US packaging maker Sonoco acquires PET producer APT for $120m

30 June 2010 19:49  [Source: ICIS news]

HOUSTON (ICIS news)--US packaging giant Sonoco announced on Wednesday that it has acquired polyethylene terephthalate (PET) maker Associated Packaging Technology (APT) for about $120m (€98m).

APT, headquartered in Chadds Ford, Pennsylvania, specialises in manufacturing crystallized PET and can produce roughly 3bn containers annually for the frozen food industry, Sonoco said.

In addition, the company has monolayer and multilayer barrier polypropylene container capacity, according to a statement from Hartsville, South Carolina-based Sonoco.

"With this acquisition, Sonoco has significantly expanded its existing thermoforming plastic container capabilities into the growing global frozen, chilled and ready-to-eat food markets," Sonoco chief executive Harris DeLoach Jr. said in a release.

The all-cash deal closed on 29 June, Sonoco said in a statement, with APT leaving the ownership of private equity investment firm Castle Harlan.

APT has PET production facilities in the US, Canada and Ireland.

($1 = €0.82)

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By: Ryan Hickman
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