Sonoco Implementing Increase for Uncoated Recycled Paperboard in the U.S. and Canada

Rhea-AI Summary

On June 10, 2024, Sonoco (NYSE: SON) announced a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective from July 10, 2024. This adjustment is intended to offset rising input costs. For further information, interested parties can contact Lisa Weeks, Vice President of Investor Relations & Communications.

Positive

• The price increase is intended to offset rising input costs, potentially stabilizing profit margins.
• Implementation of the price hike aims to maintain financial health amid cost pressures.

Negative

• The $70 per ton price increase may lead to reduced demand from price-sensitive customers.
• Higher costs for uncoated recycled paperboard (URB) could impact the competitive position of Sonoco's products.

News Market Reaction – SON

-0.90%

1 alert

-0.90% News Effect

On the day this news was published, SON declined 0.90%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HARTSVILLE, S.C., June 10, 2024 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON) today announced it is implementing a $70 per ton price increase for all grades of uncoated recycled paperboard (URB) in the United States and Canada, effective with shipments beginning July 10, 2024. This price action is necessary to offset increased input costs.

Contact Information:
Lisa Weeks
Vice President of Investor Relations & Communications
lisa.weeks@sonoco.com
843-383-7524

About Sonoco
With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world’s best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products and a better world for our customers, employees, and communities. Sonoco was named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at www.sonoco.com.

 

FAQ

When will Sonoco's new price increase for uncoated recycled paperboard take effect?

The new price increase will take effect on July 10, 2024.

How much is Sonoco increasing the price of uncoated recycled paperboard?

Sonoco is increasing the price by $70 per ton.

Why is Sonoco implementing a price increase on uncoated recycled paperboard?

The price increase is to offset rising input costs.

Which regions are affected by Sonoco's price increase for uncoated recycled paperboard?

The price increase affects the United States and Canada.

What is the stock symbol for Sonoco?

The stock symbol for Sonoco is SON.