Sonoco Completes Acquisition of Clear Lam Packaging, Inc.
Sonoco announced it has completed the acquisition of Clear Lam Packaging, Inc., a family-held developer and manufacturer of flexible and forming plastic packaging films, for approximately $170 million in cash. Founded in 1969, the Elk Grove Village, Ill.-based company is projecting 2017 sales of approximately $140 million and operates state-of-the-art manufacturing facilities in Elk Grove Village and Nanjing, China, with nearly 400 total employees. Clear Lam is a technology leader in the development, production and conversion of high barrier flexible and forming films used to package a variety of products for consumer packaged goods companies and retailers, with a focus on structures used for perishable foods. Clear Lam President and CEO James Sanfilipo and other key members of its management team are expected to remain with the company. Clear Lam’s financial results will be added to Sonoco’s Consumer Packaging segment. Click Read More below for additional details.