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) 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.
Sonoco ThermoSafe, a unit of Sonoco (NYSE: SON), has partnered with ACL Airshop to enhance the handling and repair of its Pegasus ULD bulk temperature-controlled containers. This agreement aims to speed up the global adoption of the Pegasus ULD, which is the first passive bulk temperature-controlled container for pharmaceuticals, allowing for efficient handling through customs. The Pegasus ULD features advanced telemetry and is designed to be lighter and more damage-resistant than traditional solutions. This partnership leverages ACL's extensive air cargo network to meet the growing demand for pharmaceutical transport solutions.
Sonoco (NYSE: SON) has acquired Can Packaging, a French designer and manufacturer of sustainable paper packaging, for €41.7 million (~$49 million). Founded in 1989, Can Packaging, which generates projected sales of €23 million (~$27 million) in 2020, operates two facilities in France and a research center. This acquisition enhances Sonoco’s sustainable packaging portfolio, adding patented technology for recyclable all-paper packages. Can Packaging's innovation center and intellectual property will drive the development of more recyclable packaging solutions aimed at European markets.
Sonoco ThermoSafe, a unit of Sonoco (NYSE: SON), announced the development of PharmaPortal™, a blockchain platform for pharmaceutical supply chain management. The platform aims to enhance asset traceability and data integration among participants, particularly for temperature-controlled drugs. It addresses inefficiencies in the $230B cold chain pharmaceutical market, which sees $35B in value losses annually. Collaborating with IBM, the initiative seeks to cultivate a trusted environment that secures data sharing across the pharmaceutical distribution sector.
Sonoco (NYSE: SON) released its 2019-20 Corporate Responsibility Report, detailing efforts in packaging sustainability and environmental initiatives. The report highlights a 1.0% reduction in greenhouse gas emissions and a 2.0% decrease in water usage over the past year. Sonoco plans an $83 million investment in its Hartsville, S.C. facility for a new recycled paperboard machine, expected to reduce electricity consumption and greenhouse gas emissions by 16%. The company aims to increase recycling rates and the use of post-consumer recycled resins in its packaging by 2025.
Sonoco (NYSE: SON) reported second-quarter 2020 results, revealing GAAP earnings per diluted share of $0.55, down from $0.80 in 2019. Net sales decreased to $1.25 billion from $1.36 billion, impacted by COVID-19 challenges, with a notable reduction in demand for industrial products. Adjusted base earnings were $0.79 per diluted share, compared to $0.95 in the previous year. The company generated $281 million in cash flow from operations, a significant increase from $40.1 million in 2019. Guidance for third-quarter base earnings is projected between $0.73 and $0.83 per diluted share.