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 Products Company (NYSE: SON) reported robust financial results for Q3 2022, achieving $1.89 billion in net sales, up 34% year-over-year. Operating profit surged 44% to $182 million, and diluted EPS rose 11% to $1.24. The company launched a new uncoated recycled paperboard machine and announced the Skjern Paper acquisition to enhance European production. Despite challenges from lower industrial volumes and currency impacts, Sonoco raised its full-year earnings guidance to $6.40-$6.50 per share, showcasing strong strategic pricing and acquisition performance.
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.
