Sonoco Products Co has agreed to acquire Ball Metalpack, the packaging company announced on Monday.

Ball Metalpack is a joint venture owned by Platinum Equity and Ball Corporation and the deal struck is for $1.35billion.

Ball Metalpack is based in Broomfield, Colorado and was created in 2018 out of Ball to make tinplate food and aerosol cans, as well as closures and packaging components from eight facilities. 

The deal ‘fits our strategy of investing in Sonoco’s core businesses as it complements our largest Consumer Packaging franchise — our iconic global Paper Cans and Closures business,’ Sonoco President and CEO Howard Coker said in a statement. 

The deal is expected to close in the first quarter of 2022. 

In a further announcement, Sonoco said on Twitter: “We are excited to announce that we have signed a definitive agreement to acquire Ball Metalpack, a leading manufacturer of sustainable metal packaging for food and household products and the largest aerosol can producer in North America, for $1.35 billion.”