
Based in Tokyo, Japan, Toppan Holdings has agreed to acquire Sonoco Products Company’s Thermoformed & Flexible Packaging (TFP) business for approximately US$1.8 billion, on a cash-free and debt-free basis, subject to customary adjustments.
The acquisition will combine Sonoco’s TFP business, which the company said has a strong sales network and customer base across North and South America, with Toppan Group’s technical expertise and manufacturing capabilities in global packaging.
Sonoco's TFP provides thermoformed and flexible packaging for sectors including food, retail and healthcare. It serves categories such as snacks, condiments, prepared meals, fresh products and pet food, with 2023 standalone revenue of approximately $1.3 billion.
“We are extremely pleased to have the opportunity to bring Sonoco’s TFP business to the Toppan Group,” said Hideharu Maro, representative director, president and CEO of Toppan Holdings. “In order to accelerate our strategy to become a global leader in sustainable packaging solutions, we will employ the complementary strengths of both parties to drive growth, solve customers’ needs and create significant value for our shareholders. This is an essential milestone in the Toppan Group’s global strategy to scale the sustainable packaging business.”
The deal is subject to regulatory approvals and other customary closing conditions and is expected to finalize in the first half of 2025.
Sonoco’s TFP business has approximately 4,500 employees in 22 manufacturing plants, over 700 patents and design capability across 10 countries.
Adapted from a press release.