Metalmark Capital Exits Tegrant

Plastic packaging producer Sonoco Products Co. will buy protective-packaging company Tegrant Corp. for $550 million in cash from private equity firm Metalmark Capital, Reuters reported Monday.

(Reuters) – Plastic packaging producer Sonoco Products Co will buy protective-packaging company Tegrant Corp for $550 million in cash from private equity firm Metalmark Capital.

The deal will add to Sonoco’s adjusted earnings from 2012 by 10 cents a share, the company said in a statement on Monday.

The combined company will have a total revenue of $5 billion in 2012.