Tokyo-based TOPPAN Holdings Inc. recently completed its purchase of the thermoformed and flexibles packaging (TFP) business of Sonoco Products Company.
As part of this transition, TFP will now operate under the TOPPAN name, with its financial results reported in TOPPAN’s living and industry segment. Russell Grissett, president of Sonoco Flexible Packaging and chair of the Flexible Packaging Association, was appointed CEO of the new company under TOPPAN.
Grisset will report to Masahiko Tatewaki, head of TOPPAN Global Packaging operations and managing executive officer of TOPPAN Inc.
TFP is a leading business serving a wide range of customers in food, retail, and medical verticals, TOPPAN says in a news release. With the acquisition, the TOPPAN Group enhances its position as one of the largest global packaging converters, operating more than 60 manufacturing sites in 12 countries, the company also says.
Sonoco Products Company based in South Carolina said in its announcement of the deal late in 2024 that the terms of the deal called for “approximately $1.8 billion on a cash-free and debt-free basis.”
“The decision to sell our TFP business accelerates our portfolio simplification strategy, streamlines our organizational structure, and enables more focused capital investments in our remaining industrial paper and consumer packaging businesses,” said Howard Coker, Sonoco’s president and chief executive officer, in a statement at that time.