US-based packaging products and services provider Sonoco has agreed to acquire Highland Packaging Solutions for around $150 million.
Based in Plant City, Florida, Highland produces thermoformed plastic packaging for fresh produce and dairy products.
Last year, Highland’s net sales stood at around $90 million; the company will operate as part of Sonoco’s global plastics operations.
Highland provides engineered containers, flexographic printed labels and inventory management, through distribution warehouses located in the Southeast and West Coast of the US.
Sonoco executive vice-president and COO Rob Tiede said: “We are extremely excited to have Highland join the Sonoco family as it significantly strengthens our Perimeter of the Store strategy, serving consumers’ growing demand for fresh and natural foods.
“Highland’s recognised best-in-class manufacturing and effectiveness in product integration with automated filling machines will add breadth to our growing produce customer mix through a dedicated manufacturing facility located in the important Florida produce market, while also providing us with an important entry into egg packaging – a fast-growing protein source in North America.”
The majority of Highland’s leadership team, including owner Steve Maxwell and president John Baird, will continue to be associated with the company.
Highland’s sales and operations teams are also expected to be retained.
The completion of the deal is conditional upon normal regulatory review and is scheduled to take place in the second quarter of this year.