Diversified global packaging company Sonoco signed a definitive agreement to acquire Tegrant Corporation, a provider of protective, temperature-assured and retail security packaging solutions, from Metalmark Capital for $550 million in cash.

The acquisition of Tegrant is the largest in Sonoco’s history and will create a North American leader in multimaterial protective packaging, according to Harris E. DeLoach, Jr., Sonoco chairman and chief executive officer. Tegrant, headquartered in DeKalb, Ill., is projected to generate 2011 sales of approximately $440 million. When combined, Sonoco is projected to generate sales of approximately $5.0 billion in 2012.

“The addition of Tegrant and its family of businesses significantly advances Sonoco as a protective packaging solutions leader and greatly expands the products, services and capabilities we can offer our customers,” said DeLoach. He noted that the acquisition will give Sonoco immediate access to faster growing markets such as medical devices, pharmaceuticals, and health and beauty.