Sonoco Products Co. announced on Tuesday that several of its subsidiaries have finalized a deal to sell its Protective Solutions business to Black Diamond Capital Management, LLC for an estimated sum of $80 million in cash.
Sonoco's Protective Solutions sector is a top-tier manufacturer of molded expanded polypropylene and expanded polystyrene foam components. It is also recognized for its integrated material solutions for an array of industrial end markets. These includes the automobile industry, power sports, impact surfaces, heating and cooling systems (HVAC), electronics/technology, and appliances.
Currently, the business employs about 900 personnel and operates nine manufacturing facilities. The deal is projected to finalize in the first half of 2024 pending customary closing conditions.
