US packaging company Sonoco will acquire recycled paperboard manufacturer Corenso Holdings America for US$ 110 million.
The business deal will be completed in the third quarter of this year. Corenso Holdings America recorded net sales of around US$75 million in 2018. The company operates a 108 000-ton/year recycled paperboard mill in Wisconsin Rapids, Wisconsin, as well as two core converting facilities in Wisconsin Rapids and Richmond, Virginia. These employ approximately 175 people.
Rob Tiede, Sonoco president and chief executive officer points out that 100% of Corenso Holdings America products are made from recycled raw materials. ‘This further enhances our sustainability commitment to increase by weight the amount we recycle or cause to be recycled up to 85% relative to the volume of products we put into the global marketplace by 2025.’
Tiede expects there will be no changes in operating leadership and customer relationships at Corenso Holdings America.
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