On November 17, Packaging Strategies will release its latest ranking of the Top 25 Flexible Packaging Converters. This preview takes a broad look at how consolidation and other factors influenced this year’s ranking.

“In 2025, several high-profile acquisitions reshaped the flexible packaging sector among the top 25 converters, including the merger of Amcor and Berry Global in April and the divestiture of Sonoco’s Thermoformed and Flexibles Packaging business to TOPPAN Holdings Inc., also in April,” notes John Hart, Managing Director of PMCF Investment Banking.

Hart adds: “Strategic consolidation continues to drive activity in flexible plastic packaging, with 24 [global] transactions recorded through August 2025 year-to-date, compared to 12 during the same period in 2024.”

Also worth considering:

• Converting transactions have shown consistent momentum in 2025, with 19 deals recorded through August, exceeding the same period in 2024 by three deals, and continuing to account for a greater proportion of overall deal activity than extrusion transactions. 
• Foreign transactions have outpaced domestic deal flow in the packaging sector for August 2025 year-to-date, continuing a trend from 2024 and reflecting sustained buyer interest in cross-border opportunities.

In addition to the Amcor/Berry and TOPPAN/Sonoco deals, Hart says some additional notable acquisitions include: 

• Five Star Holding’s acquisition of Anduro Manufacturing
• Toppan Specialty Films’ acquisition of Irplast
• Soteria Flexibles’s acquisition of Hamilton Plastics Inc.
• ShoreView Investments’ acquisition of M&Q Packaging LLC
• Inteplast Group’s acquisition of con-pearl

Be sure to check out our Top 25 Flexible Packaging Converters story on November 17 to learn how these and other developments impacted the Top 25 list!