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Sonoco boosts healthcare packaging business with TEQ buy

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The global packaging giant gains thermoforming and extrusion capabilities and state-of-the-art cleanrooms to serve the medical device and pharmaceutical sectors.

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.

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