TOKYO — Global packaging company TOPPAN Holdings Inc. announced Dec. 18 it has entered an agreement with sustainable packaging supplier Sonoco Products Company to acquire its Thermoformed & Flexible Packaging (TFP) business for approximately $1.8 billion.

Sonoco’s TFP is a sustainable, thermoformed and flexible packaging business that serves a wide range of customers in pet and human food, retail and medical industries. TFP provides a variety of complex packaging to categories including snacks, healthcare, fresh products and pet food, just to name a few.

According to TOPPAN Group, this acquisition is highly complementary, combining the sales network, customer base and solution development capabilities of Sonoco’s business with TOPPAN Group’s technical expertise and manufacturing capabilities. 

“We are extremely pleased to have the opportunity to bring Sonoco’s TFP business to the TOPPAN Group,” said Hideharu Maro, representative director, president and chief executive officer of TOPPAN Holdings. “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. This is an essential milestone in the TOPPAN Group’s global strategy to scale the sustainable packaging business.”

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

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