Sonoco, a packaging services provider, signed a definitive agreement to purchase Phoenix Packaging Corp. for an undisclosed amount, as it expands its global packaging supply chain service.

The all-cash deal is scheduled to close by the fourth quarter of this year. Phoenix, the leading manufacturer of steel easy-open closures in North America, turned over US$70 million in sales in 2000 and is expected to reach US$80 million by year end. The acquisition will add an estimated US$.04 to US$.05 per share in earnings by the end of the first 12 months.