Sustainable packaging solutions provider Sonoco has completed the acquisition of Eviosys, a European metal packaging company.

The acquisition, which was initially announced on 24 June 2024 for approximately €3.6bn ($3.9bn), will see Eviosys integrate into Sonoco's Consumer Packaging segment, with a brand transition planned over the coming months.

The deal is part of Sonoco's portfolio transformation strategy aimed at driving long-term growth and value creation.

Sonoco reported net sales of around $6.8bn in 2023 and employs approximately 22,000 staff across more than 300 facilities worldwide.

Eviosys, with a strong foothold in the metal packaging market, operates 44 manufacturing sites in 17 countries within Europe, the Middle East, and Africa, employing 6,300 individuals.

The company specialises in metal and food packaging and generated revenues of €2.41bn in 2023 and was formerly a part of the KPS Capital Partners portfolio before its acquisition by Sonoco.

Sonoco has secured financing for its acquisition of Eviosys through term loans and a $1.8bn public note offering, boosting cash reserves to $1.93bn as of 29 September.

The total debt of the company increased to $4.8bn, with $1.8bn of available liquidity earmarked for the acquisition.

Expected to immediately boost adjusted earnings per share, the acquisition aligns with Sonoco’s strategy for sustainable growth.

Debt reduction through divestitures and operations is planned within 24 months post-closing.

In October this year, the UK’s Competition and Markets Authority began investigating the deal to assess potential competition impacts under the Enterprise Act 2002. The first-phase decision is due by 19 December.