Amcor Limited and Bemis Company, Inc. announce another important step toward closing their all-stock transaction. Unconditional antitrust clearance with no remedial action has been received from the Brazilian Administrative Council for Economic Defense (CADE). The transaction remains subject to regulatory approval in the United States. The companies are in advanced discussions with US Department of Justice (DOJ) which includes the potential for required remedies. Inclusive of remedies required by the European Commission, collective potential remedies would represent an immaterial proportion of the total sales for the combined company and would not impact the USD 180 million of net cost synergies expected to be delivered by the end of the third year following completion. As previously announced, completion of the transaction is expected on 15th May 2019.
Sonoco (NYSE: SON), one of the most diversified global packaging companies, today announced it has closed on the sale of its Display and Packaging business in the United States to Hood Container Corporation for $80 million in cash.
Sonoco’s U.S. Display and Packaging business produced net sales of approximately $135 million in 2020 and provides point-of-purchase display design, manufacturing and fulfillment as well as contract packaging services for consumer product customers with more than 250 brands. Based in Winston-Salem, N.C., the Display and Packaging business operates eight manufacturing and fulfillment facilities along with four sales and design centers and has approximately 450 employees.
Based in Atlanta, GA, Hood Container is a family owned, leading integrated paperboard and specialty paper manufacturer with operations in containerboard, kraft paper, corrugated boxes, high-graphic displays and contract packaging, corrugated, folded box and displays.
“Our U.S. Display and Packaging business has been an industry pioneer with a legacy of providing innovative solutions for complex supply chain challenges,” said Howard Coker, Sonoco President and CEO. “However, Sonoco is focused on growing our core Consumer and Industrial packaging businesses around the world, and by divesting this business we expect to apply proceeds to further invest in ourselves while returning value to our shareholders.”