Sonoco Spends Big: Shakes Up Metal Packaging With $3.9B Eviosys Deal
Sonoco Spends Big: Shakes Up Metal Packaging With $3.9B Eviosys Deal
Sonoco Products Company (NYSE:SON) shares are trading lower after the company inked an agreement to buy Eviosys for around EUR3.615 billion ($3.9 billion) on a cash-free, debt-free basis.
Sonoco Products公司(纽交所:SON)股票交投走低,此前该公司签署了一项协议,以无现金、无债务为基础,斥资约36.15亿欧元(39亿美元)收购Eviosys。
Eviosys manufactures metal packaging, including food cans, ends, aerosol cans, metal closures, and promotional packaging, with the largest footprint in metal food can production across 44 facilities in 17 countries and employing about 6,300 people.
Eviosys是一家金属包装制造商,包括食品罐、罐盖、喷雾罐、金属封口和宣传包装等,拥有17个国家44个工厂,是金属食品罐生产中最大的。全球约有6,300名员工。
The transaction is expected to support Sonoco's strategy to focus and expand its core operations while seizing profitable opportunities through organic growth and strategic acquisitions.
这项交易有望支持Sonoco实施策略,专注于扩展其核心业务,并通过有机增长和战略收购抓住有盈利机会的市场。Sonoco计划通过新债务和最多5亿美元的股权发行(其中包括KPS的2亿美元投资),维持其投资评级信用等级。
Sonoco plans to maintain its investment-grade credit rating by financing the transaction with new debt and up to $500 million from equity issuance, including a $200 million investment from KPS.
这笔交易的收益将有助于Sonoco通过资产剥离和经营现金流,将净杠杆率降至24个月内低于3.0倍。
The proceeds from divestitures and operational cash flow will help Sonoco reduce net leverage to below 3.0x within 24 months.
两家公司的董事会一致批准了这笔交易,预计将于2024年年底前完成,并且还需获得监管批准。
The Boards of Directors of both companies have unanimously approved the transaction, which is expected to close by the end of 2024, pending regulatory approvals.
交易完成后,该公司有望成为全球金属食品罐和喷雾包装的主要制造商。
Post-deal closure, the company is projected to be a prominent player globally in manufacturing metal food cans and aerosol packaging.
Sonoco预计将通过与Eviosys整合实现超过1亿美元的协同效应。
Synergies: Sonoco expects to achieve over $100 million in synergies from integrating Eviosys with its metal can business.
Sonoco预计将通过与Eviosys整合实现超过1亿美元的协同效应。
Sonoco projects Eviosys to achieve around $2.5 billion in revenue and approximately $430 million in adjusted EBITDA for 2024, highlighting significant commercial and operational momentum with a nearly 50% increase in EBITDA since 2021.
Sonoco预计,到2024年,Eviosys的收入将达到约25亿美元,调整后的EBITDA将达到约4.3亿美元,自2021年以来,EBITDA增长了近50%。
Sonoco expects the transaction to immediately increase adjusted EPS and project over a 25% increase for 2025.
Sonoco预计此次交易将立即增加每股收益,并预计2025年将增长超过25%。
Eviosys generates strong operating cash flow, and post-acquisition, Sonoco anticipates a nearly 40% growth in EBITDA minus capital expenditures by 2025.
Eviosys具有强大的运营现金流,收购后,Sonoco预计到2025年,减去资本支出的EBITDA将增长近40%。
The acquisition is expected to deliver a return on invested capital exceeding Sonoco's cost of capital from year one.
预计并购交易将在第一年就实现高于Sonoco的资本成本水平的投资回报率。
By merging Eviosys's dominant presence in EMEA with Sonoco's established footprint in the U.S., Sonoco expands its global market potential in metal packaging to approximately $25 billion.
将Eviosys在欧洲、中东、非洲的卓越业务与Sonoco在美国的业务合并,可以将Sonoco在金属包装领域的全球市场潜力扩展至约250亿美元。
Howard Coker, President and Chief Executive Officer of Sonoco said, "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."
Sonoco的董事长暨首席执行官Howard Coker表示:“收购Eviosys将使我们在金属食品罐和喷雾包装领域实现全球领先地位,这是我们战略性金属包装平台规模化以及Sonoco为实现长期价值创造而定位的一个重要里程碑。”
Also, Sonoco plans to divest ThermoSafe, its top temperature-assured packaging business, along with other assets, aiming to generate at least $1 billion in proceeds over the next twelve to eighteen months.
此外,Sonoco计划剥离其最具温度保障的包装业务ThermoSafe,以及其他部分资产,旨在在未来12至18个月内获得至少10亿美元的收益。
As of March 31, 2024, Sonoco's cash and cash equivalents were $172 million.
截至2024年3月31日,Sonoco的现金及现金等价物为1.72亿美元。
Investors can gain exposure to the stock via Roundhill ETF Trust Roundhill S&P Dividend Monarchs ETF (NYSE:KNGS) and ProShares S&P MidCap 400 Dividend Aristocrats ETF (BATS:REGL).
投资者可以通过Roundhill ETF信托Roundhill S&P股息贵族ETF(纽交所:KNGS)和ProShares S&P MidCap 400 Dividend Aristocrats ETF(BATS:REGL)获得该股票的投资。
Price Action: SON shares are down 1.108% at $54.99 premarket at the last check Monday.
截至周一最后一次查询时,SON股票盘前下跌1.108%,至54.99美元。
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
免责声明:本文部分内容使用了Benzinga Neuro的帮助。此内容是通过AI工具部分制作的,并由Benzinga编辑进行了审查和发布。
Image sourced from Shutterstock
图片来源于shutterstock。