06:25 AM EDT, 06/24/2024 (MT Newswires) -- Sonoco Products Company ( SON ) said Monday that it has entered an agreement to acquire Eviosys, a European manufacturer and supplier of metal packaging, from KPS Capital Partners, LP for about $3.9 billion on a cash-free, debt-free basis.

Eviosys produces food cans, aerosol cans, metal closures and promotional packaging to preserve the products of hundreds of consumer brands.

Sonoco said it has committed financing for the entire purchase price and expects to achieve over $100 million of synergies from the integration of Eviosys with its complementary metal can business.

The boards of directors of both companies have unanimously approved the transaction, which is expected to close by the end of 2024.

Eviosys's current Chief Executive Officer, Tomas Lopez, will remain with Sonoco and lead the company's EMEA metal packaging business.