Sonoco acquires Clear Lam Packaging

Sonoco, a Hartsville, S.C.-based packaging company, has signed a definitive agreement to acquire a 100% stake in Elk Grove Village, Ill.-based Clear Lam Packaging Inc.

The deal to purchase Clear Lam, a manufacturer of flexible and forming plastic packaging films, is for about $170 million in cash.

The transaction, subject to regulatory review, is expected to close in the third quarter of 2017.

Clear Lam, which projects 2017 sales of about $140 million, operates manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 employees. Clear Lam produces high barrier flexible and forming films used to package a variety of products, with a focus on perishable food packaging, including produce.

Sonoco acquired Clear Lam to grow its global Flexible Packaging and Thermoforming Plastics operations to cater to the fast-growing perimeter of grocery and retail food stores, said Jack Sanders, Sonoco president and CEO.

“The addition of Clear Lam will significantly expand our Flexible Packaging and Thermoforming Plastics operations as we will be able to develop, produce and convert high barrier flexible and forming film structures to package fresh and prepared food products purchased in the growing store perimeter,” he said in a news release. “As an example, Clear Lam complements our recent acquisition of Peninsula Packaging’s thermoforming operations by being able to produce barrier flexible film lidding that extends shelf life, is resealable and provides a complete packaging solution to our fresh fruit and vegetable customers.”