Sonoco Products Co confirms that it has signed a deal with TOPPAN Holdings Inc. to sell its Thermoformed and Flexibles Packaging business. This move will accelerate Sonoco’s portfolio optimisation strategy and help it focus on core industrial paper and consumer packaging businesses.
The transaction is expected to close in the first half of 2025. Toppan will pay around $1.8 billion on a cash-free and debt-free basis. Sonoco will use the net proceeds from the deal to repay existing debt.
