Sonoco Acquires Composite Reel Manufacturer
HARTSVILLE, S.C., March 8 /PRNewswire/ -- Sonoco (NYSE: SON) has purchased Wood Composites Technology, Greensboro, Georgia, a closely-held manufacturer of composite (combination of wood and recovered plastic) reels, it was announced today by Peter C. Browning, president and chief executive officer. Terms of the purchase were not disclosed. Sales resulting from the acquisition should exceed $10 million annually.
"The composite reels will complement our industry leading Baker(R) wood and steel reels, thus making Sonoco a full line supplier of reels for the wire and cable industries," said Mr. Browning.
Sonoco, founded in 1899, is a $2.6 billion manufacturer of industrial and consumer packaging products with approximately 275 operations in 32 countries serving customers in some 85 nations.
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CONTACT: Allan Cecil, Vice President of Sonoco, 843-383-7524