HARTSVILLE, S.C. (AP) — Sonoco Products Co. has agreed to acquire packaging maker Tegrant Corp. for $550 million in cash, saying on Monday that the acquisition gives it access to several fast growing markets and increases the products it can offer customers.

Tegrant’s products include temperature-control packaging for food and pharmaceutical products. Sonoco, a packaging maker based in Hartsville, S.C., noted that buying Tegrant will give it access to markets for medical devices, pharmaceuticals and health and beauty products, which it said are faster growing industries, while expanding its presence in the industrial components and automotive markets.

Tegrant is currently owned by private equity firm Metalmark Capital.

Sonoco said the acquisition is the largest in its history. Tegrant is expected to generate sales this year of $440 million. When combined, the companies are forecast to produce total 2012 sales of $5 billion. The deal is expected to boost Sonoco’s earnings next year by about 10 cents per share, the company said.

The deal is being financed through a combination of cash and debt. It’s expected to close next month.

Tegrant is based in DeKalb, Ill. It operates more than 30 facilities in the U.S., Mexico and Ireland, and has more than 2,000 employees.

Sonoco’s CEO Harris DeLoach said that Tegrant’s president and chief executive officer, Ron Leach, has agreed to stay with Sonoco and continue leading Tegrant’s businesses.