Sonoco Implementing Price Increase for Tubes and Cores in Mexico

Rhea-AI Summary

Sonoco (SON) is implementing a 6% price increase for tubes and cores in Mexico due to inflationary pressures and increased raw material costs, effective May 2024. The decision was made to support high-quality goods and services for customers despite market conditions.

MEXICO CITY, Mexico, April 29, 2024 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON) today announced it is implementing a 6% price increase for tubes and cores products sold in Mexico starting with May 2024 deliveries.

“This price adjustment is due to inflationary pressures and increased costs in basic raw materials to produce our products,” said Jose Villafaña, Vice President/General Manager for Paper Products Latin and South America. “We have postponed this cost increase as long as possible, but market conditions have made this change inevitable. We will continue to monitor the situation closely and take all actions needed to support our customer base with high quality goods and services.”

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, the Company has approximately 23,000 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 sonoco.com.

FAQ

Why is Sonoco implementing a price increase for tubes and cores in Mexico?

Sonoco is implementing a 6% price increase for tubes and cores in Mexico due to inflationary pressures and increased raw material costs.

When will the price increase for tubes and cores in Mexico take effect?

The price increase for tubes and cores in Mexico will be effective starting with May 2024 deliveries.

Who announced the price increase for tubes and cores in Mexico?

The announcement was made by Jose Villafaña, Vice President/General Manager for Paper Products Latin and South America at Sonoco.

How will Sonoco support its customer base with high-quality goods and services despite the price increase?

Sonoco will continue to monitor the situation closely and take all actions needed to support its customer base with high-quality goods and services.