Sonoco Completes Strategic Review, Announces Agreement to Sell Thermoformed and Flexibles Packaging (TFP) Business to TOPPAN Holdings Inc.

Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a global leader in high-value sustainable packaging, today announced it has entered into an agreement to sell its Thermoformed and Flexibles Packaging business (“TFP”) to TOPPAN Holdings Inc. (“Toppan”) for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments (the “Transaction”).

The Transaction, which reflects the completion of the previously announced strategic review of Sonoco’s TFP business, is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Net proceeds from the transaction are expected to be used to repay existing debt.

“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,” said Howard Coker, Sonoco’s President and Chief Executive Officer.
more at: https://investor.sonoco.com/news/news-details/2024/Sonoco-Completes-Strategic-Review-Announces-Agreement-to-SellThermoformed-and-Flexibles-Packaging-TFP-Business-to-TOPPAN-Holdings-Inc/default.aspx

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