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Sonoco To Acquire Conitex Sonoco JV - Quick Facts

Sonoco (SON) announced a definitive agreement to acquire the remaining 70 percent interest in the joint venture of Conitex Sonoco for approximately $133 million in cash. The company said the acquisition of Conitex Sonoco will be modestly accretive to Sonoco's earnings in 2018.

Conitex Sonoco is a vertically integrated, global leader in the manufacture of paper-based cones and tubes used in the textile industry. The Conitex Sonoco joint venture was formed in 1998 between Texpack, Inc., a Spanish-based global provider of paperboard and paper-based packaging products, and Sonoco's former North America textile cone business.

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