and personal-care markets,” stated Harris DeLoach, chairman and CEO of Hartsville, S.C.-headquartered Sonoco.
Matrix CEO and co-founder Pushminder Judge will continue to lead the business and will join Sonoco’s management committee.
Matrix is owned by Judge and co-founder Graeme Malloch, in partnership with institutional investors led by Vancouver-based private equity firm Tricor Pacific Capital Inc.