Tokyo – December 19, 2024 – TOPPAN Holdings Inc. (TYO: 7911) (TOPPAN Holdings) has entered into an agreement with Sonoco Products Company (NYSE: SON) (Sonoco), a global leader in high-value sustainable packaging, to acquire Sonoco’s Thermoformed and Flexible Packaging (TFP) business for approximately $1.8 billion on a cash-free, debt-free basis and subject to customary adjustments.
This acquisition is highly complementary, combining the strong sales network, customer base and solution development capabilities of Sonoco’s TFP business in North and South America with the technical expertise and manufacturing capabilities of the global packaging activity of the TOPPAN group.
“We are extremely pleased to have the opportunity to integrate Sonoco’s TFP business into the TOPPAN group. To accelerate our strategy to become a global leader in sustainable packaging solutions, we will leverage the complementary strengths of both parties to drive growth, meet customer needs and create significant value for our shareholders,” said Hideharu Maro, Representative Director, President and CEO of TOPPAN Holdings. “This is a key milestone in TOPPAN Group’s global strategy to grow the sustainable packaging sector. »
This transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2025.
TOPPAN group strategy
TOPPAN Group aims to be a leading solution provider addressing global issues. As part of the current mid-term strategy, TOPPAN Group has transformed its portfolio and one of its key strategies is to offer sustainable packaging solutions globally.
TOPPAN Group’s packaging business vision is “Changing the world through packaging innovation” and its mission is “Fostering a society focused on well-being and sustainability, while preserving our planet for future generations, thanks to the continued 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 brand owners locally and globally.
Advisors
Houlihan Lokey is serving as lead financial advisor and Morrison & Foerster LLP is serving as legal advisor to TOPPAN. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. also acts as a financial advisor to TOPPAN.
Goldman Sachs & Co. LLC is serving as lead financial advisor and Freshfields LLP is serving as legal advisor to Sonoco. RBC Capital Markets, LLC also serves as financial advisor to Sonoco.
About TOPPAN Group
Founded in Tokyo in 1900, TOPPAN Group is a diversified and leading global supplier committed to providing sustainable and integrated solutions in areas such as printing, communications, security, packaging, decorative materials, electronics and digital transformation. The TOPPAN Group’s global team, made up of more than 50,000 employees, offers optimal solutions, based on expertise and cutting-edge technologies, to meet the diverse challenges of each sector of activity and each company and contribute to the achievement of common sustainable development objectives.
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About Sonoco TFP
Sonoco’s TFP business has a strong customer base and industrial footprint in North and South America, with approximately 4,500 employees across 22 manufacturing facilities, more than 700 patents and design capability in 10 countries.