US industrial and consumer packaging provider Sonoco has agreed to acquire a majority interest in Brazil-based flexible packaging company Graffo Paranaense de Embalagens (Graffo) for an undisclosed amount.
A definitive agreement to this effect was signed by Sonoco.
Commenting on the acquisition, Sonoco president and CEO Jack Sanders said: "We were looking to invest jointly in Brazil with a partner, who has strong technical capabilities and established relationships with both large global consumer product companies and growing local businesses, where we could bring our customer relationships and technical capabilities to grow our presence in this important emerging market."
Founded in 2001, Graffo operates quality rotogravure printing presses, including a new ten-colour press, as well as sophisticated lamination applications at its Pinhais facility.
Graffo employs close to 230 people and offers its packaging products to confectionery, dairy, pharmaceutical and industrial markets in Brazil. It generated approximately $35m in sales during 2014.
The acquisition is expected to be completed in the second quarter of this year.
In February, Sonoco sold two metal end and closure facilities in Canton, Ohio, to Ball Corporation.
Sonoco's metal end and closure plants will operate as part of Ball's global metal food and household products packaging division.
Headquartered in South Carolina, Sonoco has more than 335 operations in 33 countries. It produces packaging for a variety of industries and many of the world's most recognised brands, serving customers in 85 nations.