Sonoco Announces Purchase of Crown Cork & Seal's Composite Can Assets
HARTSVILLE, S.C., May 4 /PRNewswire/ -- Sonoco (NYSE: SON) today announced that it has reached a definitive agreement to purchase all of the composite can assets of Crown Cork & Seal Company, Inc., according to Peter C. Browning, president and chief executive officer. Terms of the agreement were not disclosed.
Crown Cork & Seal's composite can business had 1998 sales of approximately $32 million. The all-cash purchase is subject to regulatory approval.
Crown Cork & Seal manufactures composite cans at three facilities located at Massillon, Ohio; Murfreesboro, Tennessee; and Winter Garden, Florida. Sonoco has 51 global composite can operations, including 37 in North America.
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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