Sonoco Sells Capseals Business
HARTSVILLE, S.C., Dec. 22 /PRNewswire/ -- Sonoco (NYSE: SON) today announced the sale of its Capseals business to ITW Limited, a wholly-owned subsidiary of Illinois Tool Works Inc. (NYSE: ITW). The purchase price was not disclosed.
(Photo: http://www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO )
Sonoco Capseals, located in Slough, England, near London's Heathrow Airport, manufactures lining materials for bottle caps supplied as disks or tape using paperboard, films, expanded plastic foam and foils in various combinations. Sonoco Capseals had 1999 sales of approximately $19 million.
"The Capseals business has an outstanding reputation for quality and service, and has been profitable for Sonoco. It is not, however, a core business for us," said Harris E. DeLoach, Jr., president and chief executive officer.
"We are particularly pleased that the business was purchased by such an excellent global company as ITW. The outstanding personnel at our Capseals business deserve no less," concluded DeLoach.
Sonoco, founded in 1899, is a $2.5 billion manufacturer of industrial and consumer packaging products and provider of packaging services, with 285 operations in 33 countries serving customers in some 85 nations. For more information on Sonoco visit our web site at www.sonoco.com.
SOURCE Sonoco
Web site: http: //www.sonoco.com
Photo: NewsCom: http: //www.newscom.com/cgi-bin/prnh/19991006/SNCLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT: Allan V. Cecil, Vice President of Sonoco, 843-383-7524, or allan.cecil@sonoco.com
CAPTION: SNCLOGO SONOCO LOGO Sonoco Logo. (PRNewsFoto)[KC] HARTSVILLE, SC USA 10/06/1999