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Sonoco Acquires Associated Packaging Technologies, Inc.
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Expands Company's Thermoforming Capabilities into Dual-Ovenable Frozen Food Containers


Sonoco (NYSE: SON), one of the largest diversified global packaging companies, has completed the acquisition of Associated Packaging Technologies, Inc. (APT), North America's largest manufacturer and supplier of Crystallized Polyethylene Terepthalate (CPET) containers to the frozen food industry, it was announced today by Harris E. DeLoach Jr., chairman, president and chief executive officer.

The all-cash purchase price, including the cost of paying off various obligations of APT, was approximately $120 million, subject to certain possible adjustments. The acquisition is expected to be modestly accretive in 2010 and is expected to generate annualized sales of approximately $150 million. The transaction closed on June 29, 2010. APT was previously majority owned by investment funds controlled by Castle Harlan, Inc.

Founded in 1993, APT is a leading provider of dual-ovenable, food packaging serving the frozen food industry in North America, Europe and Australia/New Zealand. The Company operates four state-of-the-art CPET thermoforming manufacturing facilities in Cambridge, Ontario, Canada; Chillicothe, Missouri; Waynesville, North Carolina; and Carrickmacross, Ireland, and employs more than 400 workers. In addition to being able to manufacture approximately 3 billion CPET containers annually, APT has monolayer and multilayer barrier polypropylene container capabilities. The company also is a pioneer in the development of recycled PET (RePET) frozen food trays.

"With this acquisition, Sonoco has significantly expanded its existing thermoforming plastic container capabilities into the growing global frozen, chilled and ready-to-eat food markets," said DeLoach. "While APT is today the leading global supplier of CPET containers, we believe its proprietary material formulations and rotary thermoforming technology provide a strong platform for significant product development and growth. In addition, this acquisition will help accelerate Sonoco's current development of multilayer barrier polypropylene food containers."

About Sonoco

Founded in 1899, Sonoco is a $3.6 billion global manufacturer of industrial and consumer products and provider of packaging services, with more than 300 operations in 35 countries, serving customers in some 85 nations. Sonoco is a proud member of the Dow Jones Sustainability World Index. For more information on the Company, visit our Web site at http://www.sonoco.com.

Forward-looking Statements

Statements included herein that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities and Exchange Act of 1934, as amended. The words "estimate," "project," "intend," "expect," "believe," "consider," "plan," "anticipate," "objective," "goal," "guidance" and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding adequacy of cash flows, anticipated amounts and uses of cash flows, financial strategies and the results expected from them, continued payments of dividends, stock repurchases and producing improvements in earnings.

These forward-looking statements are based on current expectations, estimates and projections about our industry, management's beliefs and assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, expectations, beliefs, plans, strategies and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.

The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Additional information concerning some of the factors that could cause materially different results is included in the Company's reports on forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission. Such reports are available from the Securities and Exchange Commission's public reference facilities and its Web site, http://www.sec.gov, the Company's investor relations department and the Company's Web site, http://www.sonoco.com.

SOURCE: Sonoco

Roger Schrum, 843-339-6018