Global packaging company Sonoco has completed the acquisition of remaining equity interest in RTS Packaging from its joint venture partner Westrock.

As part of the deal, Sonoco purchased the remaining stake and one WestRock paper mill in Chattanooga, Tennessee, for total consideration of $330m, which it says is subject to customary price adjustments.

The two parties originally entered into agreement for the deal in November last year.

The company expects the acquisition to further strengthen and expand its 100% recycled fibre-based packaging solutions to cater the rising consumer demand in wine, spirits, food, beauty and healthcare markets.

Sonoco, which registered approximately $7.3bn in sales in 2022, owned 35% in the JV Prior to the acquisition.

The company adds a network of 15 operations and 1,100 employees in the US, Mexico, and South America.

The deal is expected to be immediately accretive to earnings per share, excluding the impact of purchase accounting adjustments.

Sonoco funded the deal with cash on hand and borrowings under its existing credit facilities.

At the time of announcing the agreement, Sonoco CEO and president Howard Coker said: "We are excited to acquire the remaining stake in RTS Packaging and look forward to working with Al Bosma, who will remain as the RTS leader, and the entire management team to continue to strengthen and grow the business.

“The acquisition is well-aligned with Sonoco’s long-term strategy to focus on our core integrated businesses and expand our sustainable consumer packaging portfolio. RTS has exposure to growing beverage markets, as well as unique capabilities to support marquee customers in these markets.”