Sonoco announced it has signed a definitive agreement to acquire Corenso Holdings America, Inc. from a company owned by investment funds advised by Madison Dearborn Partners, LLC and management for approximately $110 million in cash. Corenso Holdings America (CHA) is a leading US manufacturer of uncoated recycled paperboard (URB) and high-performance cores used in the paper, packaging films, tape, and specialty industries. The transaction is subject to normal regulatory review and is expected to close in the third quarter of 2019.
 
Corenso Holdings America produced net sales of approximately $75 million in 2018 and operates a 108,000-ton per year uncoated recycled paperboard mill in Wisconsin Rapids, WI, as well as two core converting facilities in Wisconsin Rapids and Richmond, VA, which combined employ approximately 175 associates.
 
“The acquisition of Corenso Holdings America creates a long-term opportunity for Sonoco as CHA operates a best-in-class uncoated recycled paperboard mill that is capable of producing a wide variety of coreboard grades, in addition to providing attractive core converting assets and long-term partnerships with customers,” said Rob Tiede, Sonoco president and CEO.
 
 “Along with its attractive assets and customer mix, 100% of Corenso Holdings America products are made from recycled raw materials, which further enhances Sonoco’s sustainability commitment to increase by weight the amount we recycle or cause to be recycled up to 85% relative to the volume of products we put into the global marketplace by 2025,” Tiede added.