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 September 28, 2020, Sonoco (NYSE: SON) was recognized as one of the 100 "Best for Vets" companies by Military Times. This accolade highlights Sonoco's commitment to veteran inclusion and workplace culture, alongside other notable brands such as Amazon and Kellogg Company. CEO Howard Coker emphasized the valuable traits veterans bring to the company, aligning with its philosophy of integrity and teamwork. The selection process involved meticulous evaluation of veteran policies and recruitment practices, underscoring Sonoco's dedication to supporting veterans in the workforce.
Sonoco ThermoSafe, a subsidiary of Sonoco (NYSE: SON), announced FAA approval for its Pegasus ULD® bulk temperature-controlled container, marking it as the first passive bulk ULD designed for pharmaceuticals. This approval facilitates faster international ground handling and customs processes, thereby reducing costs. The Pegasus ULD® features advanced composite materials, making it lighter and more damage-resistant than traditional containers, along with an integrated telemetry system for real-time monitoring. A long-term partnership with AEROTUF aids in its development.
Sonoco ThermoSafe, a unit of Sonoco (NYSE: SON), has partnered with ACL Airshop to enhance the handling and repair of its Pegasus ULD bulk temperature-controlled containers. This agreement aims to speed up the global adoption of the Pegasus ULD, which is the first passive bulk temperature-controlled container for pharmaceuticals, allowing for efficient handling through customs. The Pegasus ULD features advanced telemetry and is designed to be lighter and more damage-resistant than traditional solutions. This partnership leverages ACL's extensive air cargo network to meet the growing demand for pharmaceutical transport solutions.
Sonoco (NYSE: SON) has acquired Can Packaging, a French designer and manufacturer of sustainable paper packaging, for €41.7 million (~$49 million). Founded in 1989, Can Packaging, which generates projected sales of €23 million (~$27 million) in 2020, operates two facilities in France and a research center. This acquisition enhances Sonoco’s sustainable packaging portfolio, adding patented technology for recyclable all-paper packages. Can Packaging's innovation center and intellectual property will drive the development of more recyclable packaging solutions aimed at European markets.
Sonoco ThermoSafe, a unit of Sonoco (NYSE: SON), announced the development of PharmaPortal™, a blockchain platform for pharmaceutical supply chain management. The platform aims to enhance asset traceability and data integration among participants, particularly for temperature-controlled drugs. It addresses inefficiencies in the $230B cold chain pharmaceutical market, which sees $35B in value losses annually. Collaborating with IBM, the initiative seeks to cultivate a trusted environment that secures data sharing across the pharmaceutical distribution sector.
Sonoco (NYSE: SON) released its 2019-20 Corporate Responsibility Report, detailing efforts in packaging sustainability and environmental initiatives. The report highlights a 1.0% reduction in greenhouse gas emissions and a 2.0% decrease in water usage over the past year. Sonoco plans an $83 million investment in its Hartsville, S.C. facility for a new recycled paperboard machine, expected to reduce electricity consumption and greenhouse gas emissions by 16%. The company aims to increase recycling rates and the use of post-consumer recycled resins in its packaging by 2025.
Sonoco (NYSE: SON) reported second-quarter 2020 results, revealing GAAP earnings per diluted share of $0.55, down from $0.80 in 2019. Net sales decreased to $1.25 billion from $1.36 billion, impacted by COVID-19 challenges, with a notable reduction in demand for industrial products. Adjusted base earnings were $0.79 per diluted share, compared to $0.95 in the previous year. The company generated $281 million in cash flow from operations, a significant increase from $40.1 million in 2019. Guidance for third-quarter base earnings is projected between $0.73 and $0.83 per diluted share.
On July 15, 2020, Sonoco (NYSE: SON) declared a quarterly dividend of $.43 per share, scheduled for payment on September 10, 2020, to shareholders of record by August 10, 2020.
This marks the 381st consecutive quarter of dividend payments, highlighting a strong commitment to shareholders since 1925. Sonoco has raised its dividend for 37 consecutive years, with a current yield of 3.3%, significantly above the S&P 500 Index. The company reported annualized net sales of approximately $5.4 billion and serves customers in 85 nations.
On June 10, 2020, Sonoco (NYSE: SON) announced a subscription service for tube and core scrap returns, effective July 1, 2020, in response to fluctuations in material values and rising processing costs. This voluntary service will incur a $95 fee for new shipments when the value of old corrugated containers (OCC) drops below $90 per ton, but it will be free once OCC exceeds this threshold. The company highlighted the necessity of managing costs amid OCC volatility, stating their commitment to sustainable practices and delivering value to customers.
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