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US-based industrial and consumer packaging provider Sonoco has agreed to acquire Weidenhammer Packaging, in a deal worth €286m.

Upon completion, the acquisition is expected to increase Sonoco’s global consumer-related packaging and services business to approximately $2.8bn in annual sales.

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It is also expected to increase Sonoco’s net sales in Europe to approximately 21% of total sales.

Commenting on the deal, Sonoco president and CEO M. Jack Sanders said: "Combining Weidenhammer’s state-of-the-art production and technological capability places Sonoco in a leading position to provide its global consumer product customers with unparalleled packaging expertise throughout North America and Europe, and creates a strong presence in the emerging markets of South East Asia, China, Eastern Europe and South America."

"The deal is expected to be financed through a combination of existing cash and debt."

The deal is expected to be financed through a combination of existing cash and debt. It is still subject to governmental regulatory review and is expected to close in the fourth quarter of 2014.

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Headquartered in Germany, Weidenhammer Packaging operates 13 production facilities, including five in Germany, along with individual plants in Belgium, France, Greece, Netherlands, the UK, the US, Chile and Russia.

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Its products cater to various sectors, such as processed foods, powdered beverages, tobacco, confectionery, personal care, pet food, pharmaceuticals and home and garden products.

Image: Weidenhammer provides composite cans and composite drums. Photo: courtesy of David Castillo Dominici / FreeDigitalPhotos.net.