Dart Container Buying Solo Cup for $1 Billion
Michigan-based Dart Container Corporation is purchasing Solo Cup Company.
The roughly $1-billion transaction was announced Thursday morning.
The Lake Forest, Illinois manufacturer of plastic cups, plates, bowls, and soufflé cups employs 600 people at its 269,000 square foot facility in Urbana.
Solo spokeswoman Angie Gorman said it is too early to say what the purchase means for the Urbana plant.
"It's premature to speculate on facilities and employment, but a lot of that planning will come soon," Gorman said.
Dart said the close of the sale will take up to six months, and no changes are expected for 6-to-12 months after that.
"We're planning to bring as many Solo employees as possible into the operation," Gorman said.
Dart makes more than 600 products, including foam cups. According to the company, the addition of Solo will broaden its product lineup and the kinds of materials they are made from.
The one change she does confirm is the company name. Gorman said the plant will become part of Dart Container Corporation, but certain products, including Solo's red cups, will maintain the Solo brand.
Solo makes the well-known red Solo cups and a variety of disposable food and drink containers out of paper, plastic and recycled materials. Solo was founded in 1936 as a paper container company and introduced its signature red plastic cup in the 1970s.