TOPPAN Holdings has completed its acquisition of Sonoco Products Company’s Thermoformed and Flexibles Packaging (TFP) business in the US for approximately $1.8 billion. The deal, structured on a cash-free and debt-free basis, was initially announced in December 2024 and marks a significant expansion of TOPPAN’s presence in the sustainable packaging market.
The acquisition strengthens TOPPAN’s global footprint by integrating TFP’s extensive portfolio of thermoformed and flexible packaging solutions, which cater to industries such as food, retail, and healthcare. The business serves a diverse range of products, including snacks, condiments, pet food, fresh goods, coffee, and healthcare items.
Masahiko Tatewaki, head of TOPPAN’s Global Packaging business and managing executive officer at TOPPAN Incorporated, highlighted the strategic importance of the acquisition: “The integration of Sonoco TFP into the TOPPAN Group is a significant step to enhance our customer experience and provide our solutions on a global scale. We are extremely excited to welcome the experienced and talented Sonoco TFP team to the TOPPAN Group.”
The transition will see TFP’s operations fully incorporated under the TOPPAN brand, leveraging Sonoco’s established sales network and customer base alongside TOPPAN’s advanced manufacturing capabilities and technical expertise. TFP’s financial results will now be reported under TOPPAN’s Living & Industry segment, further solidifying its role within the broader organisation.
For Sonoco, the sale aligns with its strategic goal of refining its business focus. Sonoco president and CEO Howard Coker stated: “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.”
Sonoco intends to utilise the approximately $1.5 billion in after-tax proceeds from the sale to reduce leverage and enhance its financial position, supporting its focus on sustainable metal and fibre consumer and industrial packaging businesses.
