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, 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.
On November 1, 2020, Sonoco (NYSE: SON) appointed Rob Dillard as Vice President, Corporate Development, and Rick Johnson as Vice President and Chief Information Officer. Dillard brings extensive experience from previous roles at Domtar and Stanley Black and Decker, alongside a strong background in capital markets. Johnson, previously the CIO at HNI and with a history at Johnson Controls, will continue to advance Sonoco's global IT and digital strategy. Sonoco, founded in 1899, reports annualized net sales of approximately $5.4 billion and employs around 23,000 people worldwide.
Sonoco (NYSE: SON) reported third-quarter 2020 results showing GAAP earnings per diluted share of $0.82, down from $0.91 in 2019. Net sales decreased to $1.31 billion, a 3.1% decline year-over-year. Base earnings were $0.86 per diluted share, below the previous year's $0.97. Despite restructuring-related charges affecting profits, cash flow from operations surged to $489.5 million. The company announced fourth-quarter guidance of $0.70 to $0.80 per diluted share and expects full-year cash flows between $643 million and $663 million. CEO Howard Coker expressed optimism about gradual improvements in demand.
Sonoco (NYSE: SON) announced an 8% price increase for all paperboard tubes and cores, effective November 23, 2020, across the United States and Canada. This move aims to offset recent increases in paperboard prices and inflationary costs that the company cannot absorb. Sonoco is the leading producer of paper-based tubes and cores in North America, serving various industries including paper and films. With annual net sales of around $5.4 billion and a workforce of 23,000 across 36 countries, Sonoco emphasizes sustainable practices in its operations.
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