Sonoco Implementing Price Increase for Corrugating Medium
Rhea-AI Summary
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.
Positive
- Implementation of a $50/ton price increase indicates strong market demand.
- Alignment with industry trends suggests competitive positioning among North American producers.
Negative
- None.
News Market Reaction – SON
On the day this news was published, SON gained 1.32%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HARTSVILLE, S.C., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON) today announced it is implementing a
According to Tim Davis, division vice president and general manager, Paper and Adhesives, U.S./Canada, Sonoco is responding to changes in market demand and extended order backlogs, in line with other North American containerboard producers.
About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately