TOPPAN Holdings Inc. (TYO: 7911) (TOPPAN) has closed the acquisition of the Thermoformed & Flexibles Packaging business (TFP) of Sonoco Products Company (NYSE: SON) (Sonoco), a global leader in high-value sustainable packaging.This acquisition is highly complementary, combining the robust sales network, customer base, and solution development capabilities of Sonoco’s TFP business with the technical expertise and manufacturing capabilities of the TOPPAN Group’s global packaging business.“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 business and Managing Executive Officer of TOPPAN Inc. “We are extremely excited to welcome the experienced and talented Sonoco TFP team to the Toppan Group.”TFP is a leading thermoformed and flexible packaging business serving a wide range of customers in food, retail, and medical verticals. TFP provides a variety of complex packaging to value-added categories including snacks, condiments, healthcare, prepared meals, fresh products, coffee, and pet food. On a pro forma standalone basis, TFP generated revenue of approximately $1.3 billion in 2023.As part of this transition, TFP will now operate under the TOPPAN name, with its financial results reported in TOPPAN’s Living & Industry segment. Russell Grissett, a respected leader with over 30 years of experience at Sonoco, has been appointed CEO of the new company, reporting to Masahiko Tatewaki. Under Russell’s leadership, the existing management team will remain in place to ensure business continuity and operational excellence.
TOPPAN Packaging and TOPPAN Specialty Films
With this acquisition, the TOPPAN Group enhances its position as one of the largest global packaging converters, operating more than 60 manufacturing sites in 12 countries. To improve customer experience, the TOPPAN Group continues to standardize and streamline its operations globally. In addition, the TOPPAN Group plans to launch two business units: TOPPAN Packaging for the packaging business and TOPPAN Specialty Films for the high-performance film business, including GL BARRIER1.
The TOPPAN Group’s Strategy
The TOPPAN Group aims to be a leading solution provider addressing global issues. Under the current medium-term-strategy, the TOPPAN Group has been transforming its portfolio, and one of its key strategies is to drive sustainable packaging solutions at global scale.The vision of the TOPPAN Group’s packaging business is “Change the World through Packaging Innovation,” and its mission is to “Foster a society focused on well-being and sustainability, while safeguarding our planet for future generations, through the continuous development of innovative packaging solutions that explore cutting-edge materials and technologies.”The TOPPAN Group has been driving innovation in the development of sustainable packaging solutions by establishing a global supply chain from film manufacturing to packaging manufacturing, and optimizing cost to meet brand owners’ needs locally and globally.
Advisors
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.Goldman Sachs & Co. LLC acted as lead financial advisor and Freshfields LLP acted as legal advisor to Sonoco. RBC Capital Markets, LLC also acted as financial advisor to Sonoco.
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