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.
The Board of Directors of Sonoco (NYSE: SON) has announced a quarterly dividend of $0.49 per share, scheduled for payment on December 9, 2022, to shareholders of record as of November 10, 2022. This marks the 390th consecutive quarter of dividend payments, dating back to 1925. At the closing price on October 18, 2022, this dividend represents a yield of approximately 3.14%. Future dividend declarations are subject to the Board's final determination.
Sonoco Alloyd has received pre-qualification to use the How2Recycle label on its EnviroSense® PaperBlister™ packaging. This innovative product, introduced in 2019, is fully recyclable and made from renewable resources, offering a sustainable alternative to traditional plastic blisters. The How2Recycle label enhances consumer understanding of recyclability and aids brands in achieving their sustainability goals. Sonoco aims to boost recycling initiatives and relevant packaging claims by 2025, leveraging this pre-qualification to streamline the packaging development process.
Sonoco (NYSE: SON) has successfully launched its new uncoated recycled paperboard machine as part of Project Horizon, a $125 million investment to modernize the Hartsville Mill Complex. The new #10 machine is set to be one of the largest global producers of recycled paperboard, increasing efficiency and sustainability. This initiative aims to drive $30 million in annual cost savings by 2024, transitioning the mill to 100% recycled fibers. The company expects to significantly reduce electricity and water use while lowering greenhouse gas emissions, reinforcing its commitment to sustainable operations.
Sonoco (NYSE: SON) has announced its acquisition of S.P. Holding, Skjern A/S, a Danish paper manufacturer, for $88 million in cash. The deal, unanimously approved by Sonoco's Board, aims to enhance production capabilities in Europe. Skjern, known for producing high-grade paperboard from 100% recycled materials, is projected to generate $50 million in sales for 2022. The acquisition aligns with Sonoco's strategy to invest in sustainable practices and is expected to positively impact earnings per share and cash flow.
On September 26, 2022, Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), announced a global lease agreement with United Cargo for the Pegasus ULD® temperature-controlled shipping container. This innovative bulk container is the first FAA and EASA-approved solution for pharmaceuticals, facilitating quicker international shipping. Emphasizing sustainability, the Pegasus ULD® is lighter and more damage-resistant than traditional metal containers. The lease allows pharmaceutical freight forwarders direct access to these containers through United Cargo’s extensive TempControl network, ensuring efficient temperature-controlled logistics.
Sonoco ThermoSafe announced a significant expansion of its Pegasus ULD fleet, available for direct lease or through its global network of partner airlines and freight forwarders. The Pegasus ULD is recognized as the only advanced passive temperature-controlled container certified for air transport, streamlining the shipping process for pharmaceuticals. The fleet is supported by FAA-approved facilities, offering maintenance and preconditioning services. The reusable Pegasus ULD also promotes sustainability by reducing single-use packaging, enhancing operational efficiency for pharmaceutical logistics.
Sonoco (NYSE: SON) has appointed Shawn Munday as Vice President of Global Mergers and Acquisitions, reporting to CFO Rob Dillard. Munday brings over 20 years of experience from investment banking and financial consulting, previously serving as an award-winning Professor of Finance at UNC. His role will focus on leading Sonoco's business development strategies, including M&A and divestitures, aimed at optimizing the company's portfolio and driving value for customers and shareholders. Sonoco reported annualized net sales of approximately $5.2 billion and is recognized for its sustainable practices.
Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), has entered a global partnership with American Airlines Cargo to lease the Pegasus ULD® passive temperature-controlled bulk shipping container. This innovative container, made from composite materials, is lightweight and damage-resistant. It is the first FAA and EASA-approved bulk temperature-controlled container for pharmaceuticals and includes real-time tracking and temperature monitoring capabilities. The partnership aims to enhance transportation for time-sensitive shipments in the healthcare sector, leveraging American Airlines' extensive cold-chain network.
On August 31, 2022, Sonoco (NYSE: SON) announced the immediate resignation of board member Sundaram Nagarajan. Nagarajan, who has served on the board since 2015, cited personal reasons for his departure. He is also the President and CEO of Nordson Corporation (NASDAQ: NDSN). Sonoco's Chairman, John R. Haley, praised Nagarajan for his contributions and insights during his tenure.
Founded in 1899, Sonoco is a major provider of sustainable packaging solutions, reporting net sales of approximately $5.6 billion in 2021 and operating in over 32 countries.
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