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-Alcore S.a.r.l. has announced a price increase of 7% for paper-based tubes and cores, effective January 18, 2021. This decision comes in response to ongoing cost increases due to general inflation and supply chain challenges. The company’s Director of Sales and Marketing emphasized the need to pass these costs to maintain a strong supply chain. Despite potential challenges from Brexit, Sonoco positions its local UK raw material supply as a strength for customer security.
Sonoco-Alcore S.a.r.l. will increase prices by €60 (£50) per tonne on all recycled paperboard grades in EMEA regions, effective January 1, 2021. This price hike is a response to the surging costs and limited availability of waste paper across Europe, which has compelled the company to pass these costs onto the market after absorbing them throughout 2020. Phil Woolley, Division Vice President – Paper Europe, indicated that the company had no alternative but to implement this increase.
Sonoco, a leader in sustainable packaging, announced its partnership with the Digital Watermarks Initiative Holy Grail 2.0, aimed at enhancing recycling efficiency in the EU. With over 85 partners, the initiative focuses on using digital watermark technology to improve sorting of packaging waste. This advancement aligns with Sonoco's ongoing commitment to sustainable practices, highlighted by its EnviroSense® line. The watermarks will aid in identifying packaging materials for better recycling, while also providing consumers and brands enhanced information about the products.
Sonoco (NYSE: SON) announced a 5% price increase for all rigid paper containers and closures in North America, effective January 15, 2021. The decision, according to Vice President Ernest Haynes, is prompted by rising raw material costs and operational challenges due to the COVID-19 pandemic. Increased prices aim to recover costs associated with steel and recovered paper, as well as labor and inventory carrying expenses. Sonoco emphasizes its commitment to maintaining supply continuity for customers during these turbulent times.
Sonoco (NYSE: SON) announced the successful divestiture of its Europe contract packaging business for $120 million in cash to a subsidiary of Prairie Industries Holdings. This business, which generated $300 million in net sales in 2019, included six facilities in Poland and employed approximately 2,600 individuals. The divestiture aims to streamline operations and allow Sonoco to focus on its core Consumer and Industrial packaging sectors. Proceeds will be used to pay off remaining short-term debt, enhancing the company's liquidity position.
Sonoco Protective Solutions has launched two new sustainable packaging options, the EnviroSense FiberMax™ Bulk Box and Master Roll, targeting heavy and high-value products. These 100% recyclable solutions offer enhanced protection, reduce storage space, and lower costs—up to 50% cheaper than wooden crates. The FiberMax Bulk Box is designed for products weighing thousands of pounds, while the Master Roll is suitable for roll-form materials. This innovation aligns with Sonoco's commitment to sustainability and reflects their ongoing efforts to develop eco-friendly solutions.
Sonoco ThermoSafe has launched the EOS™ line of fully curbside recyclable temperature controlled packaging in the U.S. This innovative packaging system addresses the need for reliable curbside recyclability in life sciences and perishable products. Unlike competitors, EOS uses recyclable materials that meet municipal recycling guidelines. Made from 100% post-industrial paper fiber, EOS supports a circular economy by potentially transforming scrap materials into new products. The line aims to provide trusted recyclable solutions for global clients in pharmaceuticals and food sectors.
Sonoco has launched a new, patent-pending roll-feed, cut and seal machine for medical packaging applications utilizing Tyvek. This machine enhances production efficiency by reducing operator error, lowering tooling costs, and increasing sealing speeds and quality. It is compatible with various Tyvek materials and incorporates an automatic feeder to improve production rates. The machine's design allows for recycling of Tyvek scrap, aligning with Sonoco's sustainability goals. This innovation reflects Sonoco's commitment to improving packaging solutions in the medical industry.
Sonoco ThermoSafe, part of Sonoco (NYSE:SON), announced a Master Lease Agreement with AirBridge Cargo Airlines to supply the Pegasus ULD™, the first FAA-approved passive bulk temperature-controlled container for pharmaceuticals. This innovative, lighter design enhances damage resistance and integrates a telemetry system for real-time monitoring of temperature and environmental factors. Yulia Celetaria from AirBridgeCargo highlighted the benefits of the Pegasus ULD™ in ensuring safe healthcare logistics, while Bourji Mourad emphasized its cost-effectiveness for transporting critical medications.
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