Packager Sonoco Buys Rival From Metalmark For $550M

Law360, New York (October 11, 2011, 2:42 PM EDT) -- Packaging company Sonoco Products Co. said Monday it had agreed to buy Tegrant Corp. from private equity firm Metalmark Capital Holdings LLC for $550 million as part of an effort to expand its footprint in protective packaging.

Sonoco said purchasing Tegrant, a maker of protective, thermal and consumer packaging, would add 10 cents per share to its adjusted earnings in 2012. The company's shares rose less than 1 percent to close at $29.61 each on Monday on the New York Stock Exchange.

Tegrant will give the global packaging and shipping...
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