Sonoco ThermoSafe and LATAM Cargo Sign Global Master Lease Agreement

Rhea-AI Summary

On November 22, 2022, Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), announced a global lease agreement with LATAM Cargo for the Pegasus ULD® temperature-controlled shipping container. This agreement allows pharmaceutical freight forwarders to access the Pegasus ULD® directly through LATAM Cargo. The Pegasus ULD® is the first FAA and EASA-approved passive bulk temperature-controlled container, designed for efficient and cost-effective air freight handling. It features advanced materials and an integrated telemetry system for real-time data monitoring.

Positive

• Global lease agreement with LATAM Cargo for Pegasus ULD® enhances distribution for pharmaceutical logistics.
• Pegasus ULD® is FAA and EASA-approved, ensuring compliance and reliability for international shipping.
• Focus on sustainability with composite materials, making it lighter and more damage-resistant.

Negative

• None.

ARLINGTON HEIGHTS, Ill., Nov. 22, 2022 (GLOBE NEWSWIRE) -- Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and one of the largest global providers of temperature assurance packaging, and LATAM Cargo, an international cargo airline with headquarters in Santiago de Chile, are pleased to announce a global lease agreement for the new Pegasus ULD^® temperature-controlled bulk shipping container. The agreement enables pharmaceutical freight forwarders access to Pegasus ULD^® containers directly from LATAM Cargo.

Sonoco ThermoSafe’s Pegasus ULD^® is the world’s first FAA and EASA-approved passive bulk temperature-controlled ULD container for pharmaceutical use, which enables it to speed through international air freight handling and customs processes at the lowest possible cost. With a focus on sustainability, the Pegasus ULD^® is engineered with composite materials, offering a lighter solution that is also substantially more damage-resistant than traditional metal containers. Additionally, the Pegasus ULD^® contains a fully integrated, FAA-approved telemetry system providing real-time, cloud-based data on payload and ambient temperature and key environmental factors, precisely synchronized with GPS location.

LATAM Cargo was recently named the winner of the Air Cargo Pharma Award at the 38^th Air Cargo News Awards Ceremony in Surrey, England. LATAM Cargo has been expanding temperature control operations for Pharma products, which includes PHARMA PASSIVE and PHARMA ACTIVE services.

“We are delighted LATAM Cargo will fly the Pegasus ULD^® and make the unique containers available to our mutual customers for worldwide routes in their Pharma services programs,” says Bourji Mourad, who heads Logistics and Partner Management for Sonoco ThermoSafe’s Bulk Rental Group.

"LATAM Cargo continues to expand its offering for its CEIV Pharma specialty products. We believe the Pegasus ULD^® will be a great addition, so our clients have more options from which to choose the perfect packaging solution for the transportation of their high-value shipments,” says Daniela Vial, Director for Product Development at LATAM Cargo.

About Sonoco ThermoSafe
Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), is one of the largest global providers of temperature assurance packaging for the safe and efficient transport of pharmaceuticals, biologics, vaccines and other temperature-sensitive products. Sonoco ThermoSafe shipping solutions mitigate risk for customers and ensure product efficacy throughout the extremes of a supply chain. With operations in the Americas, Europe and Asia, Sonoco ThermoSafe has a vast product offering featuring industry-leading technology that encompasses refrigerated, frozen or controlled room temperature applications. In addition, Sonoco ThermoSafe's ISC Labs^® deliver individualized design and testing services and innovative packaging solutions along with qualification and validation services to meet all regulatory requirements. More information can be found at www.thermosafe.com.

About Sonoco
Founded in 1899, Sonoco (NYSE:SON) is a global provider of packaging products. With net sales of approximately $5.6 billion in 2021, the Company 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. The Company ranked first in the Packaging sector on Fortune's World's Most Admired Companies for 2022 as well as being included in Barron's 100 Most Sustainable Companies for the fourth consecutive year. For more information on the Company, visit our website at www.sonoco.com.

FAQ

What is the significance of the Pegasus ULD® for Sonoco (SON)?

The Pegasus ULD® is a crucial offering that enhances Sonoco's capabilities in temperature-controlled logistics, particularly for pharmaceuticals.

When was the lease agreement between Sonoco ThermoSafe and LATAM Cargo announced?

The lease agreement was announced on November 22, 2022.

What are the key features of the Pegasus ULD® container?

The Pegasus ULD® features FAA and EASA approval, a telemetry system for real-time data, and is made from sustainable composite materials.

How does the Pegasus ULD® impact pharmaceutical shipping?

It enables faster customs processing and offers a reliable solution for transporting temperature-sensitive products efficiently.