Sonoco Agrees to Buy Ohio Company

Sonoco has signed a definitive agreement to purchase Phoenix Packaging Corp., a privately held company headquartered in North Canton, Ohio.

The all-cash purchase, which is subject to regulatory approval, is expected to close by the fourth quarter of this year. Phoenix had sales last year of about $70 million, with 2001 sales estimated at approximately $80 million.

Phoenix operates two facilities in the Canton area. They manufacture steel easy-open closures. The products are capable of serving metal, plastic and composite containers.