Sonoco Products Company agrees to sell Thermoformed and Flexibles Packaging business to TOPPAN Holdings for $1.8 billion

SONOCO PRODUCTS CO

Sale price of $1.8 billion on a cash-free, debt-free basis with customary adjustments.
Transaction expected to close in first half of 2025, subject to regulatory approvals and customary closing conditions.
Net proceeds from the sale will be used to repay existing debt.
CEO Howard Coker states the sale accelerates portfolio simplification and enables focused capital investments.

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