Sonoco, a global sustainable packaging company, has completed its acquisition of Ball Metalpack.
Ball Metalpack is the largest aerosol can producer in North America and was formed as a joint venture between Platinum Equity and Ball Corporation in 2018. Sonoco acquired the company for $1.35 billion (€1.2 billion).
Headquartered in Broomfield, Colorado, Ball Metalpack has more than 100 years of experience producing steel tinplate food and aerosol cans, as well as closures and packaging components from eight operations in Canton and Columbus, Ohio; Milwaukee and Deforest, Wisconsin; Chestnut Hill, Tennessee; Horsham, Pennsylvania; and Oakdale, California.
“Sonoco and Ball Metalpack are a clear strategic fit,” said Howard Coker, president and CEO of Sonoco. “The metal packaging business complements Sonoco’s largest consumer packaging franchise – our global paper cans and closures business. In addition, this combination expands Sonoco’s already established sustainable packaging portfolio to include metal packaging, which is one of the world’s top circular economy adapted products.
“We are extremely excited to welcome 1,300 experienced metal packaging associates into the Sonoco family. With a comprehensive and innovative product portfolio and facilities enhanced by recent investments in new technology and capacity, we believe the addition of this metal packaging business will further strengthen our stable cash flow generation and provide immediate earnings accretion.”
Ball Metalpack generated approximately $850 million (€762 million) in revenue and $114 million (€102 million) in adjusted EBITDA in 2021. The company’s name is being changed to Sonoco and its financial results are expected to be reported in Sonoco’s Consumer Packaging segment.
Jim Peterson, a 15-year leader in the metal packaging sector, will remain as president of Sonoco Metal Packaging, reporting to Rodger Fuller, executive-vice-president. The business’ tenured management team will remain with the business and there are no expected changes in operations or customer relationships as a result of the acquisition.