Morrison & Foerster is advising Japanese packaging giant Toppan Holdings on its agreement to buy U.S. rival Sonoco's Thermoformed and Flexibles Packaging (TFP) business for approximately $1.8 billion. Freshfields Bruckhaus Deringer is representing Sonoco.
The move is set to expand Toppan’s sustainable packaging operations in North and South America by leveraging Sonoco's sales network, customer base, and solution development capabilities in the Americas.
The TFP business, which serves food, retail, and medical sectors, reported pro forma standalone revenue of around $1.3 billion in 2023. The acquisition aligns with Toppan's strategy to become a global leader in sustainable packaging solutions and Sonoco's portfolio simplification efforts.
The Freshfields team advising Sonoco is led by partners Damien Zoubek and Zheng (Jonathan) Zhou, with support from a team including counsel Lisa Cammer and Stella Lee; partners Lori Goodman, Alice Greenwell, Dawn Heath, Mena Kaplan, Joe Soltis, Christine Lyon, Brock Dahl, Justin Stewart-Teitelbaum, Pamela Marcogliese, Kyle Lakin, and Stephanie Brown Cripps; counsel Jeremiah Nelson; principal associate Benedikt Sprinzl; senior associates Andrew Leeds, Marissa Yu, Courtney Canning, and Daniel Fox; and associates Byron Patton, Nana Kessie, Elen Shlyakhanova, Isabelle Cheng, Lina Zhu, Rhea Khakhria, Casey Hagen, Hannah Golden, Christine Chong, Emily Abbott, Mariana Rosa, Hadar Tanne, Jordan Phelan, Young Park, and Grace Brody.
