Sonoco Products Company, a global producer of sustainable packaging, has entered into an agreement to acquire Eviosys, a European supplier of food cans, ends and closures, from KPS Capital Partners for $3.9 billion.
Sonoco noted the acquisition will accelerate its strategy to focus on and scale its core businesses and invest in high return opportunities, both organically and inorganically. Following the transaction, Sonoco said it will be the leading metal food can and aerosol packaging manufacturer globally.
“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 CEO 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.”
Eviosys is a global supplier of metal packaging, producing food cans and ends, aerosol cans, 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 estimated Eviosys’s 2024 revenues will be approximately $2.5 billion and its 2024 adjusted EBITDA will be approximately $430 million. Eviosys has meaningful commercial and operational momentum and has increased EBITDA by approximately 50% since 2021.
Sonoco expects to achieve over $100 million of synergies from the integration of Eviosys with Sonoco’s complementary metal can business. Rodger Fuller, Sonoco’s COO, will lead the integration.
On June 5, Sonoco opened its new multi-million-dollar Technical & Engineering Center for Metal Packaging in Columbus, Ohio, U.S.
The 11,000-square-foot facility features modern laboratories, prototyping equipment, training rooms and collaboration spaces. This center highlights Sonoco's commitment to advancing sustainable metal packaging solutions and offers a centralized hub for design, technical support, process development, engineering and training, said the company.
Sonoco Products Company, located in Hartsville, South Carolina, is a provider of diversified consumer packaging, industrial products, protective packaging and packaging supply chain services and is said to be the world's largest producer of composite cans, tubes and cores.
