Caraustar Sells Fiber Container And Plastics Businesses to Sonoco
Oct. 3, 2007 - Caraustar Industries today said that it has sold its fiber containers and industrial plastic carriers operations to Sonoco.
Terms of the deal were not disclosed.
The sale includes six manufacturing facilities in the U.S. The fiber container operations included in the deal are located in Covington, GA, Orrville, OH, St. Paris, OH, and Stevens Point, WI. The plastics operations are in New Smyrna Beach, FL and Union, SC.
Michael J. Keough, president and chief executive officer of Caraustar, said, "The sale of these assets reflects our objective to exit non-core businesses. The transaction brings us closer to the completion of our transformation plan and our commitment to focus on growing our core businesses and achieving sustained profitable growth."
The fiber container operations produce a variety of spiral-wound recycled paperboard containers used to package adhesives and sealants, lubricating grease and a variety of food and non-food products. The plastics operations produce injection-molded and extruded plastic converting cores, thread carriers, film packaging, carpet carriers, and adhesive and sealant products.
SOURCE: Sonoco and Caraustar Industries