Sonoco acquires Peninsula Packaging Co.
Peninsula’s financial results will be added to Sonoco’s consumer packaging segment.
Sonoco, Hartsville, S.C., acquired Peninsula Packaging Co., an Exeter, Calif.-based manufacturer of thermoformed packaging for fresh fruit and vegetables, for $230 million.
Peninsula’s financial results will be added to Sonoco’s consumer packaging segment, and the business will operate as the Peninsula brand of thermoformed packaging products within Sonoco Plastics’ global operations. Many of Peninsula’s leadership, sales and operations team will remain as is.
“We are extremely pleased to have Peninsula joining the Sonoco family of leading consumer packaging products. Peninsula significantly expands our thermoforming packaging capabilities, and we now occupy a strong packaging position serving the perimeter of supermarkets in fresh food products, combined with our existing offerings in the center of the store, including those serving a range of frozen and shelf-stable foods,” says Rob Tiede, executive vice president and COO of Sonoco. “Combining Peninsula’s product lines with Sonoco’s packaging capabilities positions us extremely well to capture new growth in the rapidly expanding fresh and natural category, while greatly accelerating and enhancing our ability to offer our customers the most diverse consumer packaging formats and solutions in the industry.”