Sonoco, a global leader in sustainable packaging, today announced the completion of the sale of its Thermoformed and Flexible Packaging business ("TFP") to Toppan for an approximate purchase price of $1.8 billion, on a cash-free and debt-free basis and subject to customary adjustments.
This transaction represents a key step in Sonoco's strategy to simplify and strengthen its portfolio, reinforcing its position as a leader in sustainable packaging innovation. As stated by Howard Coker, President and CEO:
This milestone marks an important achievement in our commitment to transforming Sonoco into a simpler, stronger, and more sustainable company. We extend our best wishes for continued success to our approximately 4,500 former TFP colleagues and their new Toppan team.
The company announced that the net proceeds, approximately $1.5 billion after tax, will be used to reduce debt and further enhance its financial position, enabling additional investments in the growth of its metal and fibre packaging businesses, with a continued focus on sustainability.
Focus on Sustainability
The sale marks a significant step for Sonoco, which has concentrated its resources on sustainable packaging solutions. With approximately 23,400 employees across 285 plants in 40 countries, Sonoco is now a multinational company providing innovative packaging to globally recognised brands. Its mission, guided by the motto "Better Packaging. Better Life.", is focused on creating long-term sustainable solutions for both consumers and industry.
A Greener Future for Sonoco
With the further simplification of its portfolio and strengthening of its financial structure, Sonoco aims to focus even more on expanding its green packaging solutions. Targeted investments in metal and fibre, recyclable materials, and innovative processes are shaping the company's future, as it continues to collaborate with major industry players to promote a more sustainable future.
Next Steps and Financial Results
Sonoco will report its first-quarter 2025 financial results on 29 April, with a conference call scheduled for 30 April 2025. Investors and media are invited to join the live audio webcast on the company's official website.
