Sonoco Announces Price Increases for Prepared and Specialty Foods Segment
January 25 2021 - 5:45AM
Sonoco (NYSE:SON), one of the largest diversified global packaging
companies, announced today that its Prepared and Specialty Foods
Segment will raise prices for CPET (crystallized polyethylene
terephthalate) and PP (polypropylene) thermoformed plastic trays
and bowls by 8 percent. The increases will be applied individually,
and depending on product category, effective for shipments
beginning on February 22, 2021.
“These price adjustments are critical to manage
continued increases in cost across our business. Thus far, we have
offset much of these increased input costs via manufacturing
productivity initiatives and supply chain optimization activities,
but with continued inflation, we must now pass this cost on to our
customers,” said Rolfe Olsen, Segment Vice President – Prepared
& Specialty Foods at Sonoco.
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 $5.4 billion, the Company has 23,000 employees
working in approximately 300 operations in 36 countries, serving
some of the world’s best known brands in some 85 nations. Sonoco is
committed to creating sustainable products, services and programs
for our customers, employees and communities that support our
corporate purpose of Better Packaging. Better Life. The Company
ranked first in the Packaging sector on Fortune’s World’s Most
Admired Companies for 2020 as well as Barron’s 100 Most Sustainable
Companies. For more information, visit www.sonoco.com.
Contact:
Roger Schrum
+843-339-6018
roger.schrum@sonoco.com
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