Sonoco Finalizes Clear Lam Purchase
Sonoco has officially completed its acquisition of Clear Lam Packaging, Inc. for approximately $170 million in cash. Sonoco signed a definitive agreement to acquire the business in June 2017.
Founded in 1969, Elk Grove Village, Illinois-based Clear Lam 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.
“One of the main attractions for us was the opportunity to leverage Clear Lam’s expertise in modified atmosphere packaging, which comes from a strong base of material science knowledge when it comes to films, additives and adhesives,” says Rob Tiede, Sonoco executive vice president and chief operations officer. “Clear Lam has also developed new portion-control condiment packaging, peel-reseal films for fresh fruits and vegetables, forming films for healthy yogurts, lidding films for fresh guacamole and several new packaging films that expand shelf life. The addition of its portfolio and technical capabilities for producing multi-layer film structures enhances and expands our ability to serve the rapidly growing perimeter of supermarkets in fresh food products, while driving synergies through the internalization of materials for Sonoco’s existing flexible and thermoforming customers.”