Sonoco Products Co. has completed the acquisition of Tegrant Corporation, a leading provider of highly engineered, protective, temperature-assured and retail security packaging solutions, from Metalmark Capital, for $550 million. The acquisition the largest in the company’s history and will position it as the leader in multi-material protective packaging in North America, according to the company.

Based in Hartsville, South Carolina, Sonoco is a global manufacturer of consumer and industrial packaging products, as well as recycled paperboard. The Tegrant acquisition will give Sonoco immediate access to fast growing markets such as medical devices, pharmaceuticals, and health and beauty. Sonoco has plans to form a new Protective Packaging segment.