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.
Sonoco (NYSE: SON) announced significant advancements in its Project Horizon, investing $115 million to convert its corrugated medium machine in Hartsville, S.C. to an uncoated recycled paperboard (URB) operation, with a target annual capacity of 180,000 tons. The transition is expected to be completed by Q2 2022 and will include upgrades to the infrastructure. The project aims for $30 million in annual cost savings by 2023, while exiting the corrugated medium market and shutting down two URB machines, reducing capacity by 70,000 tons. Sonoco operates 11 mills and expects URB capacity to stabilize at 1.2 million tons.
On June 30, 2021, Sonoco (NYSE: SON) announced a new five-year $750 million revolving credit facility, replacing its previous $500 million line established in 2017. The Credit Agreement enhances financial flexibility and features similar terms. This facility will support Sonoco’s $500 million commercial paper program, with a borrowing margin of 125 basis points based on current credit ratings. The banking syndicate includes notable institutions like BofA Securities and JPMorgan Chase. Sonoco, founded in 1899, reported approximately $5.2 billion in annual net sales.
Sonoco Protective Solutions, a division of Sonoco (NYSE: SON), is expanding its Sonopost® packaging technology into Europe with a new manufacturing site in Sochaczew, Poland, set to open in July-August 2021. This technology utilizes 100% recycled paperboard corner posts designed for protecting large appliances and HVAC units, addressing sustainability concerns. The product's recyclable nature aids manufacturers in reducing plastic waste. Adam Wood, VP and GM, emphasized the significance of sustainability in European manufacturing.
On June 24, 2021, Sonoco (NYSE: SON) announced its acquisition of group annuity contracts from Athene Holding Ltd. This strategic move transfers approximately $900 million in U.S. pension plan obligations for around 8,300 participants to Athene. The transaction aims to mitigate pension liabilities, with funding sourced entirely from plan assets. Following a $488 million lump-sum distribution to 2,250 participants, Sonoco anticipates recognizing $550 million in non-cash, pre-tax pension settlement charges in Q2 2021. Athene will take over administration of benefit payments by September 30, 2021.
On June 24, 2021, Sonoco-Alcore S.a.r.l. announced a price increase for all recycled paperboard grades in EMEA due to rising inflationary pressures. Effective July 1, 2021, these increases are a response to escalating costs related to energy, packaging, and freight, which the company has been absorbing throughout 2021. Phil Woolley, Division VP – Paper Europe, indicated that previous cost increases were only passed on concerning waste paper prices.
Sonoco (NYSE: SON) announced a price increase of at least 6% for all paperboard tubes and cores, effective from July 26, 2021, due to rising costs for uncoated recycled paperboard, which remains in tight supply. The company is also facing inflationary pressures in adhesives, packaging, and logistics. As the largest producer of paper-based tubes and cores in North America, Sonoco serves various industries, including paper and textiles. The company reported annual net sales of approximately $5.2 billion and strives to create sustainable packaging solutions.
Sonoco (NYSE: SON) announced a $50 per ton price increase for all grades of uncoated recycled paperboard (URB) in the U.S. and Canada, effective July 15, 2021. This decision is driven by strong demand, which has led to order backlogs reaching historical levels, and inflationary pressures from energy, freight, and materials. With annual net sales of approximately $5.2 billion, Sonoco continues to focus on sustainable packaging solutions and has received recognition as one of Fortune’s Most Admired Companies and Barron's 100 Most Sustainable Companies.
Sonoco (NYSE: SON) is expanding its recycling efforts, diverting approximately 3,300 tons of scrap materials annually from landfills by recycling them into 100% recycled paperboard at its three mills in the U.S. This initiative will equate to about 165 truckloads of materials, enhancing the company’s sustainability profile. The move demonstrates Sonoco's capability to recycle its EnviroCan paper containers through both the steel and paper streams. Sonoco is committed to increasing the volume of recycled packaging by 2025.
Sonoco ThermoSafe, a unit of Sonoco (NYSE:SON), has expanded its partnership with Cathay Pacific Cargo for leasing the innovative Pegasus ULD® temperature-controlled shipping container. This container is the first FAA and EASA-approved passive bulk solution for pharmaceuticals, ensuring efficient international transport at lower costs. The Pegasus ULD® features advanced composite materials for enhanced durability, along with a telemetry system for real-time monitoring of environmental conditions. This partnership aims to meet the growing demand for pharmaceutical distribution worldwide.
Sonoco (NYSE: SON) has announced the pricing terms for its cash tender offer to purchase up to $300,000,000 of its 5.75% Senior Notes due 2040. The offer commenced on April 28, 2021, and will expire on May 25, 2021. As of May 12, 2021, Sonoco will accept $63,206,000 of tendered notes, with an early settlement date set for May 13, 2021. The total consideration for validly tendered notes includes an early tender premium of $50 per $1,000 principal amount. Holders are urged to consult advisors regarding the tax and financial implications of the offer.
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