Elk Grove's Clear Lam Packaging acquired for $170 million

Elk Grove Village-based packaging film manufacturer Clear Lam Packaging is being acquired by global packaging company Sonoco for about $170 million in cash, the companies said Wednesday.

Jack Sanders, president and CEO of South Carolina-based Sonoco, said the addition of Clear Lam will build on the company's strategy of expanding its operations to better serve the fast-growing grocery and retail food markets.

Clear Lam Packaging, a family-owned company, was founded in 1969 and employs about 400 people in its facilities in Elk Grove Village and Nanjing, China. The company produces films used to package a variety of products for consumer packaged goods companies, retailers and other industrial manufacturers, with a focus on perishable foods.

Sales for 2017 are projected to be around $140 million.

Sonoco, which traces its roots back to 1899, is a $5 billion company that has more than 300 operations in 33 countries and customers in 85 nations, according to the company's website.

"I see the two companies with similar cultures, focused on building strong relationships with employees, customers and suppliers," said Clear Lam Packaging President James Sanfilippo. "Innovation has always been a driving force within Clear Lam and Sonoco, and it will continue to be a foundation for further growth."

The acquisition is expected to close in the third quarter of 2017.