Sonoco ProductsNYSE: SON

Sonoco (SON) is set to acquire Eviosys to augment its metal packaging business.

Sonoco Products said on Monday it would buy European food cans maker Eviosys from private equity group KPS Capital Partners in a $3.9 billion deal, to expand its metal and aerosol packaging business.

Sonoco Products Co. SON, -1.52% said Monday it agreed to pay $3.9 billion to KPS Capital Partners LP to buy Eviosys, a 6,300-employee food can and closure maker based in Europe. Sonoco said the transaction will make it the “leading metal food can and aerosol packaging manufacturer globally.

NEW YORK , June 24, 2024 /PRNewswire/ -- KPS Capital Partners, LP ("KPS") announced today that it has entered into an agreement for its portfolio company, Eviosys (the "Company"), to be sold to Sonoco Products Company ("Sonoco", NYSE: SON), a Hartsville, South Carolina-based global leader in high-value sustainable packaging, for €3.615 billion (or approximately $3.9 billion). Sonoco has the option, under certain circumstances, to pay up to $200 million of the purchase consideration in the form of Sonoco stock.

Advances Sonoco's Shareholder Value Creation Strategy Through Disciplined and High Return Capital Investment Transaction Value of Approximately $3.9 Billion Represents a Multiple of 7.3x 2024 Expected Adjusted EBITDA Including Synergies Rodger Fuller, Chief Operating Officer, to Lead Integration; Expect to Achieve Over $100 Million of Synergies Within 24 Months Acquisition Expected to be Immediately Accretive to Adjusted EPS and Over 25% Accretive to 2025 Expected Adjusted EPS 1 Transaction Advances Portfolio Transformation Strategy with Initiated Execution of at Least $1 Billion Divestiture Plan, with Net Proceeds for Deleveraging Sonoco Intends to Retain an Investment Grade Rating with Plans to Deleverage to Below 3.0x Within 24 Months Sonoco will Host an Investor and Analyst Conference Call Today at 8:30 a.m. ET HARTSVILLE, S.C.

HARTSVILLE, S.C., June 17, 2024 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON) today announced it will raise the price for all converted paperboard products by a minimum of 6 percent, effective with shipments in the United States and Canada, on or after July 10th, 2024.

BRUSSELS, June 06, 2024 (GLOBE NEWSWIRE) -- Sonoco-Alcore S.a.r.l. announced today that due to continued inflationary pressure on the business, it will raise prices by 7% on all tube and core grades sold in the company's EMEA regions.

BRUSSELS, Belgium, June 04, 2024 (GLOBE NEWSWIRE) -- Following the announcement of 25th March 2024, Sonoco (NYSE: SON) today announced it is implementing a further price increase as input costs have continued to rise beyond our initial estimation. “We have already successfully implemented a second increase in the Italian market and this will now be applied in the rest of Europe at €25/ton, valid for all shipments after 1st July, 2024.

HARTSVILLE, S.C., May 30, 2024 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco”) (NYSE: SON), one of the largest sustainable global packaging companies, today announced the grand opening of a new multi-million-dollar, state-of-the-art center at 2850 Charter Street in Columbus, Ohio.