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.
Sonoco ThermoSafe has partnered with Turkish Airlines to lease the Pegasus ULD®, a temperature-controlled bulk shipping container designed for pharmaceutical transport. This partnership grants freight forwarders direct access to the Pegasus ULD® through Turkish Cargo, enhancing their cold chain services. The Pegasus ULD® is notable for being the first FAA and EASA-approved passive bulk container, which reduces freight costs and accelerates customs handling. Built with composite materials, it is lightweight and damage-resistant, featuring an integrated telemetry system for real-time monitoring.
Sonoco expands its paper cup recycling capabilities at its Hartsville, SC mill, adding to the acceptance of EnviroCan containers in residential mixed paper bales. This initiative follows prior validation across all U.S. paper mills for rigid paper cans. The goal is to enhance recycling processes and contribute to sustainability efforts. The company aims to recycle polycoated fiber-based containers, furthering its commitment to responsible material sourcing and creating a circular economy within the packaging industry.
Sonoco (NYSE: SON) announced an update for its second-quarter 2022 financial guidance, projecting net income per diluted share between $1.27 and $1.37, a strong improvement compared to a loss of ($3.34) in the same quarter last year.
Base net income is estimated to be between $1.60 and $1.70, over 70% higher than the previous year's $0.93. This optimistic outlook is attributed to robust customer demand, especially in the Consumer Packaging sector, and effective price recovery initiatives.
The company will announce its financial results on July 21, 2022, followed by an investor conference call.
Sonoco has validated the HolyGrail 2.0 sorting prototype, achieving a 99% detection rate for packaging waste, following successful semi-industrial trials. This initiative, led by AIM and the Alliance to End Plastic Waste, aims to enhance recycling quality in the EU through digital watermarking technology. Sonoco's trials demonstrated that 96% of its rigid paper containers were correctly detected, positioning the company as a key player in sustainable packaging. With over 160 partners involved, this advancement may have significant global implications for recycling efficiency.
Sonoco has announced the election of Robert R. Hill, Jr. as Lead Independent Director, succeeding James M. Micali, who is retiring after 19 years of service. Hill brings over 27 years of experience at SouthState Corporation and has been on Sonoco's board since 2019. Micali, 74, had a notable career, including his role as President of Michelin North America. Hill's leadership is expected to enhance corporate governance and strategic oversight as he also chairs the Governance Committee and serves on other key committees.
On June 15, 2022, Sonoco (NYSE: SON) announced the appointment of Rob Dillard as Chief Financial Officer, effective July 1, 2022. Dillard, previously the Chief Strategy Officer, will oversee global finance functions including audit, financial reporting, and risk management. He has been with Sonoco since 2018, leading corporate strategy, including the $1.35 billion acquisition of Ball Metalpack. Dillard brings extensive experience from previous roles at Domtar and Stanley Black and Decker, as well as investment banking at UBS. The company generated approximately $5.6 billion in net sales in 2021.
Sonoco (NYSE: SON) announced the departure of CFO Julie Albrecht, effective June 30, 2022. Albrecht has been with Sonoco since 2017, serving as CFO since March 2019. During her tenure, she improved cash flow, managed pension plans, and facilitated over $2 billion in acquisitions. The company is currently searching for her successor. Albrecht holds over 30 years of finance experience and has notably contributed to Sonoco's finance and inclusion initiatives. Sonoco reported net sales of approximately $5.6 billion in 2021 and continues to be recognized for its sustainable practices.
Sonoco (NYSE: SON) announced favorable results from a collaboration with Sustana and Kellogg’s, confirming the recyclability of paper containers with steel bottoms. These findings enable Sonoco to enhance its sustainable packaging efforts, allowing paper products to be processed in the paper stream. The study validated that the fiber components of paper containers can be recycled into usable paperboard, supporting a circular economy. Sonoco aims to close the loop in recycling, particularly in food packaging, and continues to lead in sustainability practices.
Sonoco (NYSE: SON) announced a price increase of a minimum of 6% for all paperboard tubes and cores, effective June 10, 2022, in the U.S. and Canada. This decision comes in response to ongoing market tightness and inflationary pressures, particularly from rising paperboard prices and higher labor costs. Doug Schwartz, Division Vice President, emphasized the company's commitment to quality and service amidst these challenges. Sonoco is the largest producer in North America for these products, which cater to multiple industries including paper, plastic film, and textiles.
Sonoco (NYSE: SON) announced that its EnviroFlex™ PE packaging line has been pre-qualified for the How2Recycle® Store Drop-off label, enhancing its sustainability credentials. This suite includes recyclable solutions like the EnviroFlex™ PE Premade Pouches, Rollstock, and Cold Seal Flow Wrap. The initiative aligns with Sonoco's commitment to sustainable packaging through its EnviroSense® portfolio. President Russell Grissett emphasized the importance of this label in helping brands achieve their recyclability goals and enhancing consumer trust.
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