Sonoco Sells Folding Carton Business to Caraustar
Jan. 6, 2006 - Sonoco today announced that it has completed the sale of its folding cartons business to Caraustar Industries. The purchase price was not disclosed.
Sonoco's folding carton business produces a variety of paperboard cartons and packaging from its single manufacturing facility at 8800 South Boulevard in Charlotte, N.C. The facility has approximately 130 employees.
"Our small folding cartons business is no longer core to our growth strategy and supporting portfolio of products and services," said Harris E. DeLoach, Jr., chairman, president and chief executive officer. "Proceeds from the sale will be used to reduce debt."
Sonoco acquired the folding carton operation as part of its acquisition of Engraph, Inc. in 1993.