Sonoco pays $120 million for Associated Packaging, maker of frozen foods containers

Sonoco buys Associated Packaging for $120 million

HARTSVILLE, S.C. — Packaging products maker Sonoco Products Co. said Wednesday it has completed its acquisition of Associated Packaging Technologies Inc., a company that provides frozen foods containers.

Sonoco said it paid $120 million in cash, including the costs of paying off various obligations of Associated Packaging, which had been majority owned by private equity firm Castle Harlan Inc.

Sonoco said Associated Packaging should add $150 million to its annual revenue, which amounted to $3.6 billion in 2009.