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Boise Inc. acquires California packaging company

(Updated: adds details, sidebars)

The Boise-based Boise Inc. plans to acquire a California-based corrugated packaging company, Tharco Products, for $200 million to expand its business in the cardboard packaging market.

Boise Inc. president and CEO Alexander Toeldte said Feb. 22 that the acquisition will extend the company’s reach from the Pacific Northwest to California, Colorado, Arizona and Georgia.

Tharco, which is owned by an investor group led by Tricor Pacific Capital Inc., will become a wholly-owned subsidiary of Boise Inc. in a cash deal that is expected to close in early March, said Amy Hepworth, a company spokeswoman. The transaction will help the company increase its packaging business and market reach.

“We expect Boise’s pre-tax profits to grow by the amount of Tharco’s profits, plus $8 million in synergies after 18 months,” Hepworth said. “Most of the synergies will be from vertical integration, which means that we turn more of our containerboard into boxes ourselves rather than selling it on the open market.”

Hepworth said the transaction will reduce Boise, Inc.’s exposure to export markets.

“We will be able to convert more of the containerboard we manufacture in our mills in our corrugated operations,” she said. “Most of the time, this is more profitable than selling unconverted containerboard into export markets.”

Boise Inc. was created in February 2008 when the paper and wood products company
Boise Cascade sold off its paper, packaging, newsprint and transportation businesses.

Boise Inc. operates five paper mills, five corrugated products plants, a corrugated sheet feeder, a corrugated sheet plant, two distribution facilities and a transportation business.

It has about 4,100 employees in North America with about 400 in Boise and 690 in Idaho. The San Lorenzo, Calif.-based Tharco has about 900 employees at 11 manufacturing and distribution facilities across the country, the company said in a prepared release.

Hepworth said there won’t be any impact on employment at Boise Inc.

“This transaction will not affect how we run our operation,” she said. “We have no intention of closing any Boise Inc. location or Tharco location. We are both two profitable, successful companies, who are going to continue to run the way that we have.”

Boise Inc. has five paper mills in:
Jackson, Ala.
International Falls, Minn
St. Helens, Ore.
Wallula, Wash.
DeRidder, La.

Boise Inc. has five corrugated container plants in:
Salem, Ore.
Salt Lake City
Wallula, Wash.

Boise Inc. has a corrugated sheet feeder in Waco, Texas; a corrugated sheet plant in Sparks, Nev.; and distribution facilities in Pico Rivera, Calif., and Bensenville, Ill. Its transportation business is headquartered in Boise with terminals around the country.

About Anne Wallace Allen

Anne Wallace Allen is the editor of the Idaho Business Review.


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