Reuters China-Sonoco-Packaging factory,co.northeast Asia,northeastern Asia-Pacific,Sonoco packaging plant,numbers,northern china source Fortune article Sonoco, the world’s biggest container manufacturer, on Monday said it has completed a merger with its Chinese rival Packaging factory Company, a unit of the global conglomerate Sonocos International Co., Ltd., to create the world-largest container company.
The new company, which has offices in China and in New York, will offer a wider range of products and services to consumers in China, the largest of China’s manufacturing centers, Sonoco said in a statement.
The two companies plan to create 10,000 jobs in China.
The new company will have $1 billion of cash and $300 million of debt.
The merger is expected to be completed in the second quarter of 2019.
Sonoco was founded in 1955.
The company is headquartered in Shanghai.
Sonocos said it will also open a new factory in Shanghai that will manufacture packaging for its overseas customers.
The factory is expected be completed by 2020.
The company has a global network of stores, and more than 100,000 stores worldwide, with plans to open more stores in the United States and other countries.
The announcement comes as China continues to expand its presence in the world market.
The world’s second-largest economy is investing heavily in infrastructure and new industries, and the country’s economy has been growing rapidly in recent years.