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Sonoco Products Co.’s (SON - Analyst Report) unit, Sonoco ThermoSafe has acquired the PharmaPort 360 assets, licenses, trademarks and manufacturing rights from AAR. This buyout will help Sonoco to enter the active temperature-controlled cargo containers market. Per the deal, Sonoco ThermoSafe will own and lease the PharmaPort 360 containers globally. It also signed a multi-year agreement with AAR to make, repair and perform maintenance services. The PharmaPort 360 is an innovative active container that uses regenerative heat exchangers to maintain stringent temperature control for high-value cargo. These containers are approved by the U.S. Federal Aviation Authority (“FAA”). The containers can also be utilized to safely ship temperature-sensitive pharmaceuticals, blood plasma and other biological cargo via air or ground transportation. This acquisition is in sync with Sonoco’s strategy to provide the best temperature-controlled shipping solutions to meet customers’ critical needs to ship high-value pharmaceuticals and biologics worldwide. Sonoco remains committed to deliver on its ‘Grow and Optimize’ strategy. This strategy focuses on targeted growth of the company’s Consumer Packaging and Protective Solutions businesses, and optimizing its Industrial-focused businesses. Sonoco''s acquisition of Weidenhammer Packaging Group has strengthened its packaging business in Europe and further expanded its expertise in stable, highly decorated convenience packaging. Further, the acquisition of a majority interest in Graffo will enable the company to grow its business in Brazil. South Carolina-based Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. The company is also the largest producer of paper-based tubes and cores in North America. At present, Sonoco carries a Zacks Rank #3 (Hold). |
