TOPPAN to acquire the thermoformed and flexibles packaging business of Sonoco for $1.8bn.

TOPPAN, a provider of integrated solutions in the fields of printing, communications, security, agreed to acquire the thermoformed and flexibles packaging business of Sonoco, a high-value sustainable packaging, for $1.8bn. “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. TFP is a great business with leadership positions in its served markets. We greatly value TFP’s tenured history as part of the Sonoco family, and I am personally proud of their 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," Howard Coker, Sonoco President and Chief Executive Officer.