Toppan Printing Group Acquires Sonoco's TFP Business

TOPPAN Holdings has entered into an agreement with Sonoco Products Company, a global leader in high-value sustainable packaging, to acquire Sonoco's thermoforming and flexible packaging (TFP) business for approximately $1.8 billion on a cash-free, debt-free basis, subject to customary adjustments.

The highly complementary acquisition combines Sonoco's TFP business's strong sales network, customer base and solution development capabilities in North and South America with the technical expertise and manufacturing capabilities of the TOPPAN Group's global packaging business.

Sonoco's TFP is a leading thermoforming and flexible packaging business serving a broad range of customers in the food, retail and medical verticals. TFP offers a wide range of complex packaging for value-added categories including snacks, condiments, healthcare, prepared foods, fresh products, coffee and pet food. On a standalone basis, TFP has revenues of approximately $1.3 billion in 2023.

"We are very excited about the opportunity to bring Sonoco's TFP business into TOPPAN Group. To accelerate our strategy to become a global leader in sustainable packaging solutions, we will leverage our complementary strengths to drive growth, address customer needs and create significant value for our shareholders," said Hideharu Maro, Representative Director, President and CEO of TOPPAN Holdings. "This is an important milestone in TOPPAN Group's strategy to expand its sustainable packaging business globally."

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

Toppan Group is committed to becoming a leading solution provider that solves global problems. Under its current mid-term strategy, Toppan Group has been transforming its product portfolio, one of its key strategies being to drive sustainable packaging solutions globally.

The vision of Toppan Group's packaging business is "Changing the World Through Packaging Innovation" and its mission is "To foster a society that focuses on well-being and sustainability while protecting our planet for future generations through the continuous development of innovative packaging solutions that explore cutting-edge materials and technologies."

Toppan Group has been driving innovation in the development of sustainable packaging solutions by establishing a global supply chain from film manufacturing to packaging manufacturing and optimizing costs to meet the needs of local and global brand owners.