Sonoco draws down on short-term credit facilities for TEQ acquisition

By Wendy Van Sickle

Columbus, Ohio, Jan. 2 – Sonoco Products Co. drew down on its short-term credit facilities to fund its acquisition of Thermoform Engineered Quality, LLC and Plastique Holdings, Ltd., according to a press release issued on Thursday.

Sonoco purchased the Huntley, Ill.-based entities, which manufacture thermoformed packaging for the health care, medical device and consumer markets, from ESCO Technologies, Inc. for $187 million in cash.

Sonoco Products is a Hartsville, S.C., manufacturer of paperboard-based and other industrial and consumer packaging products.

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