Foam cup manufacturer Dart Container Corp. will acquire Solo Cup Co. in a transaction valued at approximately $1 billion.
Both companies are in the consumer and foodservice disposable packaging business.
The transaction, which is subject to regulatory approval, is expected to close by the third quarter of this year. The two companies will continue to operate independently until government approval is secured and the transaction closes.
The integrated organization will be a private company known as Dart Container Corp. Dart expects to continue offering products under the Solo brand—including the iconic red Solo cup, according to the news release.
Dart Container Corp. manufactures more than 600 products and has facilities throughout the U.S. and in Canada, Mexico, Argentina, Brazil, Australia, and the United Kingdom. It also has UV-curable ink manufacturing, machinery manufacturing, and polymer production facilities....