Welcome to our dedicated page for Sonoco Prod news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Prod stock.
Sonoco Products Company (NYSE: SON) is a global leader in diversified packaging solutions serving consumer goods, industrial, and retail markets. This news hub provides investors and industry professionals with comprehensive coverage of Sonoco's strategic developments, operational updates, and sustainability initiatives.
Track critical updates including quarterly earnings reports, packaging innovation announcements, sustainability achievements, and strategic partnerships. Our curated collection features official press releases, market analyses, and regulatory filings to help stakeholders monitor Sonoco's position in the competitive packaging sector.
Key focus areas include advancements in recyclable materials, manufacturing efficiency improvements, and expansion of the company's global supply chain capabilities. Regular updates cover Sonoco's progress in meeting environmental goals while maintaining its leadership in paperboard containers and protective packaging solutions.
Bookmark this page for real-time updates on SON's business performance, including developments in food-safe packaging technologies and industrial packaging applications. Stay informed about this packaging innovator's responses to evolving market demands and regulatory changes affecting the global container industry.
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.
Sonoco (NYSE: SON) announced a 5.5% price increase for all rigid paper containers and closures in North America, effective June 8, 2020. This decision comes in response to the rising costs of recycled paperboard, a key raw material. The company, facing input cost pressures exacerbated by the COVID-19 pandemic, aims to maintain continuity of supply for customers. Sonoco, a leading producer in this segment with annualized net sales of approximately $5.4 billion, remains committed to sustainability and customer support during challenging times.
