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 (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.
The Board of Directors of Sonoco (NYSE: SON) has declared a quarterly dividend of $0.45 per share, to be paid on December 10, 2021, to shareholders on record as of November 10, 2021.
This marks the 386th consecutive quarter of dividend payments since 1925, with 38 years of consecutive increases. At a closing stock price of $15.52 on October 15, 2021, the dividend yield stands at 2.90%, significantly higher than the S&P 500 Index.
Sonoco (NYSE: SON) announced a minimum 6% price increase for all paperboard tubes and cores, effective November 8, 2021, in the United States and Canada. This decision is driven by ongoing inflation in Uncoated Recycled Board, adhesives, and primary packaging components, alongside high market demand. Doug Schwartz, Division Vice President, emphasized the company's dedication to maintaining quality and service amid current supply chain challenges. Sonoco is North America's largest producer of paper-based tubes and cores, catering to diverse industries.
Sonoco-Alcore S.a.r.l. has announced a price increase of €100 (£100) per tonne for all recycled paperboard grades sold in the EMEA regions, effective from October 18, 2021. The company cites unprecedented energy cost increases across Europe as the primary reason for this decision. Phil Woolley, Division VP of Paper Europe, mentioned the need to take regrettable yet unavoidable actions to mitigate inflationary pressures. Monitoring of energy prices will continue month-to-month to adapt pricing strategies accordingly.
Sonoco (NYSE: SON) announced a $60 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective November 1, 2021. This decision is driven by persistent inflationary pressures on manufacturing costs, including energy, freight, and materials. Tim Davis, General Manager, noted that these cost pressures are expected to continue into 2022 despite high demand for URB. Sonoco, with annualized net sales of approximately $5.2 billion, remains committed to quality and service amidst current supply challenges.
Sonoco (NYSE: SON) has achieved a Gold Medal rating from EcoVadis, placing it in the top 5% of paperboard and container manufacturers globally. This significant recognition stems from Sonoco's extensive efforts in sustainability across its 300 operations in 34 countries. Key improvements in Labor and Human Rights and Sustainable Procurement were highlighted, contributing to the company's commitment to corporate responsibility. With annual net sales of approximately $5.2 billion, Sonoco continues to prioritize sustainable practices to serve renowned global brands.
On September 24, 2021, Sonoco-Alcore announced a €50 (£50) per tonne price increase on all recycled paperboard grades sold in its EMEA regions, effective from October 4, 2021. This decision comes in response to rapidly escalating European energy costs, which are expected to remain high throughout the winter. Phil Woolley, Division Vice President – Paper Europe, stated that despite efforts to mitigate these costs, they must now be passed onto the market. Sonoco-Alcore operates 24 tube and core plants and five paperboard mills in Europe, and is wholly owned by Sonoco (NYSE:SON).
On September 7, 2021, Sonoco (NYSE: SON) announced a partnership with AMP Robotics, focusing on enhancing recycling rates for rigid paperboard cans. This collaboration leverages AMP's AI technology to sort Sonoco’s paper canisters efficiently, significantly reducing environmental impacts. The recycling of steel-bottomed paper containers offers a 45% lower environmental impact than virgin material production and over 40% less than landfilling. This partnership strengthens Sonoco's position in sustainable packaging solutions and supports its commitment to environmentally friendly practices.
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