Hilex: Purchase of high-density film business from Sonoco

Sonoco Products Co. announced today that it has a definitive agreement to sell its high-density film business to Hilex Poly Co. LLC for about US$123 million. The business is a major extruder of T-shirt bags, employing about 800. Through the first six months of 2003, the unit had sales of about US$89.5 million and pretax profit of about US$4.4 million. Sonoco said it does not consider the unit a core business.

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