Sonoco Products to buy Eviosys in $3.9 billion deal (updated)

Sonoco Products

24/06/2024 11:22

(Adds details in paragraph 2 and 3)
       June 24 (Reuters) - Packaging firm Sonoco Products
 SON.N  said on Monday it had agreed to buy European food cans
maker Eviosys from private equity group KPS Capital Partners in
a $3.9 billion deal.
        The U.S. firm expects to achieve more than $100 million
in synergies from the integration of Eviosys with Sonoco's
complementary metal can business.
    "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 Sonoco CEO Howard Coker.
    The board of directors of both companies have approved the
deal.

 (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by
Nivedita Bhattacharjee and Devika Syamnath)
 ((AnujaBharat.Mistry@thomsonreuters.com;))