TOPPAN Holdings Inc. has announced an agreement to acquire the Thermoformed & Flexible Packaging (TFP) division of Sonoco Products Company, a global leader in sustainable packaging. The deal, valued at approximately $1.8 billion, will be completed on a cash-free, debt-free basis, subject to customary adjustments and regulatory approvals. The transaction is expected to close in the first half of 2025.
This strategic acquisition allows TOPPAN to significantly expand its global packaging capabilities. By combining Sonoco’s well-established sales network and customer base in North and South America with TOPPAN’s advanced technical and manufacturing expertise, the deal strengthens both companies’ positions in the competitive packaging market.
Sonoco’s TFP business is a prominent player in the thermoformed and flexible packaging sector, catering to diverse industries such as food, retail, and healthcare. It offers a range of complex packaging solutions for products including snacks, condiments, fresh meals, coffee, pet food, and healthcare products. In 2023, TFP generated approximately $1.3 billion in revenue on a standalone basis.
“We are extremely pleased to have the opportunity to bring Sonoco’s TFP business to the TOPPAN Group. 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, Representative Director, President & CEO of TOPPAN Holdings. “This is an essential milestone in the TOPPAN Group’s global strategy to scale the sustainable packaging business.”
The acquisition also brings with it a wealth of intellectual property, including over 700 patents, and TFP’s extensive manufacturing footprint. Sonoco’s TFP operates 22 plants across 10 countries and employs around 4,500 people. The combined resources and expertise of both companies are expected to fuel innovation and growth in the global packaging market.
About TOPPAN Group
Founded in Tokyo in 1900, TOPPAN Group is a leading global provider of integrated solutions, spanning sectors such as printing, communications, security, packaging, décor materials, electronics, and digital transformation. The company’s commitment to sustainability is central to its mission, delivering high-quality, eco-friendly solutions to businesses worldwide. With a workforce of over 50,000 employees, TOPPAN leverages cutting-edge technologies and industry-leading expertise to meet the diverse needs of customers and contribute to shared global sustainability goals.
About Sonoco’s TFP
Sonoco’s Thermoformed & Flexible Packaging (TFP) business serves a wide range of customers across industries like food, retail, and healthcare. The division operates a large manufacturing network in North and South America, with approximately 4,500 employees across 22 plants in 10 countries. TFP is renowned for its innovative packaging solutions, holding more than 700 patents. The business is focused on providing sustainable, complex packaging for various products, including snacks, healthcare items, prepared meals, coffee, and pet food. With its strong design and manufacturing capabilities, TFP is a leader in the packaging industry.