Hood Container Corp. Acquires Sonoco’s U.S. Display Business
and fulfillment facilities along with four sales and design centers and has approximately 450 employees. “Our U.S. Display and Packaging business has been an industry pioneer with a legacy of providing innovative solutions for complex supply chain challenges,” said How- ard Coker, Sonoco President and CEO. “However, Sonoco is focused on growing our core Consumer and Industrial packaging businesses around the world, and by divesting this business we expect to apply proceeds to further invest in ourselves while returning value to our shareholders.” According to Zack’s Equity Research, Sonoco’s Dis- play and Packaging business had been bearing the brunt of weak retail promotional display activity. In December 2020, the company sold its Display and Packaging seg- ment’s contract packaging business in Europe to Prairie Industries Holdings for cash proceeds of $120 million. This divesture is expected to have unfavorably impacted the company’s bottom-line results during the March-end quarter.
Atlanta, Georgia based Hood Container Corporation, a family owned paperboard and specialty paper manufactur- er with operations in containerboard, kraft paper, corrugat- ed boxes, high-graphic displays and contract packaging, corrugated, folded box and displays, has purchased the U.S. Display and Packaging business of Hartsville, South Carolina based Sonoco for $80 million in cash. Sonoco’s U.S. Display and Packaging business pro- duced net sales of approximately $135 million in 2020 and provides point-of-purchase display design, manufacturing and fulfillment as well as contract packaging services for consumer product customers with more than 250 brands. Based in Winston-Salem, North Carolina, the Display and Packaging business operates eight manufacturing
Oliver Inc. Acquires Boutwell Packaging
Oliver Inc. a manufacturer of high-quality folding carton and blister card packaging serving personal care, healthcare, automo- tive aftermarket, food and beverage, and consumer products markets with operations in New York, Ohio and Virginia, has con- firmed it has acquired Fitchburg, Massachu- setts based Boutwell Packaging. “Oliver is pleased to announce the acqui- sition of Boutwell to strengthen our position as a leading provider of custom paperboard packaging,” said Dan Rodenbush, President and CEO of Oliver. “With the addition of the Boutwell team, we will increase our reach into key markets while expanding our capa- bilities and capacity. We are proud to wel- come Boutwell to the Oliver family.” “Boutwell is extremely excited to team up with Oliver,” added Ward McLaughlin, CEO of Boutwell. “The combination of Boutwell and Oliver will generate value for our cus- tomers by expanding our ability to create unique, innovative, and sustainable world- class packaging.” Oliver has made significant investments in modern equipment, facilities, and people since Pfingsten became the majority share- holder in May 2016. The Boutwell trans- action represents Oliver’s third strategic acquisition and aligns with the company’s strategy to create a leading provider of in- novative, high-quality packaging solutions. The transaction closed March 31, 2021.
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www.boardconvertingnews.com
April 12, 2021
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