Sonoco Products Company has announced an agreement to sell its Thermoformed and Flexibles Packaging (TFP) business to TOPPAN Holdings Inc. for $1.8 billion.
The deal, subject to regulatory approvals and customary conditions, is expected to close in the first half of 2025.
The sale concludes Sonoco’s strategic review of the TFP business and aligns with its broader goal of streamlining operations. Proceeds from the transaction will be used to reduce existing debt.
“This decision allows us to simplify our portfolio and focus on industrial paper and consumer packaging,” said Howard Coker, Sonoco’s President and CEO. He praised TFP’s contributions to the company and pledged support for a smooth transition.
The transaction reflects Toppan’s continued expansion in the packaging industry, supported by advisors including Houlihan Lokey and Mitsubishi UFJ Morgan Stanley Securities. Sonoco was advised by Goldman Sachs, RBC Capital Markets, and Freshfields LLP.
TOPPAN Holdings Inc. is a Japanese company that manufactures printing presses, printing supplies, and packaging materials.
With 2023 net sales of $6.8 billion and operations in over 300 locations globally, Sonoco remains committed to delivering sustainable packaging solutions under its mission, "Better Packaging. Better''.
