The acquisition is expected to help Sonoco expand its customer production capacity and convert operations throughout Europe and neighbouring areas<\/p>\n\n\n\n
Paperboard container maker Sonoco has entered into a definitive agreement to acquire Denmark-based privately owned paper manufacturer Skjern for $88m in cash.<\/p>\n\n\n\n
The acquisition will help Sonoco expand its customer production capacity and convert operations throughout Europe and neighbouring areas.<\/p>\n\n\n\n
Sonoco said the buyout was unanimously approved by its board of directors. Expected to be completed in the fourth quarter of 2022, the deal is subject to customary closing conditions.<\/p>\n\n\n\n
Established in 1965, Skjern produces high-grade paperboard made entirely from recycled paper for rigid paper containers, tubes, cores, and other uses.<\/p>\n\n\n\n
The firm has established strong environmental initiatives for reducing CO2 emissions and utilising renewable energy sources.<\/p>\n\n\n\n
Its operations are fuelled by a biomass boiler, which lessens its dependency on natural gas.<\/p>\n\n\n\n
Skjern is anticipated to reach $50m in annual revenues in 2022, and it is anticipated that the deal would instantly increase profits per share and cash flow.<\/p>\n\n\n\n
Sonoco president and CEO Howard Coker said: \u201cThis acquisition builds on Sonoco\u2019s previously articulated strategy to invest in our core businesses while capitalizing on the growing market for sustainable paper and packaging products in Europe.<\/p>\n\n\n\n
\u201cSkjern has a strong reputation for high-quality output from efficient and low emission operations, which aligns well with Sonoco\u2019s overall commitment to a circular economy and the reduction of greenhouse gases.\u201d<\/p>\n\n\n\n
Coker added: \u201cWith 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.\u201d<\/p>\n\n\n\n
According to Sonoco, Skjern\u2019s high-quality product from effective and low-emission operations complements its aim of lowering greenhouse gas emissions.<\/p>\n\n\n\n
The acquisition is in line with the packaging firm\u2019s goal to develop in Europe\u2019s growing market for sustainable paper and packaging goods while investing in its core operations.<\/p>\n\n\n\n
In April this year, the firm acquired the remaining one-third interest in its Brazilian flexible packaging joint venture, Sonoco do Brasil Participacoes.<\/p>\n\n\n\n
Source : NS Packaging<\/p>\n","protected":false},"excerpt":{"rendered":"
The acquisition is expected to help Sonoco expand its customer production capacity and convert operations throughout Europe and neighbouring areas Paperboard container maker Sonoco has entered into a definitive agreement to acquire Denmark-based privately owned paper manufacturer Skjern for $88m in cash. The acquisition will help Sonoco expand its customer production capacity and convert operations<\/p>\n","protected":false},"author":1,"featured_media":6154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[98,65],"tags":[383],"class_list":{"0":"post-6153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-finance","8":"category-corrugated-folding-carton","9":"tag-sonoco"},"_links":{"self":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/6153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/comments?post=6153"}],"version-history":[{"count":1,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/6153\/revisions"}],"predecessor-version":[{"id":6155,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/6153\/revisions\/6155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media\/6154"}],"wp:attachment":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media?parent=6153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/categories?post=6153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/tags?post=6153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}