Written on: June 24, 2024 by SprayTM
Sonoco announced it has entered into an agreement to acquire Eviosys, a European food cans, ends and closures manufacturer, from KPS Capital Partners for approximately $3.9 billion. The transaction is expected to close by the end of 2024.
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 brand. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with over 6,300 employees in 44 manufacturing facilities across 17 countries in Europe, the Middle East and Africa, said the company. With a focus on sustainability, Eviosys has a product portfolio comprised entirely of infinitely recyclable metal packaging.
KPS created Eviosys to acquire Crown Holdings‘ Europe, Middle East and Africa (EMEA) Food and Consumer Packaging Business in August 2021. Crown retained a 20% ownership interest in Eviosys.
Sonoco expects to achieve over $100 million of synergies from the integration of Eviosys with its complementary metal can business. Rodger Fuller, Sonoco’s COO, will lead the integration.
“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, Sonoco President & CEO.
“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.”
