05:19 PM EST, 12/18/2024 (MT Newswires) -- Sonoco Products ( SON ) said late Wednesday it agreed to sell its thermoformed and flexibles packaging business to Toppan for about $1.8 billion.

Sonoco expects to close the transaction in H1 2025 and plans to use the proceeds for debt repayment. The firm said the sale reflects the completion of its strategic review of the TFP business.