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May 23, 2007

1 Min Read
Sonoco scoops up Matrix

Global packaging giant Sonoco (Hartsville, SC) will expand its rigid packaging presence with the all-cash purchase of Canadian firm Matrix Packaging Inc. (Mississaugua, ON) for $210 million. Matrix operates six facilities between the U.S. and Canada, employing 860, and offering extrusion blowmolding, injection stretch blowmolding, and injection molding. The company is expected to have annualized 2007 sales of $140 million.

At the end of 2006, Sonoco finalized the purchase of extruded and thermoformed packaging manufacturer, Clear Pack Co. (Franklin Park, IL), and said that it would add blowmolding capabilities in 2007, which it does with Matrix (see Dec. 5, 2006 e-Weekly for initial report).

Founded in 1992, Matrix produces mono- and multilayer packages and closures, and it also offers decoration and assembly, including silk-screen printing and pressure-sensitive and heat-transfer labels.

Sonoco will retain Matrix’s management, including Pushminder Judge, the Matrix president and CEO, who will join Sonoco’s management team. In a statement, Sonoco chairman, president, and CEO, Harris DeLoach, said the acquisition will “transform [Sonoco’s] current rigid plastic container business, both in size and in scope,” also providing balance by creating a presence in the drink and personal care markets.—[email protected]

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