With more restaurants seeking carryout and delivery options, Eco-Products® is introducing a new compostable wrap that is ideal for swaddling sandwiches, snacks and more. The new wrap is made from wax paper, is ASTM D6868 compliant and is certified by the Biodegradable Products Institute (BPI) as compostable in commercial facilities. It conveniently works as a basket liner, food wrap or as a scale or pick-up sheet. Jointly developed with Eco-Products’ parent company, Novolex®, the new wrap offers a number of benefits: *Works with both hot and cold snacks and sandwiches *Made from renewable resources *Grease- and moisture-resistant *ASTM D6868 compliant and BPI-certified compostable in commercial compost facilities only *Features print on the wrap that includes the Eco-Products and BPI logos, assuring customers that the product is made from sustainable materials and can be to put into the compost bin after use.
Sonoco (NYSE: SON), a diversified global packaging leader, announced today it has entered into a definitive agreement to acquire S.P. Holding, Skjern A/S (“Skjern”), a privately owned manufacturer of paper based in Skjern, Denmark. The acquisition expands production capacity for customers and Sonoco converting operations throughout Europe and bordering regions. The estimated $88 million (675 million DKK) all-cash transaction has been unanimously approved by Sonoco’s Board of Directors and is expected to be completed in the fourth quarter of 2022, subject to customary closing conditions.
Founded in 1965, Skjern is a leading producer of high-grade paperboard from 100% recycled paper for rigid paper containers, tubes and cores, and other applications. The company has robust sustainability programs in place for renewable energy and CO2 emission reduction and operations are powered by a biomass boiler, which reduces reliance on natural gas. In 2022, Skjern is expected to achieve annual sales of $50 million and the transaction is expected to be immediately accretive to both earnings per share and cash flow.
“This acquisition builds on Sonoco’s previously articulated strategy to invest in our core businesses while capitalizing on the growing market for sustainable paper and packaging products in Europe,” said Howard Coker, Sonoco’s President and CEO. “Skjern has a strong reputation for high quality output from efficient and low emission operations, which aligns well with Sonoco’s overall commitment to a circular economy and the reduction of greenhouse gases. With this acquisition, Sonoco is better positioned to be a trusted provider to new and existing customers and to further accelerate organic growth in Europe. We warmly welcome the Skjern team to the Sonoco family.”