Welcome to our dedicated page for Sonoco Products Company news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Products Company stock.
Sonoco Products Company (NYSE: SON), founded in 1899, is a global leader in providing consumer and industrial packaging solutions. With annualized net sales of approximately $4.8 billion, Sonoco operates in more than 300 facilities across 33 countries, employing around 20,000 people. The company is distinguished by its diverse range of packaging products and services, including paperboard containers, tubes and cores, convenience closures, thermoformed plastic packaging, and engineered molded and extruded plastic products. Sonoco also offers protective, temperature, and retail assurance packaging, serving some of the world’s most recognizable brands in 85 nations.
Recent Achievements and Projects: Over its 100-year-plus history, Sonoco has built a broad portfolio of industrial and consumer packaging solutions, including flexible and rigid plastics, reels and spools, pallets, and composite cans. The company has consistently raised its dividend each year for more than three decades, underscoring its financial stability and commitment to shareholders.
Notable Financial Performance: Sonoco reports its financial results in two primary segments: Consumer and Industrial. The company’s robust financial health is often highlighted in its quarterly and annual reports, showcasing its ability to adapt and thrive in varying market conditions.
Strategic Partnerships: A recent notable partnership includes a Virtual Power Purchase Agreement (VPPA) with ENGIE North America for the Big Sampson Wind Project in Texas. This agreement aims to supply approximately 140 megawatts of electricity per year, meeting about 48% of Sonoco’s U.S. electricity needs by 2025. This move aligns with Sonoco’s commitment to reducing global Scope 1 and Scope 2 emissions by 25% by 2030 from a 2020 baseline.
Awards and Recognitions: Sonoco’s commitment to corporate citizenship and sustainability has earned it numerous accolades, including being listed on the Dow Jones Sustainability Index and named one of America’s Most Responsible Companies by Newsweek. The company was also ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies list for 2022 and included in Barron’s 100 Most Sustainable Companies for the fourth consecutive year.
Investor Relations: Sonoco actively engages with its investors and stakeholders through events like Investor Day, where detailed presentations and Q&A sessions with the executive leadership team offer insights into the company’s strategic direction and financial outlook. A live audio webcast and supporting materials are typically made available on the company’s Investor Relations website.
For more information about Sonoco, visit their official site at www.sonoco.com.
Sonoco ThermoSafe has entered a global partnership with Singapore Airlines to lease the innovative Pegasus ULD® temperature-controlled shipping container. This agreement allows pharmaceutical freight forwarders to access these containers directly from Singapore Airlines, enhancing the transport of high-value pharmaceutical cargo. The Pegasus ULD® is pioneering as the first FAA and EASA-approved temperature-controlled bulk container designed for pharmaceuticals, offering optimized freight handling and sustainability via composite materials. The container features integrated telemetry for real-time monitoring of temperature and location.
On November 11, 2021, Sonoco (NYSE: SON) was recognized as a “Best for Vets” company by Military Times, being one of 161 companies honored. This recognition reflects Sonoco's commitment to veterans and its alignment with values such as loyalty and teamwork, as noted by CEO Howard Coker. The Best for Vets rankings assess companies based on their culture, veteran recruitment, and support policies. Sonoco, which reported annual sales of around $5.2 billion and employs 19,000 people globally, aims to create sustainable packaging solutions.
Sonoco (NYSE: SON) has acquired D&W Paper Tubes, Inc., a Chatsworth, GA-based manufacturer of sustainable industrial paper tubes and cores. Founded in 2000, D&W is expected to generate approximately $18 million in sales in 2021. This acquisition enhances Sonoco's Industrial Paper Packaging segment and strengthens its presence in the Northeast Georgia carpet and textile markets. The company anticipates achieving significant business synergies through its integrated operations in the Southeast.
Sonoco, a leading global packaging company, announced the retirement of Marcy Thompson, Vice President of Marketing and Innovation, effective end of 2021. With over 15 years at Sonoco, she significantly contributed to various business areas and innovation initiatives. Additionally, Ernest Haynes and Russell Grissett have been appointed as Vice Presidents for Rigid Paper Containers and Global Flexible Packaging, respectively, effective November 1, 2021. Both bring extensive experience from their previous roles within the company.
Sonoco has validated the acceptance of its EnviroCan paper containers in residential mixed paper bales for recycling into new paperboard at 10 of its paper mills across the U.S. This initiative, led by staff VP of sustainability, Elizabeth Rhue, will enable the production of 100% recycled paperboard, utilizing up to 85% post-consumer fiber. The move aligns with Sonoco's commitment to sustainability and material circularity, allowing for the recycling of EnviroCan containers through the mixed paper stream, further enhancing their environmental efforts.
Sonoco (NYSE: SON) has been awarded the 2021 Innovator Award for its EnviroSense® PaperBlister™ package in Design Optimization. This all-paper package offers a fully recyclable and plastic-free alternative to traditional blister packaging, underscoring Sonoco's commitment to sustainability. Key features include improved seal quality, increased handling speed, and reduced shipping costs. The PaperBlister package promotes efficiency, shipping flat to optimize space. Sonoco, with annual net sales of around $5.2 billion, continues to innovate in sustainable packaging while supporting its corporate purpose of 'Better Packaging. Better Life.'
Sonoco-Alcore announced a price increase of 50 EUR/50 GBP per ton for all tube and core grades sold in its EMEA regions, effective November 1, 2021. This decision is driven by significant inflationary pressures and rising costs, particularly in energy. Karsten Kemmerling, Division VP - Sales & Marketing EMEA, emphasized the unavoidable need to pass on these costs to customers due to the rapid escalation in energy prices.
Sonoco (NYSE: SON) reported its third-quarter 2021 financial results, seeing GAAP earnings per diluted share rise to $1.12 from $0.82 a year earlier, benefiting from a net after-tax gain of $20.6 million. Third-quarter net sales reached a record $1.42 billion, a 7.8% increase over the previous year, driven by strong customer demand and a positive volume/mix. The company expects fourth-quarter base earnings per diluted share between $0.84 and $0.90, with full-year guidance adjusted to $3.49 to $3.55. Challenges remain due to supply chain disruptions and rising costs, impacting certain business segments.
FAQ
What is the current stock price of Sonoco Products Company (SON)?
What is the market cap of Sonoco Products Company (SON)?
What does Sonoco Products Company specialize in?
When was Sonoco Products Company founded?
How many employees does Sonoco Products Company have?
What recent sustainability initiatives has Sonoco undertaken?
What is the financial performance of Sonoco Products Company?
How does Sonoco engage with its investors?
What awards has Sonoco received?
What types of products does Sonoco manufacture?
Where can I find more information about Sonoco Products Company?
What brands does Sonoco serve?
