# Sonoco to acquire remaining 70% of Conitex Sonoco joint venture for $133M

Sonoco signed a definitive agreement to acquire the remaining 70% interest in the Conitex Sonoco joint venture, a maker of paper-based cones and tubes for the textile industry, for about $133 million in cash. The deal is expected to close in Q3 2018.

- Type: Acquisition
- Announced: 2018-05-29
- Value: $133.0M
- Status: announced
- Capacity: more than 300,000 tons of uncoated recycled paperboard per year
- Products: paper-based cones and tubes, paperboard, adhesives, flexible intermediate bulk containers, corrugated pallets
- Sectors: [Packaging](https://endata.com/sectors/packaging.md)

## Companies

- [Sonoco](https://endata.com/companies/268.md) (acquirer)
- [Conitex Sonoco](https://endata.com/companies/3364.md) (target)
- [Texpack](https://endata.com/companies/3365.md) (partner)

## Sources

- [globenewswire.com](https://www.globenewswire.com/news-release/2018/05/29/1512980/26553/en/sonoco-to-acquire-conitex-sonoco-joint-venture.html), 2018-05-29: "The Conitex Sonoco relationship has been very successful over the past 20 years."
- [nasdaq.com](https://www.nasdaq.com/articles/sonoco-son-to-buy-70-balance-stake-in-conitex-sonoco-jv-2018-05-30), 2018-05-30: "The transaction is subject to regulatory reviews and expected to close in third-quarter 2018."
- [pulpandpapercanada.com](https://www.pulpandpapercanada.com/sonoco-to-acquire-conitex-sonoco-1100001198/), 2018-06-01: "Sonoco, a diversified global packaging company, has signed an agreement to acquire the remaining 70 per cent interest of the joint venture of Conitex Sonoco for about $133 million."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.