The Dart Container Corporation recently announced it will acquire the Solo Cup Company in a transaction worth approximately $1 billion.
The transaction, which is subject to regulatory approval, is expected to close by the third quarter of this year. Both companies are in the consumer and foodservice disposable packaging business. Solo Cup Company is a $1.6 billion company started in 1936. Solo Cup's Conyers plant started in 1967 as a Sweetheart Plastics plant and today is still one of the largest employers in the county.
"Our acquisition of Solo will allow us to provide even greater value to our customers in the future," said Dart Container CEO Robert C. Dart. "It will enable customers to purchase a wider range of products, made from a greater variety of materials with varying functional and environmental attributes - all from a single vendor. Both companies have an extensive history in the industry and will bring together valuable experience, traditions and complementary, high-quality products."
"Solo has made great strides over the past several years in improving its operating efficiency, information systems and the caliber of the talent within the organization," said Robert M. Korzenski, CEO, Solo Cup Company. "Dart's leadership team has shown a high level of respect for what Solo has accomplished and I believe we are putting the company in the right hands to succeed and grow going forward."
"Dart Container's acquisition of Solo will accelerate the progress Solo has made to improve its levels of service and customer support," said Dart. "We will use our expertise in running a successful, efficient, reliable and service-oriented company to create an organization that blends the best of both Dart and Solo for the benefit of our customers."
Michigan-based Dart Container Corporation and Illinois-based Solo Cup Company will continue to operate independently until government approval is secured and the transaction closes.