Hartsville-based Sonoco, a global diversified packaging company, finalized the purchase, announced in March, last week. Sonoco bought privately held Highland for approximately $150 million in cash. Highland’s financial results will be added to Sonoco’s consumer packaging segment, and the business will operate within Sonoco’s global plastics division.
Highland, led by CEO Steve Maxwell, has grown from a regional supplier of agricultural packaging products into a global company with net sales of approximately $90 million in 2017.
“We are extremely pleased to have Highland joining the Sonoco family of leading consumer packaging products,” Sonoco president and CEO Rob Tiede said in a news release. “Highland significantly expands our thermoforming packaging capabilities for fresh products, especially when you consider our addition of Peninsula Packaging last year. Combined with our acquisition of Clear Lam, also in 2017, we now occupy a strong packaging solutions position serving the perimeter of supermarkets in fresh food products.”