Sonoco to Acquire Eviosys, Creating The World’s Leading Metal Food Can and Aerosol Packaging Platform
The world leader in high value sustainable packaging, Sonoco Products Company, announced today that it has reached an agreement to buy Eviosys, the top producer of food cans, ends, and closures in Europe, from KPS Capital Partners, LP ("KPS") for an estimated $3.9 billion. Sonoco's plan to concentrate on, grow, and invest in its core businesses as well as high yield opportunities both inorganic and organic is expedited by the transaction. After the Transaction, Sonoco will hold the top spot in the world market for metal food cans and aerosol packaging. Sonoco's metals division and Eviosys possess significant commercial momentum, and the Transaction enhances Sonoco's capacity to collaborate with clients and take the lead in sustainability and innovation. Producing food cans and ends, aerosol cans, metal closures, and promotional packaging to protect the goods of hundreds of consumer brands, Eviosys is a top global provider of metal packaging. With almost 6,300 workers spread across 44 manufacturing locations in 17 countries, Eviosys has the biggest presence in the EMEA area for the production of metal food cans. According to Sonoco, Eviosys will generate around $2.5 billion in revenue and $430 million in adjusted EBITDA in 2024. Eviosys has grown EBITDA by over 50% since 2021 and has significant operational and commercial momentum. Sonoco anticipates that the combination of Eviosys with Sonoco's complementary metal can business would result in synergies exceeding $100 million. Chief operating officer of Sonoco Rodger Fuller will oversee the merger, fusing the greatest aspects of Sonoco's culture with the rich legacy and history of Eviosys, with an emphasis on partnerships with customers and suppliers, employee continuity, operational excellence, and realizing synergies.
