Sonoco (SON) Announces Price Increase for Rigid Paper Containers and Closures
Get Alerts SON Hot Sheet
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 3.7%
Revenue Growth %: -100.0%
Join SI Premium – FREE
Sonoco (NYSE: SON), one of the largest global diversified packaging companies, today announced it is increasing prices for all rigid paper containers and closures sold in North America by 9.5 percent, effective with shipments on, and after, June 3 , 2021.
According to Ernest Haynes, Division Vice President and General Manager, Rigid Paper and Closures, North America, this price increase is necessary to recover rapidly rising costs for key raw materials used to produce rigid paper containers and closures.
“Due to the rising inflationary cost of adhesives, laminate structures, recovered paper and steel, we are experiencing input cost pressures that simply cannot be absorbed,” Haynes said. “These inflationary cost increases have been compounded by the after-effects of Winter Storm Uri on the adhesives industry along with incredible demand in the steel marketplace. While we have taken extraordinary measures to protect our customers from supply chain related disruptions, it has not been without incurring significant material cost increases. As an essential supplier during the COVID-19 global pandemic, our primary focus requires doing everything we can to protect our customers from business related disruptions. Maintaining continuity of supply, regardless of the challenges we continue to face, remains a top priority.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sonoco To Report First Quarter 2024 Results
- Sonoco Releases 2023 Corporate Sustainability Report Detailing Progress on Sustainability Initiatives
- TrueBlue's (TBI) PeopleScout Announces Appointments to its Executive Team
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Barron'sSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!