Peninsula Packaging Co. makes thermoformed packaging for fresh fruit and vegetables found in retail supermarkets. File photo
Sonoco has purchased Peninsula Packaging Co., a maker of thermoformed packaging for fresh fruit and vegetables found in retail supermarkets.
Sonoco bought Peninsula Packaging for approximately $230 million, financing the deal with a combination of cash and a $150 million three-year term loan, officials said.
“Combining Peninsula’s product lines with Sonoco’s packaging capabilities positions us extremely well to capture new growth in the rapidly expanding fresh and natural category, while greatly accelerating and enhancing our ability to offer our customers the most diverse consumer packaging formats and solutions in the industry,” Sonoco Executive Vice President and Chief Operating Officer Rob Tiede said.
Peninsula Packaging was founded in 2001 and operates five manufacturing facilities, four in the United States and one in Mexico.