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 reports recurring developments tied to its global packaging operations, including Consumer Packaging and Industrial Paper Packaging. News commonly covers quarterly and annual results, guidance, segment performance, portfolio simplification, capital allocation and common-stock dividends.
Company updates also address pricing for uncoated recycled paperboard, tubes, cores and converted paperboard products in North America and EMEA, along with capacity investments such as paper can production and nailed wood reel manufacturing. Sonoco news frequently connects these actions to demand in food, beverage, household, personal care, pharmaceutical, industrial and infrastructure-related packaging markets.
Sonoco (NYSE: SON) announced an 8% price increase for all paperboard tubes and cores, effective November 23, 2020, across the United States and Canada. This move aims to offset recent increases in paperboard prices and inflationary costs that the company cannot absorb. Sonoco is the leading producer of paper-based tubes and cores in North America, serving various industries including paper and films. With annual net sales of around $5.4 billion and a workforce of 23,000 across 36 countries, Sonoco emphasizes sustainable practices in its operations.
On October 19, 2020, Sonoco (NYSE: SON) declared a quarterly dividend of $0.43 per share, set to be paid on December 10, 2020, to shareholders recorded as of November 10, 2020. This marks the company's 382nd consecutive dividend payment since 1925 and reflects 37 years of dividend increases. The current dividend yield stands at 3.1%, significantly above the S&P 500 average. With annual net sales around $5.4 billion and a commitment to sustainability, Sonoco continues to be a leader in the packaging sector.
Sonoco (NYSE: SON) is raising prices by $50 per ton for all grades of uncoated recycled paperboard in the U.S. and Canada, effective November 16, 2020. This decision comes in response to significantly longer backlogs at its mills and ongoing inflation in input costs, particularly for freight and papermaking chemicals. Sonoco, with annualized net sales of approximately $5.4 billion, operates in 36 countries and is known for its commitment to sustainable practices.
Sonoco Announces Board Changes
On October 19, 2020, Sonoco (NYSE: SON) elected Eleni Istavridis to its Board of Directors. Concurrently, Harry A. Cockrell decided not to stand for reelection at the upcoming Annual General Meeting in April 2021. Istavridis brings over 20 years of experience in banking and manufacturing, particularly in Asia, having held senior roles at Bank of New York Mellon and Deutsche Bank. She is set to stand for shareholder election in April 2021. Sonoco is recognized for its diverse packaging solutions, with annual sales around $5.4 billion.
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Sonoco (NYSE: SON) has signed a $120 million agreement to sell its Europe contract packaging business to Prairie Industries Holdings. This business, which generated approximately $300 million in sales in 2019, is part of Sonoco’s Display and Packaging segment and employs around 2,600 staff in Poland. The divestiture aims to simplify Sonoco's operations and enhance liquidity by reducing short-term debt. The transaction is expected to close in Q4 2020. Sonoco will report its Q3 2020 financial results on October 22, 2020.
Sonoco (NYSE: SON) announced a $50/ton price increase on all domestic and export corrugating medium grades from its Hartsville, S.C. paper mill, effective November 2, 2020. This decision, as stated by Tim Davis, reflects the company's response to changing market demand and extended order backlogs, aligning with trends seen among other North American containerboard producers. Sonoco, founded in 1899, boasts annualized net sales of approximately $5.4 billion and employs around 23,000 individuals in 36 countries.
Sonoco (NYSE: SON) has been named one of the 100 "Best for Vets" companies by Military Times, showcasing its commitment to veteran employment. Sonoco joins notable companies like Amazon and Kellogg Company on this prestigious list. CEO Howard Coker emphasized the valuable attributes veterans bring to the workforce, such as loyalty and teamwork. The selection process for this ranking involves a comprehensive evaluation of companies’ cultures, veteran recruiting practices, and accommodations for military personnel. Sonoco reported annualized net sales of approximately $5.4 billion.
On September 28, 2020, Sonoco (NYSE: SON) was recognized as one of the 100 "Best for Vets" companies by Military Times. This accolade highlights Sonoco's commitment to veteran inclusion and workplace culture, alongside other notable brands such as Amazon and Kellogg Company. CEO Howard Coker emphasized the valuable traits veterans bring to the company, aligning with its philosophy of integrity and teamwork. The selection process involved meticulous evaluation of veteran policies and recruitment practices, underscoring Sonoco's dedication to supporting veterans in the workforce.
Sonoco ThermoSafe, a subsidiary of Sonoco (NYSE: SON), announced FAA approval for its Pegasus ULD® bulk temperature-controlled container, marking it as the first passive bulk ULD designed for pharmaceuticals. This approval facilitates faster international ground handling and customs processes, thereby reducing costs. The Pegasus ULD® features advanced composite materials, making it lighter and more damage-resistant than traditional containers, along with an integrated telemetry system for real-time monitoring. A long-term partnership with AEROTUF aids in its development.