Sonoco Prod Stock Price, News & Analysis

Sonoco (NYSE: SON) has successfully launched its new uncoated recycled paperboard machine as part of Project Horizon, a $125 million investment to modernize the Hartsville Mill Complex. The new #10 machine is set to be one of the largest global producers of recycled paperboard, increasing efficiency and sustainability. This initiative aims to drive $30 million in annual cost savings by 2024, transitioning the mill to 100% recycled fibers. The company expects to significantly reduce electricity and water use while lowering greenhouse gas emissions, reinforcing its commitment to sustainable operations.

Sonoco (NYSE: SON) has announced its acquisition of S.P. Holding, Skjern A/S, a Danish paper manufacturer, for $88 million in cash. The deal, unanimously approved by Sonoco's Board, aims to enhance production capabilities in Europe. Skjern, known for producing high-grade paperboard from 100% recycled materials, is projected to generate $50 million in sales for 2022. The acquisition aligns with Sonoco's strategy to invest in sustainable practices and is expected to positively impact earnings per share and cash flow.

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.

Sonoco ThermoSafe announced a significant expansion of its Pegasus ULD fleet, available for direct lease or through its global network of partner airlines and freight forwarders. The Pegasus ULD is recognized as the only advanced passive temperature-controlled container certified for air transport, streamlining the shipping process for pharmaceuticals. The fleet is supported by FAA-approved facilities, offering maintenance and preconditioning services. The reusable Pegasus ULD also promotes sustainability by reducing single-use packaging, enhancing operational efficiency for pharmaceutical logistics.

Sonoco (NYSE: SON) has appointed Shawn Munday as Vice President of Global Mergers and Acquisitions, reporting to CFO Rob Dillard. Munday brings over 20 years of experience from investment banking and financial consulting, previously serving as an award-winning Professor of Finance at UNC. His role will focus on leading Sonoco's business development strategies, including M&A and divestitures, aimed at optimizing the company's portfolio and driving value for customers and shareholders. Sonoco reported annualized net sales of approximately $5.2 billion and is recognized for its sustainable practices.

Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), has entered a global partnership with American Airlines Cargo to lease the Pegasus ULD® passive temperature-controlled bulk shipping container. This innovative container, made from composite materials, is lightweight and damage-resistant. It is the first FAA and EASA-approved bulk temperature-controlled container for pharmaceuticals and includes real-time tracking and temperature monitoring capabilities. The partnership aims to enhance transportation for time-sensitive shipments in the healthcare sector, leveraging American Airlines' extensive cold-chain network.

On August 31, 2022, Sonoco (NYSE: SON) announced the immediate resignation of board member Sundaram Nagarajan. Nagarajan, who has served on the board since 2015, cited personal reasons for his departure. He is also the President and CEO of Nordson Corporation (NASDAQ: NDSN). Sonoco's Chairman, John R. Haley, praised Nagarajan for his contributions and insights during his tenure.

Founded in 1899, Sonoco is a major provider of sustainable packaging solutions, reporting net sales of approximately $5.6 billion in 2021 and operating in over 32 countries.

On August 30, 2022, Sonoco-Alcore S.a.r.l. announced a price increase of 70 EUR/ton for tube and core grades in its EMEA regions, effective September 1, 2022. This decision was driven by ongoing inflationary pressures, including surging costs for gas and electricity, which the company can no longer absorb. Division VP Karsten Kemmerling emphasized the need to cover these costs to maintain operational stability, while ensuring supply security and quality. No shortages are anticipated at this time.

Sonoco, a leader in sustainable packaging, has announced a series of upcoming investor events. Key highlights include:

• Presentation at the Bank of America Sustainability Conference on September 1, 2022, at 9:30 AM ET.
• Investor tour at the Elk Grove facility on September 7, 2022, at 2:15 PM ET.
• 3rd Quarter Earnings Call on November 1, 2022, at 8:30 AM ET, with a new schedule for earnings releases.
• Presentations at the Global Baird Industrials Conference on November 10, and Citi Basic Materials Conference on November 30, 2022.