Sonoco Completes Sale of Thermoformed and Flexibles Packaging Business to TOPPAN Holdings, Inc.

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Hartsville, South Carolina-based Sonoco Products Company (NYSE: SON), a core mid-cap growth and value equity which is a global leader in high-value sustainable packaging, said it has completed the sale of its Thermoformed and Flexibles Packaging business to TOPPAN Holdings Inc. for a purchase price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments.

“Today marks a milestone in achieving our strategy to transform Sonoco into a simpler, stronger and more sustainable company. We extend our best wishes for continued success to our approximately 4,500 former TFP teammates and their new Toppan team,” said Howard Coker, president and CEO.

Coker added, “As previously communicated, we are utilizing the approximately $1.5 billion of after-tax cash proceeds to reduce leverage. Sonoco is moving forward with a focused portfolio and an improved financial position that will enable us to further invest in growing our sustainable metal and fiber consumer and industrial packaging businesses.”

Goldman Sachs & Co. LLC acted as lead financial advisor to Sonoco. RBC Capital Markets, LLC also acted as financial advisor to Sonoco.

Freshfields LLP acted as Sonoco’s legal advisor.

Houlihan Lokey acted as lead financial advisor and Morrison & Foerster LLP acted as legal advisor to TOPPAN. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. also acted as financial advisor to TOPPAN.

Founded in 1899, Sonoco (NYSE: SON) is a global leader in value-added, sustainable metal and fiber consumer and industrial packaging.

The company is a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries, serving some of the world’s best-known brands.

 

South Carolina Attorney General Alan Wilson led a coalition of 14 other attorneys general across the country in raising serious concerns about reports that certain asbestos bankruptcy trusts are planning to destroy documents and data related to past claims and compensation payments. 

In a letter sent last week to several asbestos bankruptcy trusts, Wilson urged an immediate halt to any planned data and document destruction.

The letter notes that while efforts to protect personal and sensitive information are commendable, the wholesale elimination of these records could have far-reaching and damaging consequences. 

“These documents play a vital role in ensuring fairness and transparency in asbestos litigation,” Wilson said. “They are often essential for verifying claims, uncovering fraud, and protecting the integrity of the legal process—not to mention safeguarding taxpayer funds.” 

Several states have enacted laws to improve transparency in asbestos trust claims.

Wilson said destroying relevant records could directly undermine the effectiveness of those laws and potentially obstruct the ability of individuals and the courts to fairly adjudicate cases. 

The letter also references judicial rulings that support the relevance and discoverability of trust claim records in determining liability and causation in asbestos cases.

In some instances, the trusts’ data have been used both to support and refute claims of asbestos exposure. 

Further compounding concerns, recent reporting has suggested that the destruction may be aimed at avoiding compliance with future subpoenas, Wilson said.

“If these allegations are true, they are deeply troubling,” Wilson said. “We hope the trusts take these concerns seriously and do what is right—not just legally, but ethically.” 

Wilson said the Attorney General’s Office will continue to monitor the issue closely and stands ready to take further action if necessary to protect the interests of South Carolinians and preserve the rule of law. 

Wilson was joined by the attorneys general from Alabama, Georgia, Iowa, Louisiana, Mississippi, Missouri, Montana, Ohio, South Dakota, Tennessee, Texas, Utah, Virginia, and West Virginia.

Read the full letter here.  

 

The Fine Arts Center’s 50th Anniversary Celebration was in the spotlight at the Peace Concert Hall on April 10, 2025, in Greenville, South Carolina, delivering a moving tribute to five decades of excellence in pre-professional arts education.

Presented by The Spinks Family Foundation, the event was the largest performance hosted by the Fine Arts Center, selling nearly 1,500 tickets and featuring 200 performers, including students, alumni, and staff.

The student-driven showcase highlighted the Fine Arts Center’s programs, including digital filmmaking, concert and contemporary dance, creative writing readings, chamber and jazz music ensembles, theatre performances, percussion, vocal solos, and a visual arts and architecture exhibition.

A highlight of the evening was the induction of four distinguished alumni into the inaugural Fine Arts Center Hall of Fame.

The honorees included:

Marcus King (Class of 2014), Grammy-nominated singer-songwriter

Rory Scovel (Class of 1999), acclaimed comedian, actor, and writer

Kelly Hall-Tompkins (Class of 1989), renowned violinist

Jan Woodward, distinguished Fine Arts Center dance educator.

The evening began with a VIP reception at Genevieve’s, where donors, alumni, and community leaders gathered to celebrate the milestone and reconnect with the Center's past and present.

“We are so proud to celebrate 50 years of empowering young artists and preparing them for successful futures,” said Fine Arts Center Director Vee Popat. “This evening was not just about looking back — it was about launching forward with purpose and pride.”

 

Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank,  announced the promotion of Wes Wilbanks to chief credit officer and executive vice president.

Wilbanks joined the Southern First team in 2021 as senior credit risk officer, focusing on supporting relationship growth as well as overall loan portfolio administration and management.

A 25-year banking veteran, he is also a graduate of the South Carolina Bankers School and LSU Graduate School of Banking.

Before joining Southern First, Wilbanks spent the prior 11 years with a regional bank in a variety of senior credit roles after starting his career in relationship management.

"Wes has been an effective and dedicated leader to our credit team in his tenure, and we are excited to have him step into this new role to create additional positive impact on our company," said Art Seaver, chief executive officer.

Southern First Bancshares, Inc., Greenville, South Carolina, is a registered bank holding company incorporated under the laws of South Carolina.

The company's wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina.

Southern First Bank has been providing financial services since 1999 and now operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia.

Southern First Bancshares has consolidated assets of approximately $4.1 billion.

 

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