Graffo: Sonoco acquires majority stake in Brazilian flexibles company

Sonoco has signed an agreement to acquire a majority share in Graffo Paranaense de Embalagens, a Brazilian flexible packaging company. The terms of the acquisition were not disclosed.With sales of approximately US$35 million in 2014, Graffo operates high-quality rotogravure printing presses, including a new 10-colour press, as well as sophisticated lamination applications. It serves the Brazilian confectionery, dairy, pharmaceutical and industrial markets."We're extremely pleased to join Graffo with Sonoco's growing global flexible packaging business," said Jack Sanders, Sonoco's president and chief executive officer."We were looking to invest jointly in Brazil with a partner who has strong technical capabilities and established relationships with both large global consumer product companies and growing local businesses, where we could bring our customer relationships and technical capabilities to grow our presence in this important emerging market."