Sonoco sets pact to acquire CorrFlex

SAN FRANCISCO (CBS.MW) — Sonoco announced Thursday that it plans to buy privately-held CorrFlex Graphics for $250 million in cash.

The Hartsville, S.C.-based packaging manufacturer’s stock fell 57 cents to close at $24.73.

said that it expects the deal to close by the end of the second quarter and that the acquisition will boost earnings mildly in its first year and yield annual sales of about $200 million in 2004.

CorrFlex, with headquarters in Statesville, N.C., designs and makes point of purchase displays. The company employs about 900 workers at 14 locations in the U.S.

Sonoco has some 295 operations in 32 countries that make industrial and consumer products, as well as provide packaging services.

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