Sonoco Products will acquire Eviosys, a European food can manufacturer, for $3.9 billion.
According to Zhitong Finance, Sonoco Products (SON.US) announced on Monday that it has agreed to purchase Eviosys, a European food can manufacturer, from KPS Capital Partners for $3.9 billion, making it the world's leading metal food can and aerosol packaging manufacturer. Sonoco expects Eviosys' total revenue in 2024 to reach $2.5 billion, with adjusted EBITDA of approximately $430 million. Sonoco predicts that the transaction will generate synergies of more than $100 million. Eviosys has the largest metal food can manufacturing capacity in the Europe, Middle East, and Africa (EMEA) region and has hundreds of global and regional food and consumer customers.
The company also plans to divest its ThermoSafe insulation packaging business and other units, with expected divestiture proceeds of at least $1 billion in the next 12-18 months.
Sonoco President and CEO Howard Coker said:"The acquisition of Eviosys establishes our global leadership position in metal food cans and aerosol packaging, marking an exciting milestone for us to expand our core strategic metal packaging platform and position Sonoco for long-term value creation. "