Tuesday 21st April 2020
January 6th, 2020
We are pleased to announce that Sonoco (NYSE: SON), one of the most sustainable, diversified global packaging companies, has completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ), a global manufacturer of thermoformed packaging serving healthcare, medical device and consumer markets, from ESCO Technologies, Inc. (NYSE: ESE) for $187 million in cash.
For over 25 years, TEQ has been dedicated to being the leader of quality thermoform manufacturing. TEQ’s continuous innovation, design capabilities, and process control gives the company the ability to serve and meet our customers’ needs. As part of ESCO Technologies, our technical packaging business has been able to grow and transform from primarily being a consumer packaging supplier to becoming a global leader in the development and supply of highly engineered sustainable healthcare packaging and products.
I believe the U.S. and Europe will remain the largest consumers of healthcare packaging as new sophisticated therapies with specialized packaging needs continue to be introduced to the market. TEQ’s history of growth mirrors the growth in healthcare spending and medical device utilization, and we look forward to joining Sonoco in further expanding our capabilities to meet our customers’ future needs.
We enter into a new and exciting era by joining the Sonoco team. Sonoco’s market presence and broad list of product offerings will surely enhance TEQ’s ability to provide a total solution to prospective customers in our target markets.
On behalf of the entire TEQ team, thank you for your continued business, and we look forward to continuing our relationship together. Our goal will remain to be to provide our customers with creative and sustainable solutions. Effective Monday Jan. 6, 2020, you will start receiving emails from the TEQ team at the sonoco.com email domain. Full press releases are available on the Sonoco website (www.sonoco.com) and ESCO Technologies website (www.escotechnologies.com). If you have any questions, please feel free to reach out to myself and/or our team.
Randall K Loga