TOKYO -- Printing and materials group Toppan Holdings will acquire five food-packaging and other subsidiaries from U.S. packaging manufacturer Sonoco Products, the Japanese company announced Thursday, part of a drive to accelerate overseas expansion.
The $1.8 billion acquisition -- Toppan's largest ever -- is expected to be completed between April and June. Total sales at the five target companies in 2023 came to roughly 210 billion yen ($1.3 billion at today's rates), accounting for about 20% of Sonoco's total.
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