Sonoco acquiring majority stake in Brazilian flexible packaging company
Global packaging group Sonoco has agreed to acquire a majority interest in Graffo Paranaense de Embalagens S/A, a closely held flexible packaging business located in Pinhais, Curitiba, Brazil.
Terms of the transaction were not disclosed. The acquisition is expected to close in the second quarter of this year.
"We're extremely pleased to join Graffo with Sonoco's growing global flexible packaging business," said Jack Sanders, President and CEO, noting that Sonoco will be acquiring a two-thirds stake in Graffo.
Founded in 2001, Graffo had sales of approximately US$35 million in 2014. It operates high quality rotogravure printing presses, including a new 10-color press, as well as sophisticated lamination applications at its Pinhais facility. With approximately 230 employees, Graffo serves the confectionery, dairy, pharmaceutical and industrial markets in Brazil.
