Sonoco buys CorrFlex Graphics
HARTSVILLE, S.C. — Sonoco acquires privately-held CorrFlex Graphics, LLC, a large point-of-purchase (P-O-P) display company, for an all-cash purchase price of approximately $250 million. CorrFlex is headquartered in Statesville, N.C., and has approximately 900 employees at 14 locations in the United States. Sonoco signs a definitive agreement with Ahlstrom Corp., Helsinki, Finland, to combine both companies’ European paper-based tube, core and coreboard operations into a joint venture under the name Sonoco-Alcore S.a.r.l. In a separate but related transaction, Sonoco also will purchase 100 percent of Ahlstrom’s paper tube and core operation in Shouguang, China. The purchase price is undisclosed, and the operation will not be part of the joint venture. Sonoco will hold 64.5 percent of Sonoco-Alcore and Ahlstrom will hold 35.5 percent. In other Sonoco news, the company opens a new protective packaging manufacturing facility in Saltillo, Mexico. The facility supplies the company’s proprietary Sonobase[TM] carriers and other protective packaging components to Mabe, a leading global appliance manufacturer.
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