Sonoco completes acquisition

Sonoco has completed the acquisition of the remaining 70 percent interest in the joint venture of Conitex Sonoco, a vertically integrated manufacturer of paper-based cones and tubes used in the textile industry. The joint venture was formed in 1998 between Texpack Inc., a Spain-based global provider of paper-based packaging products, and Sonoco’s former North America textile cone business. Sonoco acquired the remaining interest from Texpack, along with a composite can plant in Spain. In 2017, the joint venture produced total sales of approximately $245 million and more than 300,000 tons of uncoated recycled paperboard, which was used to produce approximately 1.4 billion tubes and cones.