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Proceeds being used to reduce approximately $1.5 billion in debt.
April 1, 2025
By: DAVID SAVASTANO
Contributing Editor, Coatings World and Ink World
Sonoco Products Company announced it 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,” Coker added. “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.”
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