Sonoco To Sell Protective Solutions Business To Black Diamond For $80 Mln

(RTTNews) - Sonoco Products Co. (SON) Tuesday announced that some of its subsidiaries have finalized an agreement to sell its Protective Solutions business to Black Diamond Capital Management, LLC. for approximately $80 million in cash.

The Protective Solutions business of Sonoco is a leading manufacturer of molded expanded polypropylene and expanded polystyrene foam components and integrated material solutions for a variety of industrial end markets, including automotive, power sports, impact surfaces, HVAC, electronics/technology, and appliances.

The business, which has about 900 employees, operates nine manufacturing facilities.

The completion of the transaction is anticipated in the first half of 2024, pending customary closing conditions.