Sonoco ThermoSafe and United Cargo Sign Global Master Lease Agreement

Rhea-AI Summary

On September 26, 2022, Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), announced a global lease agreement with United Cargo for the Pegasus ULD® temperature-controlled shipping container. This innovative bulk container is the first FAA and EASA-approved solution for pharmaceuticals, facilitating quicker international shipping. Emphasizing sustainability, the Pegasus ULD® is lighter and more damage-resistant than traditional metal containers. The lease allows pharmaceutical freight forwarders direct access to these containers through United Cargo’s extensive TempControl network, ensuring efficient temperature-controlled logistics.

Positive

• Global lease agreement with United Cargo enhances access to Pegasus ULD® for pharmaceutical freight.
• Pegasus ULD® is the first FAA and EASA-approved temperature-controlled bulk container, speeding up handling and customs processes.
• Sustainable design offers lighter and more damage-resistant shipping solutions.
• Integrated telemetry system provides real-time data on payload and environmental conditions.

Negative

• None.

ARLINGTON HEIGHTS, Ill., Sept. 26, 2022 (GLOBE NEWSWIRE) -- Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON) and one of the largest global providers of temperature assurance packaging, and United Cargo 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 United 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.

United Cargo has over 90 stations in their TempControl global network, trained on pharmaceutical handling according to IATA Temperature Control Regulations. Passive TempControl shipments receive higher boarding priority and enhanced temperature-controlled storage access.

“We’re excited to partner with United Cargo. Healthcare companies can access the Pegasus ULD more readily thanks to United Cargo’s extensive global network of temperature control logistics stations in the US and around the world,” said Bourji Mourad, who heads Logistics and Partner Management for Sonoco ThermoSafe’s Bulk Rental Group.

“United Cargo is pleased to offer the Pegasus ULD to our customers and provide them with even more options to transport their temperature-controlled shipments all over the world. Our extensive cold chain shipping solutions, combined with the introduction of this sustainable and efficient container into our service offerings, demonstrate our mutual commitment to the safe and efficient transport of these critical shipments,” explains Manu Jacobs, Managing Director of Specialty Products at United 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 consumer, industrial, healthcare and protective packaging. With annualized net sales of approximately $5.6 billion, the Company has approximately 22,000 employees working in more than 300 operations in 32 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company was 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 third-consecutive year. For more information, visit www.sonoco.com.

FAQ

What is the significance of the lease agreement between Sonoco ThermoSafe and United Cargo?

The lease agreement enables pharmaceutical freight forwarders to access the innovative Pegasus ULD® containers directly from United Cargo, enhancing global shipping efficiency.

What are the features of the Pegasus ULD® container?

The Pegasus ULD® is the first FAA and EASA-approved passive bulk temperature-controlled shipping container, designed for pharmaceutical use, offering real-time monitoring and sustainability.

How does the Pegasus ULD® impact pharmaceutical shipping?

The Pegasus ULD® speeds up international air freight handling and customs processes, making it more cost-effective for transporting temperature-sensitive products.

What is Sonoco's role in the pharmaceutical logistics market?

Sonoco ThermoSafe is a leading provider of temperature assurance packaging, ensuring the safe transport of pharmaceuticals and biologics through innovative solutions like the Pegasus ULD®.

When was the lease agreement announced?

The global lease agreement for the Pegasus ULD® was announced on September 26, 2022.