Miyakoshi enters digital press for flexible packaging market

In a deal that expands its position in the food and pet food markets and beefs up its labeling capabilities, flexible packaging supplier ProAmpac has acquired Prairie State Group (PSG), an SQF-certified provider of flexible packaging and labeling services based in Franklin Park, Ill. The financial terms of the transaction were not disclosed. PSG produces a range of SQF-certified and environmentally-friendly flexible packaging and label solutions, including wrappers, pouches, compostable film, roll stock, and pressure-sensitive labels.

Sonoco announced it has signed a definitive agreement to acquire the remaining 70 percent interest in the joint venture of Conitex Sonoco for approximately $133 million in cash. Conitex Sonoco is a vertically integrated, global leader in the manufacture of paper-based cones and tubes used in the textile industry. The transaction is subject to normal international regulatory reviews and is expected to close in the third quarter of 2018. The Conitex Sonoco joint venture was formed in 1998 between Texpack, Inc., a Spanish-based global provider of paperboard and paper-based packaging products, and Sonoco’s former North America textile cone business. In 2017, the joint venture had total sales of approximately $245 million and produced more than 300,000 tons of uncoated recycled paperboard, which was used to produce approximately 1.4 billion tubes and cones for the global spun yarn industry. The company also produces adhesives, flexible intermediate bulk containers and corrugated pallets. The joint venture has 13 manufacturing locations in 10 countries, including four paper mills and seven cone and tube converting operations as well as two other production facilities. Click Read More below for additional information.

Highlights: Q2 Net Sales were $1,094.7 million versus $1,103.2 million in the prior year period. Q2 Net Tons Sold were 733.9 thousand tons versus 721.9 thousand tons in the prior year period. Q2 Earnings per Diluted Share were $0.14 versus $0.24 in the prior year period. Q2 Adjusted Earnings per Diluted Share were $0.15 versus $0.19 in the prior year period. Q2 Net Income was $42.0 million versus $77.8 million in the prior year period. Q2 Adjusted EBITDA was $170.6 million versus $195.2 million in the prior year period. Returned $42.8 million to stockholders in Q2 through dividends and share repurchases. Click Read More below for additional details.