Sonoco has signed an agreement to sell its Europe contract packaging business to Prairie Industries Holdings, a Wisconsin-based contract packaging and contract manufacturing firm backed by The Halifax Group, a Washington, D.C.-based global investment firm, for $120 million in cash. The transaction is subject to normal closing requirements and is expected to be completed in the 4Q 2020.
Sonoco’s Europe contract packaging business (Sonoco Poland Packaging Services Sp. z o.o.) produced net sales of approximately $300 million in 2019 and provides full-service custom packaging and supply chain management solutions to global consumer product goods companies through six contract packaging facilities in three locations and a warehouse all in Poland. The business is part of Sonoco’s Display and Packaging segment and has approximately 2,600 employees.
