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Strategies & Market Trends : Speculating in Takeover Targets
ULBI 7.045+2.4%1:34 PM EST
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To: richardred who wrote (1429)12/1/2006 10:33:52 AM
From: richardred  Read Replies (1) of 7242
 
Sonoco Buys Rest of Demolli Industria
Friday December 1, 10:28 am ET
Sonoco Buys Remaining 75 Percent Stake in Italy-Based Demolli Industria Cartaria for $120M

HARTSVILLE, S.C. (AP) -- Industrial and consumer packaging company Sonoco Products Co. said Friday that it has acquired the remaining 75 percent interest in Italy-based manufacturer Demolli Industria Cartaria S.p.A.

With the completion of the transaction, Sonoco holds 100 percent interest in 30 tube and core plants and seven paper mills in Europe. The total purchase price was about $120 million. The acquisition is expected to be slightly accretive to Sonoco's earnings in 2007, the company said.

Demolli, with annual sales of about $60 million, manufactures tubes and cores and recycled paperboard, and serves markets in Italy and northern Europe. The transaction includes the purchase of three tube and core manufacturing facilities and a recycled paperboard mill.

Sonoco in October said it expects to close 12 plant locations globally and eliminate 520 positions. The actions are expected to achieve about $23 million in annual pretax savings when fully phased in through the remainder of 2006 and 2007. The total cost of the restructuring program is estimated to be about $35 million, according to the company.

Shares of Sonoco added 17 cents to $36.82 in morning trading on the New York Stock Exchange, but remained near their 52-week high of $37.15.

biz.yahoo.com
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