Toppan completes Sonoco’s TFP business acquisition

Toppan Holdings has closed the acquisition of the thermoformed and flexible packaging business (TFP) of Sonoco Products Company, one of the global leaders in high-value sustainable packaging.

This acquisition is highly complementary, combining the robust sales network, customer base, and technology 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 products 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 approximately 1.3 billion USD in 2023.

As part of this transition, TFP will now operate under the Toppan name, and its financial results will be reported in Toppan’s living and industry segments.

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.

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.