Sonoco Acquires Ball Metalpack
One of the largest employers in Cocke County is about to get a bit bigger. Sunoco announced today it has entered into a definitive agreement to acquire Ball Metalpack, that’s a leading manufacturer of sustainable metal packaging for food and household products…They are the4 largest aerosol can producer in North America. The deal is for $1.35 billion. So0noco obtained a commitment from JPMorgan Chase Bank for a $1.0 billion senior unsecured bridge loan that will be replaced with permanent financing prior to the deal’s closing.
According to a press release Ball Metalpack supplies innovative sustainable steel packaging solutions for food and aerosol products in North America. With about 1,300 employees, the private company is based in Broomfield, Colorado, with eight U.S. Plants.
Sunoco’s founding dates back over 120 years to 1899…Sonoco is a global provider of consumer, industrial, healthcare and protective packaging. With annualized net sales of approximately $5.5 billion, the company has approximately 19,000 employees working in more than 300 operations in 34 countries…that includes the facility in Newport. The press release did not mention if that acquisition would bring more jobs to Cocke County. The deal is reported to be completed during the 1st quarter of 2022