Sonoco acquires Clear Lam Packaging
Sonoco has signed a definitive agreement to acquire 100 percent of the stock of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films for approximately $170 million in cash. The transaction is subject to normal regulatory review and is expected to close in the third quarter of 2017.
Founded in 1969, the Elk Grove Village, Illinois-based company is projecting 2017 sales of approximately $140 million and operates manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 employees. Clear Lam serves markets including condiments, dairy, meats and cheese, produce, confection, fresh and prepared foods, nuts and snacks, food service and personal care.
According to Jack Sanders, Sonoco president and chief executive officer, the acquisition of Clear Lam will further build on Sonoco’s strategy of expanding its global Flexible Packaging and Thermoforming Plastics operations.
Rothschild & Co. acted as exclusive financial advisor to Clear Lam on this transaction.