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Toppan Holdings has finalised the acquisition of Sonoco Products Company’s Thermoformed & Flexibles Packaging (TFP) business, a move aimed at bolstering its position in the sustainable packaging sector.
This acquisition, valued at approximately $1.3 billion in pro forma standalone revenue for 2023, is expected to enhance Toppan's capabilities in providing innovative packaging solutions across various industries, including food, retail and healthcare.
The integration of Sonoco's TFP business is anticipated to leverage the existing sales network and customer base, combining it with Toppan's technical expertise and manufacturing resources.
"The integration of Sonoco TFP into the Toppan Group is a significant step to enhance our customer experience and provide our solutions on a global scale," said Masahiko Tatewaki, head of Toppan global packaging and managing executive officer.
TFP specialises in thermoformed and flexible packaging, catering to diverse sectors with complex packaging solutions for snacks, condiments, prepared meals and pet food, among others.
The transition will see TFP operating under the Toppan brand, with its financial results integrated into Toppan’s Living & Industry segment. Russell Grissett, who has over 30 years of experience at Sonoco, will lead the newly formed division as CEO, ensuring continuity and operational excellence.
This acquisition aligns with Toppan's broader strategy to enhance its global footprint in sustainable packaging. With over 60 manufacturing sites across 12 countries, Toppan aims to standardise and streamline operations while launching two new business units: Toppan Packaging and Toppan Specialty Films. These units will focus on sustainable packaging innovations and high-performance film solutions, including the proprietary GL Barrier product line, which is designed to meet the evolving needs of brand owners.
Toppan’s commitment to sustainability is reflected in its mission to foster a society focused on well-being and environmental stewardship. The company has been actively transforming its portfolio to address global challenges through innovative packaging solutions that utilise cutting-edge materials and technologies.
Advisory roles for the transaction were fulfilled by Houlihan Lokey and Morrison & Foerster LLP for Toppan, while Goldman Sachs & Co and Freshfields LLP advised Sonoco.
