Sonoco takes majority stake in Brazilian flexible packaging company
Sonoco, a diversified global packaging company, has signed a definitive agreement to acquire a majority interest in Graffo Paranaense de Embalagens, a flexible packaging business located in Pinhais, Curitiba, Brazil.
Founded in 2001, Graffo serves the confectionery, dairy, pharmaceutical and industrial markets in Brazil, and had sales of approximately 35 million USD in 2014.
It operates high-quality rotogravure printing presses, including a new 10-color press, as well as sophisticated lamination applications at its Pinhais facility.
Sonoco is to acquire a two-thirds stake in Graffo, and the transaction is expected to close in the second quarter of 2015.
Jack Sanders, Sonoco president and chief executive officer, said: ‘We're extremely pleased to join Graffo with Sonoco's growing global flexible packaging business.
‘We were looking to invest jointly in Brazil with a partner who has strong technical capabilities and established relationships with both large global consumer product companies and growing local businesses, where we could bring our customer relationships and technical capabilities to grow our presence in this important emerging market.’
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