Sonoco Products Company has finalized the sale of its Thermoformed and Flexibles Packaging (TFP) business to TOPPAN Holdings Inc. for $1.8 billion.
The transaction marks a pivotal step in Sonoco’s strategic transformation, enabling the company to streamline its portfolio and strengthen its financial position.
The sale, announced in December 2024 and completed on April 1, 2025, follows a comprehensive review of the TFP business. Sonoco plans to use approximately $1.5 billion in after-tax proceeds to reduce debt, improving its financial flexibility and allowing further investment in its core sustainable metal and fiber-based packaging businesses.
“This milestone marks the culmination of our strategy to simplify operations and focus on areas where we can deliver the greatest value,” said Howard Coker, President and CEO of Sonoco. “We extend our gratitude to the 4,500 TFP employees for their contributions and wish them success as they join TOPPAN.”
The TFP business, which generated $1.3 billion in revenue in 2023, serves diverse markets including food, healthcare, and retail. Its integration into TOPPAN will enhance global reach and innovation capabilities while aligning with TOPPAN’s sustainability goals.
Sonoco’s advisors for the transaction included Goldman Sachs & Co., RBC Capital Markets, and Freshfields LLP. With this divestment complete, Sonoco is poised to advance its focus on sustainable packaging solutions that meet evolving consumer and industrial needs.
Sonoco, a global leader in sustainable packaging, operates in 40 countries with 28,000 employees. The company remains committed to innovation and responsible business practices, recently earning recognition as one of America’s Most Responsible Companies by Newsweek.
