HARTSVILLE, SC—Sonoco Products Co, a global leader in high-value sustainable packaging and long-term Flexographic Technical Association member announced intentions to sell its Thermoformed and Flexible Packaging business to Toppan Holdings at the close of last year. The transaction, valued at $1.8 billion is expected to close in the first half of 2025,
“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,” said Howard Coker, Sonoco’s CEO. “We greatly value TFP’s tenured history as part of the Sonoco Family, and I am personally proud of the 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.”
Hideharu Maro, CEO, Toppan, offered, “We are extremely pleased to have the opportunity to bring Sonoco ‘s TFP business to the Toppan Group. 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, sole customers’ needs and create significant value for shareholders