Sonoco Divests TFP Business, Plans to Use Proceeds for Debt Reduction

Sonoco Products Company (SON) announced that it has completed the previously announced sale of its Thermoformed and Flexibles Packaging (TFP) business to TOPPAN Holdings Inc. for $1.8 billion on a cash- free and debt-free basis. The move accelerates Sonoco's portfolio optimization strategy and will help it focus on core industrial paper and consumer packaging businesses. Sonoco will use the $1.5 billion of the after-tax cash proceeds to repay existing debt. Details on Sonoco's TFP Business On Sept. 4, 2024, ...