Black Diamond Capital Management, a privately held alternative asset management firm, agreed to acquire protective solutions business of Sonoco Products Company, an American provider of diversified consumer packaging, for $80m. “We believe this divestiture builds on our previously articulated strategy to divest non-core assets and to refocus our efforts on core businesses to achieve greater scale, profitability, and market leadership. I personally would like to thank the entire Protective Solutions team for their years of delivering quality products and outstanding customer service on behalf of Sonoco. We know their knowledge, experience, and leadership will be greatly valued by their new owner and wish the entire team much continued success in the future,” Howard Coker, Sonoco President and CEO.