Sonoco has completed the sale of its folding cartons business to Caraustar Industries. The purchase price was not disclosed. The business produces a variety of paperboard cartons and packaging at its facility in Charlotte, NC, which has about 130 employees.
"Our small folding cartons business is no longer core to our growth strategy and supporting portfolio of products and services," says chairman, president and chief executive officer Harris DeLoach. "Proceeds from the sale will be used to reduce debt."
Sonoco acquired the folding carton operation as part of its acquisition of Engraph in 1993.
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