Flexo’s Future (Cont’d from Page 1)
ing films, tape, and speciality industries. It generated net sales of approximately $75 million last year. The company currently operates an uncoated recy- cled paperboard facility in Wisconsin Rapids,Wiscon- sin, which has a production capacity of 108,000 tons per year. It also has two core converting facilities in Wisconsin Rapids and Richmond,Virginia. Sustainable Commitments The packaging firm currently employs a total of ap- proximately 175 associates at the three facilities. “Along with its attractive assets and customer mix, 100 percent of Corenso Holdings America products are made from recycled raw materials,” said Sonoco President and CEO Rob Tiede,“which further enhanc- es Sonoco’s sustainability commitment to increase by weight the amount we recycle or cause to be recycled up to 85 percent relative to the volume of products we put into the global marketplace by 2025.” The deal is currently subject to normal regulatory review and will close in the third quarter of this year. Sonoco will not make changes in operating leader- ship and customer relationships of Corenso. In October, Sonoco acquired the remaining 70 per- cent interest in Conitex Sonoco,which was set up in a joint venture with Spanish firmTexpack.
This column came about in no small part due to the activism of Pamarco’s Katie Graham, who launches the series with the first installment on page 7 of this issue. Katie has been a strong, important advocate on behalf of the industry and will continue to contribute additional columns in the future, along with advice and guidance. FMN’s sincere gratitude goes out to her. Flexo Market News will be inviting other industry leaders to share their expertise in future installments, as well. The flexo converting industry finds itself at a bit of a crossroads, and investing now in ensuring we take the right path will pay huge dividends in the years ahead. Sonoco Acquires Speciality Packaging Firm Corenso Global packaging company Sonoco has entered a de- finitive agreement to purchase the U.S.-based opera- tions of Corenso Holdings America (CHA) for around $110 million in cash. The deal was signed with a company owned by in- vestment funds advised by Madison Dearborn Partners and management. Corenso produces uncoated recycled paperboard (URB) and high-performance cores for paper, packag-
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Flexo Market News May 27, 2019 3
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