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Metal Recycling News June 25, 2024 08:00:22 PM

Sonoco Entered Into Agreement to Acquire Eviosys

Paul Ploumis
ScrapMonster Author
Eviosys runs 44 manufacturing facilities across 17 countries, employing approximately 6,300 people.

Sonoco Entered Into Agreement to Acquire Eviosys

SEATTLE (Scrap Monster): The global leader in sustainable packaging, Sonoco Products Company announced that it has entered into an agreement with KPS Capital Partners, LP to acquire Eviosys-a leading European manufacturer of food cans, ends and closures. The acquisition builds on the acquisition of Ball Metalpack in 2022. The transaction is valued at approximately $3.9 billion.

Eviosys runs 44 manufacturing facilities across 17 countries, employing approximately 6,300 people. The company is projected to generate revenues and adjusted EBITDA of $2.5 billion and $430 million respectively during the current year.

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Further to the completion of the transaction, Sonoco will become the world’s leading metal food can and aerosol packaging manufacturer. The deal combines the commercial momentum of both Sonoco’s metal business and Eviosys. The integration of Eviosys with Sonoco’s complementary metal can business is expected to generate synergies of over $100 million, majority of which to be realized in the first year of ownership.

The company stated that the acquisition of Eviosys marks a meaningful advancement to its previously announced portfolio transformation strategy. The strategy includes major divestments, including its leading temperature assured packaging business, as well as other businesses.

 

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