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

Rhea-AI Summary

Sonoco-Alcore announced a 10% price increase on all tube and core grades in the EMEA region, effective from December 13, 2021. This decision is a response to ongoing inflationary pressures affecting various operational sectors, including energy and raw materials. The company aims to mitigate rising costs that productivity initiatives alone cannot offset, according to Karsten Kemmerling, Division VP of Sales & Marketing EMEA. Sonoco-Alcore, wholly owned by Sonoco (NYSE: SON), manages 24 tube and core plants and five paperboard mills in Europe.

Positive

• Implementation of a 10% price increase on products to address inflationary pressures.
• Focus on productivity initiatives to mitigate costs.

Negative

• Continued inflationary pressures in multiple operational sectors.
• Inability to fully offset costs through productivity improvements.

BRUSSELS, Belgium, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Sonoco-Alcore S.a.r.l. announced today that due to continued inflationary pressure on the business, it will raise prices by 10 percent on all tube and core grades sold in the Company’s EMEA regions. The increase will be effective for all shipments made on or after the 13^th December 2021.

“We continue to experience further cost increases in all sectors of our operations and supply chain.  Even with a strong focus on implementing productivity initiatives, they are not enough to offset inflationary pressures from energy, packaging, transportation, adhesives and raw materials. As such, we are forced to pass on cost increases to the market,” 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

What is the reason for the price increase announced by Sonoco-Alcore?

Sonoco-Alcore is raising prices due to ongoing inflationary pressures affecting energy, packaging, transportation, and raw materials.

When will the new prices take effect for Sonoco's tube and core grades?

The new prices will take effect for shipments on or after December 13, 2021.

How much will prices increase for Sonoco-Alcore products?

Prices will increase by 10% for all tube and core grades.

How many plants does Sonoco-Alcore operate in Europe?

Sonoco-Alcore operates 24 tube and core plants and five paperboard mills in Europe.

Who is the parent company of Sonoco-Alcore?

Sonoco-Alcore is wholly owned by Sonoco, which trades on the NYSE under the symbol SON.