April 1, 2025 - Sonoco Products Company today announced it has completed the sale of its Thermoformed and Flexibles Packaging business ("TFP") to TOPPAN Holdings Inc. for a purchase price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments.
Sonoco first announced an agreement to sell its TFP business to TOPPAN in mid-December 2024. At that time, Sonoco's President and CEO, Howard Coker, explained, "The decision to sell our TFP business accelerates our portfolio simplification strategy, streamlines our organizational structure, and enables more focused capital investments in our remaining industrial paper and consumer packaging businesses."
Commenting on the completed deal, Coker said, "Today marks a milestone in achieving our strategy to transform Sonoco into a simpler, stronger and more sustainable company. We extend our best wishes for continued success to our approximately 4,500 former TFP teammates and their new Toppan team.
"As previously communicated, we are utilizing the approximately $1.5 billion of after-tax cash proceeds to reduce leverage. Sonoco is moving forward with a focused portfolio and an improved financial position that will enable us to further invest in growing our sustainable metal and fiber consumer and industrial packaging businesses," Coker concluded.
Founded in 1899, Sonoco (NYSE: SON) is a global leader in value-added, sustainable metal and fiber consumer and industrial packaging. The Company is now a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries.
SOURCE: Sonoco