Global packaging company Sonoco has completed the previously announced acquisition of protective packaging firm Tegrant from Metalmark Capital for $550m.
The new segment includes Protexic Brands, North American manufacturer of moulded expanded foam; ThermoSafe Brands, a provider of temperature-assured solutions used in packaging temperature-sensitive pharmaceuticals and food; Alloyd Brands, a manufacturer and designer of packaging, printed products and blister packaging machines.
Harris DeLoach, Sonoco chairman and CEO, said the company's new protective packaging segment will allow the company to offer solutions to a variety of growing consumer and industrial markets.
According to the company, its existing protective packaging business provides paper-based packaging solutions for household appliances, heating and air conditioning units, home and office furniture, lawn and garden equipment.
Sonoco's businesses operate nearly 40 manufacturing, design and testing facilities in the US, Mexico, Puerto Rico and Ireland.