Sonoco Products Company - SON STOCK NEWS

Sonoco (NYSE: SON) has declared a $0.52 per share quarterly common stock dividend, payable on September 10, 2024, to shareholders of record as of August 9, 2024. This marks the 397th consecutive quarter and 99th year of dividend payments, dating back to 1925. It's also the 41st consecutive year of increased annualized dividends. Based on the July 16, 2024 closing price, Sonoco's dividend yield is approximately 3.6%, which is more than double the S&P 500 Index's dividend yield. This consistent dividend history demonstrates Sonoco's commitment to shareholder returns and financial stability.

KPS Capital Partners announced it will sell Eviosys to Sonoco Products Company for €3.615 billion (~$3.9 billion). Sonoco may pay up to $200 million in stock. The deal, expected to close by the end of 2024, requires regulatory approvals and other conditions. Eviosys, a leading metal packaging supplier in EMEA, employs 6,300 people across 44 facilities in 17 countries. It specializes in sustainable, infinitely recyclable metal packaging. KPS acquired Eviosys from Crown Holdings in 2021, boosting its profitability by 50% through strategic investments and transformation. Eviosys achieved significant sustainability milestones, including an EcoVadis Platinum rating. The sale reflects KPS' strategy of enhancing business value and is expected to benefit customers, employees, and investors of both Eviosys and Sonoco.

Sonoco Products Company (NYSE: SON) has announced a $3.9 billion acquisition of Eviosys, a leading European food can and aerosol packaging manufacturer. Expected to close by the end of 2024, the deal aims to create the world's top metal food can and aerosol packaging platform. Sonoco forecasts over $100 million in synergies within 24 months and anticipates the acquisition will significantly boost adjusted EPS by over 25% in 2025. The transaction aligns with Sonoco's portfolio transformation strategy, including a $1 billion divestiture plan to fund deleveraging efforts. Sonoco plans to maintain an investment-grade credit rating and reduce net leverage below 3.0x within two years. The acquisition is expected to be immediately accretive to adjusted EPS.

On June 17, 2024, Sonoco (NYSE: SON) announced a price increase of at least 6% for all paperboard converted products, effective July 10, 2024, in the United States and Canada. The affected products include tubes, cores, cones, and protective packaging. This decision is driven by rising costs for uncoated recycled paperboard (URB), Sonoco's primary raw material, as well as other inflationary pressures. The announcement was made by Mike Thompson, Vice President of Sales and Marketing for Sonoco’s North American Converted Paper Products Division.

On June 10, 2024, Sonoco (NYSE: SON) announced a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective from July 10, 2024. This adjustment is intended to offset rising input costs. For further information, interested parties can contact Lisa Weeks, Vice President of Investor Relations & Communications.

On June 6, 2024, Sonoco-Alcore announced a 7% price increase on all tube and core grades in the EMEA regions, effective June 15, 2024. The decision stems from ongoing inflationary pressures and rising costs, particularly in core board production. Karsten Kemmerling, Division VP of Sales & Marketing EMEA, emphasized the necessity of this price adjustment to maintain supply security and quality. Sonoco-Alcore, a subsidiary of Sonoco, operates 19 tube and core plants and five paperboard mills in Europe, including a major facility in Cirie, Italy.

Sonoco (NYSE: SON) announced a further price increase for core board and paperboard in Europe, effective from July 1, 2024. Following an initial price hike in March 2024 and a second increase in the Italian market, costs will now rise by €25/ton across the rest of Europe. This decision comes as a response to escalating input costs that have surpassed initial estimates. According to Nikolaj Thybo, VP of Sales & Marketing Paper Europe, the challenging economic climate necessitates this action to ensure continued supply to customers. Contact: Lisa Weeks, VP Investor Relations & Communications, lisa.weeks@sonoco.com, 843-383-7524.

Sonoco announced the opening of a new multi-million-dollar, state-of-the-art Technical and Engineering Center for Metal Packaging Innovation in Columbus, Ohio. The 11,000 sq ft facility includes modern laboratories, prototyping equipment, training rooms, and collaboration spaces. This center aims to expand Sonoco's leadership in sustainable metal packaging, providing design support, advanced technical services, process development, engineering, and training. The center will enhance collaboration among can makers, brand owners, industry suppliers, and scientific partners. Sonoco is a leading manufacturer of sustainable metal packaging for food and beverage products and a major aerosol can producer in North America.

Sonoco Products Company (NYSE: SON) has announced the retirement of Jeff Tomaszewski, President of Diversified Businesses, effective June 30, 2024. Tomaszewski, who joined Sonoco in 2002 as a financial manager, has held various leadership roles and significantly contributed to the company's growth and efficiency. Under his leadership, the Diversified Businesses group saw enhanced efficiency and profitability. CEO Howard Coker praised Tomaszewski's impact and leadership. Tomaszewski expressed gratitude for his opportunities at Sonoco and looks forward to his next chapter.