Sonoco Finalizes €3.6 billion Acquisition of Eviosys

Sonoco, a leading provider of sustainable packaging solutions, has successfully completed its acquisition of Eviosys, a prominent European metal packaging company. The deal, valued at approximately €3.6 billion ($3.9 billion), was first announced on June 24, 2024. Eviosys will be integrated into Sonoco's Consumer Packaging segment, with plans for a brand transition over the coming months. This acquisition is a key component of Sonoco’s strategy to transform its portfolio and drive long-term growth and value creation.

In 2023, Sonoco reported net sales of around $6.8 billion and employed roughly 22,000 people across more than 300 facilities worldwide. Eviosys, a leader in metal and food packaging, runs 44 manufacturing facilities across 17 countries in Europe, the Middle East, and Africa. The company generated €2.41 billion in revenues last year and employs 6,300 individuals. Previously owned by KPS Capital Partners, Eviosys is now part of Sonoco’s expanding portfolio.

To finance the acquisition, Sonoco secured term loans and raised $1.8 billion through a public note offering, increasing its cash reserves to $1.93 billion as of September 29. As a result, the company’s total debt rose to $4.8 billion, with $1.8 billion in available liquidity allocated for the deal. This acquisition is expected to have an immediate positive impact on Sonoco’s adjusted earnings per share and is in line with the company’s strategy for sustainable growth. Sonoco plans to reduce debt within 24 months post-acquisition through divestitures and operational improvements.

In October 2024, the UK's Competition and Markets Authority initiated an investigation into the deal to evaluate potential competition concerns under the Enterprise Act 2002. The first-phase decision is expected by December 19, 2024.

In 2023, Sonoco reported net sales of around $6.8 billion and employed approximately 22,000 people across more than 300 global operations, serving renowned brands. Committed to its corporate purpose of "Better Packaging. Better Life.", Sonoco is committed to developing sustainable products that enhance the lives of its customers, employees, and communities.

Eviosys is a leading global supplier of metal packaging solutions, specializing in manufacturing food cans and ends, aerosol cans, metal closures, and promotional packaging. These products help preserve the offerings of numerous consumer brands. The company boasts the largest manufacturing footprint in the metal packaging industry across Europe, the Middle East, and Africa (EMEA), employing 6,300 people across 44 facilities in 17 countries. In 2023, Eviosys generated €2.41 billion in revenue. Before its acquisition by Sonoco, Eviosys was part of the KPS Capital Partners portfolio, further strengthening its position in the global market.