A Michigan company’s acquisition of Solo Cup is now complete, months before anticipated.
The buyout by Dart Container is valued at about $1 billion. The companies thought it would be summertime before the merger got through the red tape, but it happened this month.
The new owners of the Solo Cup plant in Augusta say that they don’t have any changes in mind this year. Integration of the companies is going to be done in a “thoughtful and analytical manner.”
Eventually, the plant will bear the Dart logo, but no one knows yet when that will be.
Angie Gorman, spokeswoman for the company, said there’s also no plans to change production this year, so the 360 people working in Augusta should see few changes in their workplace.
Most of Solo Cup properties and products will be converted to Dart’s name, Gorman said, except for the iconic red cup that is the muse for Toby Keith party songs. That will still bear the Solo logo, along with a handful of other products.
Both are makers of food and drink containers in the U.S., Europe and South America.
Most of the action happened far away from here. Solo Cup was headquartered in a Chicago suburb. Dart’s main office is near Lansing, Mich.
Solo was majority-owned by the family of its founder and was part of the portfolio of Vestar Capital Partners IV L.P.
Dart Container has been a family-owned company since its birth in 1960.
A couple of quotes from the big wigs:
“Solo has made great strides over the past several years in improving its operating efficiency, information systems and the caliber of the talent within the organization,” said Robert M. Korzenski, CEO of Solo Cup. “Dart’s leadership team has shown a high level of respect for what Solo has accomplished and I believe we are putting the company in the right hands to succeed and grow going forward.”
“We will use our expertise in running a successful, efficient, reliable and service-oriented company to create an organization that blends the best of both Dart and Solo for the benefit of our customers,” said CEO Robert Dart.