December 20, 2024 15:45

The sale of Sonoco’s thermoformed and flexible packaging business (TFP) to Japan’s Toppan Holdings marks the third major transaction in the plastic packaging sector within a month. This follows the high-profile mergers of Amcor and Berry Global, as well as Novolex and Pactiv Evergreen.

The deal, while significant, was not entirely unexpected. In September, U.S.-based Sonoco announced a strategic review of its Thermoformed & Flexible Packaging (TFP) business unit, a key part of its Consumer Packaging segment.
TFP specializes in complex packaging solutions for value-added categories such as snacks, condiments, healthcare, prepared meals, fresh products, coffee, and pet food.

The TFP business, which generated approximately $1.3 billion in revenue in 2023, operates 22 production sites across the Americas and employs 4,500 people. The transaction is valued at approximately $1.8 billion, with completion expected in the first half of 2025, pending regulatory approvals.

“In order to accelerate our strategy to become a global leader in sustainable packaging solutions, we will employ the complementary strengths of both parties to drive growth, solve customers’ needs, and create significant value for our shareholders,” said Hideharu Maro, President and CEO of Toppan Holdings.

Established in Tokyo in 1900, the Toppan Group employs 53,000 people and generates annual sales exceeding €10.5 billion. The company operates across diverse sectors, including printing, communications, security, packaging, décor materials, electronics, and digital transformation.
Last year, Toppan began construction on a new facility for transparent barrier film extrusion in Most, Czech Republic, further expanding its global footprint.

© Polimerica -  Reproduction prohibited, all rights reserved