Sonoco Products Company (Sonoco) has entered into an agreement to acquire Eviosys from KPS Capital Partners, LP (KPS) for approximately $3.9 billion (€3.6 billion).
Sonoco said the transaction enables it to enhance its strategy to focus on and scale its core businesses and invest in high return opportunities, both organically and inorganically.
Following the transaction, Sonoco added it will be the leading metal food can and aerosol packaging manufacturer globally.
Eviosys is a leading global supplier of metal packaging, producing aerosol cans, food cans and ends, metal closures and promotional packaging to preserve the products of hundreds of consumer brands.
Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with approximately 6,300 employees in 44 manufacturing facilities across 17 countries.
Sonoco expects to achieve over $100 million (€93.2 million) of synergies from the integration of Eviosys with Sonoco’s complementary metal can business.
Rodger Fuller, Sonoco’s chief operating officer, will lead the integration.
“The acquisition of Eviosys establishes our global leadership in metal food can and aerosol packaging, marking an exciting milestone in our strategy to scale our core strategic metal packaging platform and position Sonoco for long-term value creation,” said Howard Coker, president and chief executive officer of Sonoco.
“Eviosys brings extensive global reach and an attractive, growing customer base that perfectly complements our existing metal packaging offering. Together with the talented team at Eviosys, we are focused on unlocking new opportunities in attractive end-markets, providing our customers with a stronger value proposition and generating strong returns for our shareholders.”
“For over 200 years, we have provided best-in-class metal packaging that enhances the appeal of our customers’ brands,” said Tomas Lopez, chief executive officer of Eviosys.
“By combining with Sonoco, we will work to bring our high quality, sustainable and innovative packaging solutions to new and existing customers around the globe. Our companies share a strong commitment to providing the highest levels of customer service, safety for our employees, and operating efficiencies, and I look forward to joining the incredibly talented team at Sonoco as we work to deliver the benefits of this acquisition to all our stakeholders.”
Sonoco acquires Eviosys for $3.9 billion
