Sonoco Agrees to Acquire CorrFlex Graphics

Sonoco has signed a definitive agreement to acquire privately held CorrFlex Graphics, LLC, one of the nation's largest point-of- purchase display companies, for an all-cash purchase price of approximately $250 million.

The acquisition, which is subject to regulatory approval, is expected to be modestly accretive in the first year and is expected to generate sales on an annualized basis for 2004 of approximately $200 million.

The acquisition, to be known as Sonoco CorrFlex, is expected to close by the end of the second quarter.

CorrFlex, also doing business as CorrFlex Display & Packaging, is headquartered in Statesville, N.C., and has approximately 900 employees at 14 locations in the United States. The company designs, manufactures, assembles, packs and distributes temporary, semi-permanent and permanent P-O-P displays as well as provides contract packaging, co-packing and fulfillment services for major consumer product companies.