US packaging group Sonoco (Hartsville, South Carolina; www.sonoco.com) has completed the acquisition of Peninsula Packaging Company (Exeter, California / USA; www.peninsulapackaging.com). Peninsula is a manufacturer of thermoformed plastic packaging products for the fresh produce and baked goods found in retail supermarkets.

Sonoco financed the approximately USD 230m (EUR 216m) acquisition with a combination of cash and a EUR 141m three-year term loan. Peninsula's financial results will be added to Sonoco's Consumer Packaging segment and the business will operate as the Peninsula brand within Sonoco Plastics division's global operations.

"Peninsula significantly expands our thermoforming packaging capabilities and we now occupy a strong packaging position serving the perimeter of supermarkets in fresh food products, combined with our existing offerings in the centre of the store, including those serving a range of frozen and shelf-stable foods," said Sonoco executive vice president and COO Rob Tiede.

Sonoco is a provider of a variety of plastic and paperboard consumer packaging, industrial products and protective packaging. The company has annual net sales of EUR 4.5 bn, and 20,000 employees working in more than 300 operations in 33 countries. Its Peninsula brand of products includes hinged containers, bases, lids and domes, which are produced in five facilities, four in the US (Exeter; Hollister, California; Wilson, North Carolina and Yakima, Washington) and one in Guadalajara / Mexico.