...SAN FRANCISCO (S&P Global Ratings) Sept. 4, 2024--S&P Global Ratings today said that Sonoco Products Co.'s (###/Watch Neg/--) announced intention to sell its Thermoformed Flexibles Packaging (TFP) segment should result in some accelerated deleveraging following the close of its acquisition of Eviosys, which we still expect to occur in the fourth quarter. TFP will likely generate approximately $1.3 billion of revenues in 2024, representing about a quarter of Sonoco's revenue. This segment embodies the bulk of Sonoco's plastic packaging product portfolio, including rigid plastic trays and enclosures as well as flexible plastic packaging for food and other personal products. It has been a significant asset for the company, and the announced divestiture is a departure from a previously core substrate. However, this sale, along with the previously announced sale of Thermosafe, follows from the company's shift to a more simplified operating structure through its portfolio simplification strategy...
