The Biggest Business Deals of 2024

We're counting down South Carolina’s top ten business news stories in 2024, based on the dollar amount of investments in S.C. Department of Commerce announcements.

10

$53 million investment will create 80 jobs

Milo’s Tea Company (Milo’s Tea), a leading beverage company, announced it is expanding its operations in Spartanburg County. The company’s $53 million investment will create 80 jobs.

9

Approximately $120 million investment expected to create 58 jobs

Leonardo DRS, through its subsidiary, DRS Naval Power Systems, announced it selects Berkeley County to establish the company’s first South Carolina operation. The company’s approximate net investment of $120 million is expected to create 58 jobs. 

Leonardo DRS is a leading provider of defense products and technologies. Its subsidiary, DRS Naval Power Systems, provides naval power and control technology solutions for the U.S. Navy and allied navies, and for commercial applications.

8

$141 million investment will create 84 jobs

Keurig Dr Pepper (KDP), a leading producer of hot and cold beverages, announced the continued growth of its state-of-the-art, single serve coffee roasting and manufacturing operations in Spartanburg County. The company’s $141 million investment will create 84 jobs.

7

Company investing $150 million in production facility

Nestlé USA, a leading food and beverage company, announced it is expanding its Cherokee County operations. The company will invest $150 million in its Gaffney production facility.

6

$155 million investment will create jobs in the Upstate

AFL, a manufacturer of fiber optic products and equipment, announced it is expanding its manufacturing operations across Spartanburg County. The company’s $155 million investment will create over 150 jobs over the next two to five years.

5

Combined investment of approximately $200 million planned to create around 200 jobs

The South Carolina Department of Commerce announced Magna International (Magna), a mobility technology company and one of the world’s largest suppliers in the automotive space, is growing its South Carolina footprint. The company will establish a new satellite operation and expand its existing operation in Greenville County. Magna’s combined investment of approximately $200 million will create around 200 jobs across both facilities starting in 2025.

4

$800 million investment will support 100 new operational jobs

Meta announced it is establishing the company’s first South Carolina operation with a new data center in Aiken County. The $800 million investment will support 100 new operational jobs.

3

$1 billion investment will create 124 jobs

Birla Carbon, a leading manufacturer and supplier of carbon solutions, announced it selects Orangeburg County to establish the company’s first South Carolina operation. The $1 billion investment will create 124 jobs. 

2

Additional investment will create 500 jobs/$1 billion

Boeing (NYSE:BA) announced it plans to expand its operations in Charleston County. The company plans to invest $1 billion in infrastructure upgrades at its existing site and create 500 jobs over the next five years.

1

Combined investment of $3.3 billion will create hundreds of new jobs

Google announced plans to grow its South Carolina footprint by establishing two new data center campuses in Dorchester County and expanding its existing data center campus in Berkeley County. The company’s combined investment of $3.3 billion will create hundreds of jobs across both counties.

Sonoco Completes Strategic Review, Announces Agreement to Sell Thermoformed and Flexibles Packaging Business

Hartsville, South Carolina-based Sonoco Products Company (NYSE: SON), a global leader in high-value sustainable packaging, said it has entered into an agreement to sell its Thermoformed and Flexibles Packaging business to TOPPAN Holdings Inc. for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments.

The transaction, which reflects completion of the previously announced strategic review of Sonoco’s TFP business, is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

Net proceeds from the transaction are expected to be used to repay existing debt.

“The decision to sell our TFP business accelerates our portfolio simplification strategy, streamlines our organizational structure, and enables more focused capital investments in our remaining industrial paper and consumer packaging businesses,” said Howard Coker, Sonoco’s president and chief executive officer.

Coker added, “TFP is a great business with leadership positions in its served markets. We greatly value TFP’s tenured history as part of the Sonoco family, and I am personally proud of their long-standing commitment to serve our customers with both innovative and high-quality packaging products. We will work closely with Toppan to ensure a successful transition for our employees, customers, and suppliers and wish the entire team all the best in the future.”

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

Freshfields LLP is acting as Sonoco’s legal advisor. Houlihan Lokey is acting as lead financial advisor to Toppan. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. is also acting as financial advisor to Toppan. Morrison & Foerster LLP is acting as Toppan’s legal advisor.

With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world’s best-known brands.

Fifth District Survey of Service Sector Activity

Service sector firms in the Fifth District, which includes South Carolina, reported improved activity in December, according to the most recent survey by the Federal Reserve Bank of Richmond.

The revenues index climbed from 9 to 23, while the demand index rose from 14 to 25 in December.

The indexes for future revenues and demand remained firmly in positive territory, as most firms expressed optimism about the next six months.

The local business conditions index nudged up slightly from 10 in November to 14 in December.

Firms remained optimistic about future business conditions, as that index registered a reading of 39 in December.

The employment index was flat at 2 in December compared to −1 in November.

Over the next six months, firms expected to increase hiring as the forward-looking index registered a reading of 30. Firms continued to increase wages for employees and expected to increase wages over the next six months.

The average growth rates of prices paid and prices received changed little from November, and firms anticipated little change in price growth in the coming year.

Safety and Education Foundation Promotes Safe, Responsible New Year's Eve Fireworks Celebrations

As Americans gear up to celebrate New Year's Eve using consumer fireworks, the American Pyrotechnics Safety and Education Foundation launched its nationwide "Celebrate Safely: Responsible Fireworks Use" campaign.

Julie L. Heckman, executive director of the Foundation, underscores the importance of combining celebration with safety, saying: "We encourage consumers who plan to use fireworks to celebrate the New Year to act responsibly, be safe, and stay legal. Education is the key to safety, and our campaign provides valuable information to ensure celebrations are not only spectacular but also injury-free."

To reinforce these safety tips, the Foundation's "Celebrate Safely" campaign includes a series of educational videos and social media posts that will be promoted on social media platforms leading up to the holiday.

Additional safety tips for New Year's Eve fireworks celebrations include:

Purchase from Reliable Sellers: Ensure fireworks are obtained from reputable, licensed fireworks retailers, preferably in the jurisdiction where they will be used.

Read and Follow the Instructions: Thoroughly review and adhere to all warnings and instructions included on the packaging.

Be Safe: Pick a location with a flat surface free of flammable grass, debris, and/or structures, and keep spectators at a safe distance.

Stay Sober: Remember that alcohol and fireworks do not mix, have a sober and responsible adult handle the fireworks.

Soak Before You Dispose: Dispose of fireworks by soaking them in water and placing them in a metal trash can away from structures.

The American Pyrotechnics Safety and Education Foundation, a nonprofit industry member-funded organization, is funding the nationwide consumer safety campaign to help empower individuals with the right information and resources to reduce fireworks-related incidents.

Learn more at CelebrateSafely.org.

Allow us to tell your company's Business Narrative. Send your press release to David Dykes or for more information email [email protected]