US packaging giant Sonoco has completed the acquisition of Illinois-based Thermoform Engineered Quality (TEQ) including Stevenage (UK)-based Plastique Holdings in a $187m (£145m) deal.
TEQ recorded sales of $87m (£66m) in the fiscal year ended September 30, 2019, and operates three thermoforming and extrusion facilities in the USA along with a thermoforming operation in the UK, and thermoforming and molded-fiber manufacturing in Poland.
It produces recyclable, molded-pulp-fiber packaging and thermoformed plastic packaging for multiple consumer products primarily in Europe.
“The fast-growing healthcare packaging space is a key area of growth for Sonoco and with the addition of TEQ we now have a suite of products and services available to become a much larger supplier to healthcare and medical device manufacturers,” said Rob Tiede, Sonoco president and chief executive. “Entering 2020, Sonoco Healthcare Packaging group now includes TEQ’s broad capabilities, along with our best-in-class ThermoSafe temperature-assured pharmaceutical packaging; injection-molded vials, multi-cell cuvettes and appliances; thermoformed trays for medical devices and OTC medical products; and our Alloyd heat-sealing equipment for commercial medical applications.”
Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services, with net sales of $5.4bn (£4.1bn).