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Proceeds Being Used to Reduce Approximately $1.5 Billion in Debt
HARTSVILLE, S.C., April 01, 2025 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a core mid-cap growth and value equity which is a global leader in high-value sustainable packaging, today announced it has completed the sale of its Thermoformed and Flexibles Packaging business (“TFP”) to TOPPAN Holdings Inc. (“Toppan”) for a purchase price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments (the “Transaction”).
“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,” said Howard Coker, president and CEO. “As previously communicated, we are utilizing the approximately $1.5 billion of after-tax cash proceeds to reduce leverage. Sonoco is moving forward with a focused portfolio and an improved financial position that will enable us to further invest in growing our sustainable metal and fiber consumer and industrial packaging businesses.”
Goldman Sachs & Co. LLC acted as lead financial advisor to Sonoco. RBC Capital Markets, LLC also acted as financial advisor to Sonoco. Freshfields LLP acted as Sonoco’s legal advisor.
Houlihan Lokey acted as lead financial advisor and Morrison & Foerster LLP acted as legal advisor to TOPPAN. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. also acted as financial advisor to TOPPAN.
First Quarter Financial Results
Sonoco will report its first quarter 2025 financial results on Tuesday, April 29, 2025, after the market closes. The Company’s management will host a conference call to discuss these results on Wednesday, April 30, 2025, at 8:30 a.m. Eastern Time.
A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. The webcast link is https://events.q4inc.com/attendee/885803164. A webcast replay will be available on the Company's website for at least 30 days following the call.
About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global leader in value-added, sustainable metal and fiber consumer and industrial packaging. The Company is now a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. Sonoco was proudly named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at www.sonoco.com.