Sonoco Agrees to Acquire Colorado-based Ball Metalpack

SEATTLE (Scrap Monster): Hartsville, S.C.-headquartered Sonoco announced that it has reached a definitive agreement to acquire Broomfield, Colorado-based Ball Metalpack- a leading North American manufacturer of sustainable metal packaging solutions for food and household products.

The acquisition deal is for $1.35 billion in cash, prior to taking into consideration tax benefits with an estimated net present value of approximately $180 million.

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Formed in 2018, Ball Metalpack was formerly part of Call Corporation. Currently, it operates as a joint venture owned 51% by Platinum Equity and the remaining 49% by Ball Corporation. Ball Metalpack had made substantial investments in equipment technology and human capital over the past three years. The company is expected to generate around $850 million in revenue and $111 million of adjusted EBITDA during the current year.

Howard Coker, President and CEO, Sonoco commented that the acquisition fits the company’s strategy of investing in core businesses. Furthermore, it expands the company’s already established sustainable packaging portfolio with metal packaging. The addition of Ball Metalpack will further strengthen its stable cash flow generation and drive solid earnings accretion, he added.