Sonoco Products Company has completed the sale of its Thermoformed and Flexibles Packaging business (“TFP”) to TOPPAN Holdings Inc. for a purchase price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments.
“Today marks a milestone in achieving our strategy to transform Sonoco into a simpler, stronger and more sustainable Company. We extend our best wishes for continued success to our approximately 4,500 former TFP teammates and their new Toppan team,” said Howard Coker, president and CEO. “As previously communicated, we are utilizing the approximately $1.5 billion of after-tax cash proceeds to reduce leverage. Sonoco is moving forward with a focused portfolio and an improved financial position that will enable us to further invest in growing our sustainable metal and fiber consumer and industrial packaging businesses.”
Sonoco Products Company is a global leader in high-value sustainable paper and metal packaging.
