Boise Inc. announced that it has completed the acquisition of the Hexacomb protective packaging business of Pregis Corporation. Hexacomb is a leader in kraft-paper-based honeycomb protective packaging and operates twelve manufacturing facilities across six countries.
"We are pleased to complete this acquisition and welcome Hexacomb employees to Boise," said Alexander Toeldte, president and chief executive officer of Boise Inc. "Hexacomb expands our position in the protective packaging market, provides a platform for further growth, steps up our vertical integration within our containerboard business, and delivers synergies with limited execution risk."
In 2010, Hexacomb had revenues of $102 million and converted approximately 60,000 tons of containerboard. The $125 million transaction was financed through cash on hand.