Sonoco-Alcore to Increase Tube & Core Prices in the EMEA Region

Rhea-AI Summary

Sonoco-Alcore announced a price increase of 50 EUR/50 GBP per ton for all tube and core grades sold in its EMEA regions, effective November 1, 2021. This decision is driven by significant inflationary pressures and rising costs, particularly in energy. Karsten Kemmerling, Division VP - Sales & Marketing EMEA, emphasized the unavoidable need to pass on these costs to customers due to the rapid escalation in energy prices.

Positive

• The price increase may help offset rising operational costs due to inflation.
• The company remains proactive in assisting customers despite cost pressures.

Negative

• The price increase could affect demand or customer relationships.
• Continued inflationary pressures indicate ongoing financial challenges.

BRUSSELS, Belgium, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Sonoco-Alcore S.a.r.l. announces today that due to continued inflationary pressure on the business it will raise prices by 50EUR / 50GBP (for the UK) per ton on all tube and core grades sold in the Company’s EMEA regions.  The increase is in direct response to the continued escalation of its cost base and will be effective for all shipments made on or after the 1^st November 2021.

“The new headline news is energy with the massive increases all industries are now seeing across Europe. Other cost areas still continue to rise in addition, and we remain very active in offsetting as much as we can to assist our customers.  The speed and magnitude of the energy increase has simply left us with no option but to pass it on,” said Karsten Kemmerling, Division VP - Sales & Marketing EMEA.

Sonoco Alcore S.a.r.l. is wholly owned by Sonoco (NYSE:SON) and operates 24 tube and core plants and five paperboard mills in Europe.

FAQ

Why is Sonoco (SON) raising prices in Europe?

Sonoco-Alcore is raising prices due to continued inflationary pressures and significant increases in energy costs.

When will Sonoco's price increase take effect?

The price increase will be effective for all shipments made on or after November 1, 2021.

How much is Sonoco increasing prices by?

Sonoco is increasing prices by 50 EUR or 50 GBP per ton on all tube and core grades.

What regions are affected by Sonoco's price increase?

The price increase applies to all tube and core grades sold in Sonoco-Alcore's EMEA regions.