|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Sonoco completes strategic review, announces agreement to sell Thermoformed & Flexibles Packaging Business to Toppan Holdings
|
|
Thursday, 16 January, 2025, 16 : 00 PM [IST]
|
|
South Carolina, USA
|
Sonoco Products Company, a global leader in high-value sustainable packaging, announced it has entered into an agreement to sell its Thermoformed and Flexibles Packaging business to Toppan Holdings Inc., for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments.
The Transaction, which reflects the completion of the previously announced strategic review of its 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.
Howard Coker, Sonoco’s president and chief executive officer, said, “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. TFP is a great business with leadership positions in its served markets. We greatly value TFP’s tenured history as part of the Sonoco family, and I am personally proud of their long-standing commitment to serve our customers with both innovative and high-quality packaging products. We will work closely with Toppan to ensure a successful transition for our employees, customers, and suppliers and wish the entire team all the best in the future.”
|
|
|
|
|
|
|
|
|
|