Sonoco Europe has expanded its production sites for injection-molded rigid plastic packaging in Zwenkau, Germany. By investing approximately 8 million Euros and adding 25 new employees, the Hockenheim-based company aims to increase production capacity and improve the location’s energy efficiency. In Zwenkau, Sonoco produces injection-molded rigid plastic packaging using advanced in-mold labelling (IML) technology. IML technology allows for the creation of highly decorated, visually appealing plastic containers particularly suitable for uniquely showcasing spreads, sausage products, fish and dairy produce. Additionally, Sonoco produces IML lids for rigid paper containers in Zwenkau. By expanding its two production sites in Zwenkau, Sonoco significantly increases its production capacities for injection-molded rigid plastic packaging. Until recently, the site known as Zwenkau II was primarily used to provide additional capacity to assist with peaks in production demand. Since June 2016, the Company has continuously operated on a three-shift basis. The workforce has increased from 75 to 100 staff, and approximately 8 million Euros were invested in the facility expansion. All lines are now supplied with resin directly and fully automatically from on-site granule silos. The company further established additional office space and a high-bay warehouse.
WestRock Company (“WestRock”) (NYSE: WRK) and KapStone Paper and Packaging Corporation (“KapStone”) (NYSE: KS) today announced that the U.S. Department of Justice has cleared WestRock’s pending acquisition of KapStone through Whiskey Holdco, Inc. (“Holdco”).
As this was the last antitrust approval required to complete the pending acquisition, WestRock and KapStone expect the pending acquisition to close on November 2, 2018, subject to customary closing conditions. As a result of the acquisition, among other things, Holdco will become the ultimate parent of WestRock, KapStone and their respective subsidiaries.
Assuming the acquisition closes as expected, former KapStone stockholders will have the right to receive, with respect to each share of KapStone common stock they hold, either $35.00 in cash or, if they made and did not revoke a valid election in respect thereof by the election deadline at 5:00 p.m. New York City time on September 5, 2018, 0.4981 shares of Holdco common stock and cash in lieu of fractional shares. WestRock expects that shares of KapStone common stock will cease trading on the New York Stock Exchange prior to market open on November 5, 2018.