Sonoco Products completes strategic review, to sell TFP business for $1.8B

Sonoco Products (SON) “announced it has entered into an agreement to sell its Thermoformed and Flexibles Packaging business to TOPPAN Holdings Inc. for approximately $1.8B on a cash-free and debt-free basis and subject to customary adjustments. The Transaction, which reflects the completion of the previously announced strategic review of Sonoco’s TFP business, is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025. Net proceeds from the transaction are expected to be used to repay existing debt.”