Welcome to our dedicated page for Sonoco Prod news (Ticker: SON), a resource for investors and traders seeking the latest updates and insights on Sonoco Prod stock.
Sonoco Products Company (NYSE: SON) is a global leader in diversified packaging solutions serving consumer goods, industrial, and retail markets. This news hub provides investors and industry professionals with comprehensive coverage of Sonoco's strategic developments, operational updates, and sustainability initiatives.
Track critical updates including quarterly earnings reports, packaging innovation announcements, sustainability achievements, and strategic partnerships. Our curated collection features official press releases, market analyses, and regulatory filings to help stakeholders monitor Sonoco's position in the competitive packaging sector.
Key focus areas include advancements in recyclable materials, manufacturing efficiency improvements, and expansion of the company's global supply chain capabilities. Regular updates cover Sonoco's progress in meeting environmental goals while maintaining its leadership in paperboard containers and protective packaging solutions.
Bookmark this page for real-time updates on SON's business performance, including developments in food-safe packaging technologies and industrial packaging applications. Stay informed about this packaging innovator's responses to evolving market demands and regulatory changes affecting the global container industry.
On February 14, 2022, Sonoco (NYSE: SON) announced the departure of two Board members. Marc D. Oken, Chairman of Falfurrias Capital Partners, will not seek reelection due to reaching the mandatory retirement age. Oken has been with the board since 2006 and served on several key committees. Additionally, Lloyd M. Yates, a board member since 2019 and President and CEO of NiSource, Inc., has submitted his resignation, effective March 1, 2022. Yates's departure was not due to any disagreements with the company. Sonoco plans to nominate 12 directors for reelection at the upcoming annual meeting.
Sonoco (NYSE: SON) announced its fourth-quarter and full-year 2021 results, reporting net sales of $1.44 billion for Q4 and $5.59 billion for the full year, marking increases from 2020. Despite a GAAP loss of $(0.86) per diluted share for 2021, Q4 earnings improved significantly to $0.66 per share. The company's acquisition of Ball Metalpack for $1.35 billion is expected to positively impact 2022 earnings, with guidance set between $4.60 and $4.80 per diluted share. Operational cash flow is projected between $690 million to $740 million for 2022.
The Board of Directors of Sonoco (NYSE: SON) has declared a quarterly dividend of $0.45 per share, set for payment on March 10, 2022, to shareholders on record as of February 23, 2022. This marks the 387th consecutive quarter of dividend payments, a testament to the company's commitment to its investors since 1925. Sonoco has raised its dividends for 38 consecutive years, with the next review scheduled for the April board meeting. The company reported annualized sales of approximately $5.6 billion and operates globally across 32 countries.
Platinum Equity has finalized the sale of Ball Metalpack to Sonoco (NYSE: SON) for approximately $1.35 billion. This marks the end of a three-year transformation program that established Ball Metalpack as a standalone entity and enhanced its operations. Since its formation in 2018, the company has invested about $100 million in advanced manufacturing capabilities. With this acquisition, Sonoco aims to expand its packaging portfolio, leveraging Ball Metalpack's expertise in sustainable steel containers.
Sonoco Completes Acquisition of Ball Metalpack
On January 27, 2022, Sonoco (NYSE: SON) finalized its acquisition of Ball Metalpack for $1.35 billion, enhancing its sustainable packaging portfolio. Ball Metalpack, a leader in the metal packaging sector, generated approximately $850 million in revenue and $114 million in adjusted EBITDA in 2021. The acquisition is expected to yield at least $20 million in annual synergies and future tax benefits valued at about $180 million. Sonoco aims to strengthen its cash flow and return value to shareholders.
Sonoco (NYSE: SON) announced a 9% price increase on CPET thermoformed plastic trays and bowls, effective March 1, 2022. This adjustment responds to ongoing inflation affecting raw materials, transportation, labor, and manufacturing costs within its Prepared and Specialty Foods segment. The company aims to offset these increased costs, which have risen significantly over the past year, impacting overall profitability.
Sonoco (NYSE: SON) announced a price increase of at least 6% for all paperboard tubes and cores, effective March 1, 2022, in the U.S. and Canada. This decision is driven by ongoing market tightness, limited supply of paperboard, and rising inflationary costs for raw materials. Doug Schwartz, the Division VP, emphasized the company's commitment to quality and service amidst these challenges. Sonoco is North America's largest producer of paper-based tubes and cores, serving various industries including paper and textiles.
On January 24, 2022, Sonoco (NYSE: SON) announced its inaugural green bond offering, raising $1.2 billion to support its sustainability strategy. The offering includes three notes due in 2025, 2027, and 2032, totaling $400 million, $300 million, and $500 million respectively. The proceeds will help fund the $1.35 billion acquisition of Ball Metalpack, a leader in sustainable packaging. Sonoco's Green Financing Framework has been endorsed by ISS ESG, confirming its alignment with sustainability goals.
Sonoco (NYSE: SON) has announced a $50 per ton price increase for all types of uncoated recycled paperboard in the U.S. and Canada, effective February 18, 2022. This decision is attributed to strong demand leading to extended order backlogs and inflationary pressures on freight, energy, labor, and manufacturing costs. With annual net sales of about $5.5 billion and a workforce of 19,000 employees across 34 countries, Sonoco aims to create sustainable solutions and is recognized among Fortune's Most Admired Companies for 2021.
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