Sonoco Completes Acquisition Of Remaining Equity In RTS Packaging Hartsville, South Carolina based Sonoco Products Com- pany, a diversified global packaging leader, announced the completion of its acquisition of the remaining equity interest in RTS Packaging, LLC from joint venture partner WestRock and one WestRock paper mill in Chattanooga, Tennessee. The acquisition, originally announced on November 9, 2022, is intended to strengthen and expand Sonoco’s 100 percent recycled fiber-based packaging solutions to serve growing consumer wine, spirits, food, beauty and health- care markets. Prior to closing the transaction, Sonoco was a 35 per- cent owner in the joint venture with WestRock. With the acquisition, Sonoco adds a network of 15 operations and 1,100 employees in the U.S., Mexico, and South America. The purchase price for this acquisition was $330 mil- lion, subject to customary price adjustments. The compa- ny funded the acquisition with borrowings under its exist- ing credit facilities and cash on hand. After the transaction, the company’s net debt to adjusted EBITDA ratio is less than 2.9x. The acquisition is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments.
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September 18, 2023
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