Sonoco Completes Sale of Bulk Container Business

Sonoco has completed the sale of the intermediate bulk container portion of its industrial containers business to Greif Bros. Corp. Last March, the company completed the sale of the fiber and plastic drums operations of its industrial containers business to Greif Bros.

Total all-cash proceeds from the fully completed sale of the company's industrial containers business is approximately $218 million. The gain associated with the industrial containers sale and the previously announced sale of its labels business is expected to offset a portion of the one-time charges announced in November related to reductions in administrative costs and plant closings during the fourth quarter of 1998.

Sonoco, founded in 1899, is a $2.5 billion manufacturer of industrial and consumer packaging products with approximately 275 operations in 32 countries serving customers in some 85 nations.