Sonoco announced it has signed a definitive agreement to acquire Peninsula Packaging Company for approximately $230 million in cash. Peninsula, which is owned by a fund managed by Odyssey Investment Partners, LLC, is a leading manufacturer of thermoformed packaging for fresh fruit and vegetables found in the fast-growing perimeter of retail supermarkets. The transaction is subject to normal regulatory review and is expected to close by the second quarter of 2017. Founded in 2001, the Exeter, Calif.-based company has 2016 proforma sales of approximately $190 million¹ and operates five manufacturing facilities, four in the United States and one in Mexico. The majority of its business is focused on packaging for a wide range of whole fresh fruits, pre-cut fruits and produce and prepared salad mixes, as well as baked goods. Peninsula’s customer base includes most of the leading household names for fresh fruits and vegetables found at retail. click Read More below for additional detail
Sealed Air’s (NYSE: SEE) Cryovac® Darfresh® on Board, a vacuum skin packaging system, has received a 2018 World Dairy Innovation Award in the Best Manufacturing & Innovation Process category. The program celebrates excellence and innovation achieved by leading-edge companies around the world across every category of the global dairy industry.
An exclusive development of Sealed Air and G. Mondini S.p.A., this unique vacuum skin packaging system with flat cardboard base is designed specifically for case-ready and dairy-solid products. It uses an innovative, patented technology that eliminates film waste while increasing productivity. Since the flat support is less bulky than trays used in standard modified atmosphere packaging (MAP), the packaging system is also able to reduce transportation and storage space by up to 80 percent.
“This is an outstanding recognition and we’re proud that Cryovac Darfresh on Board is demonstrating innovation with the dairy industry and our customers,” said John Dawson, Global Marketing Director for Dairy at Sealed Air Food Care. “In addition to superior freshness, this sustainable product allows the consumer to responsibly dispose of the material and recycle the cardboard.”
Since shelf life is extended, processors and retailers are also able to decrease food waste and shrink while also reducing the food and packaging carbon footprint by up to 70 percent versus MAP.
This year’s World Dairy Innovation Awards winners were revealed on June 20 during a special event at the Global Dairy Congress in Warsaw, Poland. To learn more about this award and Cryovac Darfresh on Board, visit www.foodbev.com/worlddairyinnovationawards or sealedair.com.