07:55 AM EDT, 09/08/2025 (MT Newswires) -- Sonoco Products ( SON ) said Monday it has signed a deal to sell its ThermoSafe packaging business unit to Arsenal Capital Partners for up to $725 million.

Under the terms, the purchase price includes $650 million on a cash-free and debt-free basis payable upon closing, and additional consideration of up to $75 million if performance criteria for calendar year 2025 are met, the company added.

Sonoco said it intends to close the transaction by the end of this year, adding that it plans to use the net proceeds to repay its current debt.

ThermoSafe provides temperature-controlled packaging services.