WASHINGTON (dpa-AFX) - Sonoco Products Company (SON), a packaging solutions provider, said on Tuesday that it has completed the sale of its Thermoformed and Flexibles Packaging business to Toppan Holdings Inc. for around $1.8 billion on a cash-free and debt-free basis.
Howard Coker, CEO of Sonoco, said: 'Today marks a milestone in achieving our strategy to transform Sonoco into a simpler, stronger, and more sustainable company. As previously communicated, we are utilizing the approximately $1.5 billion of after-tax cash proceeds to reduce leverage.'
Sonoco is scheduled to release its first quarter earnings report on April 29.
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