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.
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.
On October 19, 2020, Sonoco (NYSE: SON) declared a quarterly dividend of $0.43 per share, set to be paid on December 10, 2020, to shareholders recorded as of November 10, 2020. This marks the company's 382nd consecutive dividend payment since 1925 and reflects 37 years of dividend increases. The current dividend yield stands at 3.1%, significantly above the S&P 500 average. With annual net sales around $5.4 billion and a commitment to sustainability, Sonoco continues to be a leader in the packaging sector.
Sonoco Announces Board Changes
On October 19, 2020, Sonoco (NYSE: SON) elected Eleni Istavridis to its Board of Directors. Concurrently, Harry A. Cockrell decided not to stand for reelection at the upcoming Annual General Meeting in April 2021. Istavridis brings over 20 years of experience in banking and manufacturing, particularly in Asia, having held senior roles at Bank of New York Mellon and Deutsche Bank. She is set to stand for shareholder election in April 2021. Sonoco is recognized for its diverse packaging solutions, with annual sales around $5.4 billion.
Sonoco (NYSE: SON) is raising prices by $50 per ton for all grades of uncoated recycled paperboard in the U.S. and Canada, effective November 16, 2020. This decision comes in response to significantly longer backlogs at its mills and ongoing inflation in input costs, particularly for freight and papermaking chemicals. Sonoco, with annualized net sales of approximately $5.4 billion, operates in 36 countries and is known for its commitment to sustainable practices.
Sonoco (NYSE: SON) has signed a $120 million agreement to sell its Europe contract packaging business to Prairie Industries Holdings. This business, which generated approximately $300 million in sales in 2019, is part of Sonoco’s Display and Packaging segment and employs around 2,600 staff in Poland. The divestiture aims to simplify Sonoco's operations and enhance liquidity by reducing short-term debt. The transaction is expected to close in Q4 2020. Sonoco will report its Q3 2020 financial results on October 22, 2020.
Sonoco (NYSE: SON) announced a $50/ton price increase on all domestic and export corrugating medium grades from its Hartsville, S.C. paper mill, effective November 2, 2020. This decision, as stated by Tim Davis, reflects the company's response to changing market demand and extended order backlogs, aligning with trends seen among other North American containerboard producers. Sonoco, founded in 1899, boasts annualized net sales of approximately $5.4 billion and employs around 23,000 individuals in 36 countries.
Sonoco (NYSE: SON) has been named one of the 100 "Best for Vets" companies by Military Times, showcasing its commitment to veteran employment. Sonoco joins notable companies like Amazon and Kellogg Company on this prestigious list. CEO Howard Coker emphasized the valuable attributes veterans bring to the workforce, such as loyalty and teamwork. The selection process for this ranking involves a comprehensive evaluation of companies’ cultures, veteran recruiting practices, and accommodations for military personnel. Sonoco reported annualized net sales of approximately $5.4 billion.
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