Global packaging company Sonoco (Hartsville, SC) announced today that it has completed the acquisition of Thermoform Engineered Quality LLC and Plastique Holdings Ltd. (together TEQ), a global manufacturer of thermoformed packaging serving the medical device and consumer markets. Sonoco acquired TEQ from ESCO Technologies Inc. for $187 million in cash in the deal, which was first announced in November 2019.
Headquartered in Huntley, IL, TEQ reported sales of $87 million in the fiscal year ended Sept. 30, 2019. The company operates three thermoforming and extrusion facilities in the United States along with a thermoforming operation in the United Kingdom, and thermoforming and molded-fiber manufacturing in Poland. Each facility has state-of-the-art cleanroom capabilities enabling the production of sterile, barrier packaging systems for pharmaceuticals and medical devices. In addition, TEQ produces recyclable, molded-pulp-fiber packaging and thermoformed plastic packaging for multiple consumer products primarily in Europe. The company employs approximately 500 people.
“The fast-growing healthcare packaging space is a key area of growth for Sonoco, and with the addition of TEQ we now have a suite of products and services available to become a much larger supplier to healthcare and medical device manufacturers,” said Rob Tiede, Sonoco President and CEO, in a prepared statement. “Entering 2020, Sonoco Healthcare Packaging group now includes TEQ’s broad capabilities, along with our best-in-class ThermoSafe temperature-assured pharmaceutical packaging; injection-molded vials, multi-cell cuvettes and appliances; thermoformed trays for medical devices and OTC medical products; and our Alloyd heat-sealing equipment for commercial medical applications,” said Tiede.
Founded in 1899, Sonoco reports net sales of approximately $5.4 billion and employs more than 23,000 people in approximately 300 operations in 36 countries.