Tokyo-based TOPPAN Holdings, Inc., has closed its acquisition of the Thermoformed & Flexibles Packaging business (TFP) of Sonoco Products Co., a global leader in high-value sustainable packaging.

The acquisition is highly complementary, combining the sales network, customer base, and solution development capabilities of Sonoco’s TFP business with the technical expertise and manufacturing capabilities of the TOPPAN Group’s global packaging business, the company’s press release says.

“The integration of Sonoco TFP into the TOPPAN Group is a significant step to enhance our customer experience and provide our solutions on a global scale,” says Masahiko Tatewaki, head-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 converting 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 revenue of approximately US$1.3 billion in 2023.

As part of this transition, TFP will now operate under the TOPPAN name, with its financial results reported in TOPPAN’s Living & Industry segment. 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 and operational excellence.