On December 19, 2024, TOPPAN Holdings Inc. agreed to acquire Sonoco Products Company’s Thermoformed & Flexible Packaging (TFP) business for $1.8 billion USD (approximately C$2.47 billion) on a cash-free and debt-free basis. The deal, expected to close in the first half of 2025, aimed to combine TFP’s strong sales network in North and South America with TOPPAN’s expertise to drive growth in sustainable packaging. TFP generated $1.3 billion USD (approximately C$1.78 billion) in revenue in 2023.

Advisors included Houlihan Lokey, Morrison & Foerster LLP, and Mitsubishi UFJ Morgan Stanley Securities for TOPPAN, and Goldman Sachs, Freshfields LLP, and RBC Capital Markets for Sonoco. Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to TOPPAN Holdings.

While TOPPAN had limited Canadian operations, Sonoco served Canadian industries, positioning the acquisition to potentially expand TOPPAN’s footprint in Canada.